Already struggling with home foreclosures, harsh bank and credit card fees, and other major financial challenges, America’s most deeply indebted consumers are now falling victim to a major new threat: so-called “debt settlement” schemes that promise to make clients “debt free” in a relatively short period of time. Unfortunately, most consumers who pursue debt settlement services find themselves facing not relief but even steeper financial losses.
The #1 Threat Facing Deeply Indebted Americans: The Debt Settlement Trap
Already struggling with home foreclosures, harsh bank, and credit card fees, and other major financial challenges, America’s most deeply indebted consumers are now falling victim to a major new threat: so-called “debt settlement” schemes that promise to make clients “debt free” in a relatively short period of time. Unfortunately, most consumers who pursue debt settlement services find themselves facing not relief but even steeper financial losses.
Even the industry acknowledges – though not in its ever-present radio and online advertising–that debt settlement schemes fail to work for about two thirds of clients. Federal and state officials put the debt-settlement success rate even lower – at about one in 10 cases – meaning that the vast majority of unwary and uninformed consumers end up with more red ink, not the promised debt-free outcome.
How Bankruptcy Filings Increased During the Economic Recession
You may have heard that our current economy is being classified as a “middle class recession.” This phrase was coined because statistics show that bankruptcies filed by individuals who make more than $60k per year increased significantly beginning in 2008 when the economic recession began.
Statistics show that since 2008 bankruptcies have increased among higher wage earners and professionals. Especially impacted are people in the real estate profession; namely contractors, developers and agents. Following down the line are developers, builders and the many related tradesmen. Few people have been left unaffected.
Can You Reclaim Your Repossessed Vehicle in Bankruptcy?
There has never been a more critical time of having a vehicle at your disposal than during the current economic downturn and rising unemployment in the Milwaukee area. Whether used for the purpose of commuting to work, job interviews, or other basic fiscal needs, it is necessary to have reliable personal transportation. This shouldn’t be an unreasonable goal, even if you’re considering filing for bankruptcy.
When you’ve experienced the bite of the poor economy in Wisconsin and you’re on the road to filing for bankruptcy in Milwaukee, the same economic issues that demand having your own personal vehicle could also mean you’ve already fallen behind on car payments and your precious vehicle is a prime target for repossession by creditors. Maybe your car was recently repossessed prior to filing for bankruptcy and you’re wondering if bankruptcy can help? Can the “automatic stay” which legally suspends a creditor’s ability to repossess most assets still be of value despite the fact that your vehicle has already been repossessed?
Welcome to Dantzman & Dantzman Law Office
Welcome to the new website for the Dantzman & Dantzman Law office in Milwaukee, WI.
We hope you enjoy your visit and our efforts to provide an easy navigational tool for you to learn about, and to help answer questions regarding any financial troubles you may be facing.
Despite our efforts to provide general information for your assistance, we urge you to contact us to discuss your situation and determine whether we can help. Specific circumstances and facts for each individual result in different answers and solutions, so please contact us today for a free, no hassle consultation.
Please note that all scenarios and stories contained on our site are informational and educational only. It is not legal advise, and nothing on our site is meant to create any type of client/attorney relationship.
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