By: Jeena Cho

As a society, there are two things we don’t talk about. Death & Debt. Frequently, when people are experiencing financial distress, they go into denial mode. Instead of assessing their situation and tacking the problem, they deny thinking something will change. Of course, debt problems do not get better without proactive action. It gets worse. Interest rates continue to rise, you borrow from Peter to pay Paul.

If you are experiencing financial trouble, you should seek help. Go see a financial advisor, reach out and ask a friend or a family member. You will soon find that you are not alone in your problems.

For those of you that do not see any hope of being able to reduce your debt, we are offering a free seminar. If you do not want to attend in person, you can attend on the Web. It’s totally confidential. We’ll discuss the Continue Reading »

Peddling Relief, Firms Put Debtors in Deeper Hole

NY Times, By PETER S. GOODMAN

PALM BEACH, Fla. — For the companies that promise relief to Americans confronting swelling credit card balances, these are days of lucrative opportunity.

State attorneys general from New York to California and consumer watchdogs like the Better Business Bureau say the industry’s proceeds come at the direct expense of financially troubled Americans who are being fleeced of their last dollars with dubious promises.

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The truth of the matter is that there is nothing that a debt settlement company will be able to do for you that you probably could not do yourself. In order to settle your debt, you need cash. I frequently meet with clients who does not have any disposable cash that insist on settling their debts. Before you spent what little cash reserve you have, or liquidate your assets, sit down and plan out an exit strategy. Ask yourself, “how much debt do I have?” and “how much can I possibly save to get out of debt?”

Posted Jan 15, 2010 7:10 AM CST
By Debra Cassens Weiss

A debt collection law firm with 24 offices around the country has abruptly closed, resulting in dismissal of tens of thousands of cases in Maryland alone.

The Rockville, Md.-based law firm, Mann Bracken, and its clients had been accused in civil suits of using high pressure tactics and violating debt-collection laws, the Baltimore Sun reports.

Mann Bracken collapsed after a spinoff company that provides its support services, Axiant, filed for bankruptcy in November. The bankruptcy filing showed Axiant owed Mann Bracken $10.5 million, theMaryland Daily Record reports.

The state of Maryland began investigating the law firm on Jan. 4 after consumers reported that its phones were disconnected and the firm began telling court clerks that it was ceasing operations, according to a cease and desist order by a state licensing board cited in Continue Reading »

Posted: Friday, June 26 2009 at 05:00 am CT by Bob Sullivan

Like anyone with a radio or TV, Lorena Altamirano heard the ads promising quick and painless debt relief. If there was a way to settle her debt for 50 cents on the dollar, she sure needed it.  A recent divorce had led to a nasty financial surprise: Her ex-husband’s unpaid bills had pushed her almost overnight from having virtually no debt to being $17,000 in the hole.

“I was paying everything perfectly, no problem, until the divorce,” she said. “Then the skies fell on me. These were bills he never told me about.  We were married and I was responsible, but that put me totally out of balance.”

Altamirano still had a decent job as a benefits claims processor, but she was now living paycheck to paycheck.  With a son in college, and $1,600 a month rent for her San Mateo, Continue Reading »