Chapter 7 v. Chapter 13 v. Consumer Credit Counseling - Jump Law Group - Bankruptcy Attorney Seattle WA, Bankruptcy Lawyer Washington State, Seattle Tax Lawyer Attorney, Bankruptcy Attorney Seattle Washington State

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Ch. 7 v. Ch. 13 v. Credit Counseling

There are a variety of tools available to allow you to get out of debt and rebuild your credit. Millions of Americans are involved in debt counseling. Consumer Credit Counseling is a bit of a misnomer. We view this industry as glorified debt collectors with good PR. Ask yourself, whats the different between a debt 'collection agent' and a 'consumer credit counselor'? One threatens you with garnishment, court judgments, some even threaten to send you to jail (something which is entirely unethical). The other gives you a dream that you can get out of the debt nightmare and start over again. But in the end, they are both doing the same thing aren't they? They are getting your money.

Don't be fooled by the 'non-profit' designation either. That's a nice word that makes consumers think it won't cost very much for the services of the consumer credit counselor. But it does not mean you're paying any less! It means only that the company makes sure that the books reflect zero profit at the of the year. This does not mean that the owners of the company don't make exorbitant salaries for their services.

If it sounds like we're biased, we are. We despise consumer credit counseling agencies. Many of our clients come from counseling agencies who overcharged for their services and did not even come close to getting the results advertised. Many client's credit scores are even worse after they enroll in the service. That's not counseling. . . that's debt collection. We're sure there is a satisfied customer out there somewhere, we've just never met one.

The chart below is set up to compare the different kinds of consumer bankruptcy to credit counseling. You can see the advantages and disadvantages of each.

Chapter 7 Chapter 13 Credit
Counseling

Deals with every debt from credit cards to taxes to medical bills and child support Yes Yes No

Allows for a fresh start debt free in 90 days Yes No No

Allows for the reinstatement of your driver's license Yes Yes No

Can stop a foreclosure process in it's tracks Yes Yes No

Places a legal protection around the debtor to stop creditor harassment Yes Yes No

Requires all pending lawsuits to immediately stop. Yes Yes No

Stops garnishments and actually allows you to receoved garnished funds being held by your employer. Yes Yes No

Allows you to pay back all or a portion of your debt interest fee Yes Yes No

Allows you to deal with debt WITHOUT cashing in your home equity or 401(k). Yes Yes No

Allows you to obtain credit after the process is complete Yes Yes Yes

Allows you to lower your car payment. No Yes No

Allows you to stop worrying about bills and collectors Yes Yes No

Allows you to surrender your home or vehicle without negative repercussions Yes Yes No

Repayment is based on your monthly budget not on what your creditors demand N/A Yes No

Drops the interest rate to 0.00% for repayment plans and stops all finance charges and late fees N/A Yes No

Stop repossessions and foreclosures to allow you to sell for market value rather than being pressed into a short sale Yes Yes No

Affects your credit in the same manner Yes Yes Yes

Stops the continued downward spiral of your credit score Yes Yes No

Levels the playing field with your creditors Yes Yes No

Allows you to go after your payday loan lenders for Unfair and Deceptive Acts Yes Yes No

Deals with secured and unsecured debt Yes Yes No

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5 Minute Debt Analysis Full Length Forms

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There are a variety of tools available to allow you to get out of debt and rebuild your credit. Millions of Americans are involved in debt counseling. Consumer Credit Counseling is a bit of a misnomer. We view this industry as glorified debt collectors with good PR. Ask yourself, whats the different between a debt 'collection agent' and a 'consumer credit counselor'? One threatens you with garnishment, court judgments, some even threaten to send you to jail (something which is entirely unethical). The other gives you a dream that you can get out of the debt nightmare and start over again. But in the end, they are both doing the same thing aren't they? They are getting your money. Don't be fooled by the 'non-profit' designation either. That's a nice word that makes consumers think it won't cost very much for the services of the consumer credit counselor. But it does not mean you're paying any less! It means only that the company makes sure that the books reflect zero profit at the of the year. This does not mean that the owners of the company don't make exorbitant salaries for their services. If it sounds like we're biased, we are. We despise consumer credit counseling agencies. Many of our clients come from counseling agencies who overcharged for their services and did not even come close to getting the results advertised. Many client's credit scores are even worse after they enroll in the service. That's not counseling. . . that's debt collection. We're sure there is a satisfied customer out there somewhere, we've just never met one. The chart below is set up to compare the different kinds of consumer bankruptcy to credit counseling. You can see the advantages and disadvantages of each.

	Chapter 7	Chapter 13	Credit Counseling
Deals with every debt from credit cards to taxes to medical bills and child support	Yes	Yes	No
Allows for a fresh start debt free in 90 days	Yes	No	No
Allows for the reinstatement of your driver's license	Yes	Yes	No
Can stop a foreclosure process in it's tracks	Yes	Yes	No
Places a legal protection around the debtor to stop creditor harassment	Yes	Yes	No
Requires all pending lawsuits to immediately stop.	Yes	Yes	No
Stops garnishments and actually allows you to receoved garnished funds being held by your employer.	Yes	Yes	No
Allows you to pay back all or a portion of your debt interest fee	Yes	Yes	No
Allows you to deal with debt WITHOUT cashing in your home equity or 401(k).	Yes	Yes	No
Allows you to obtain credit after the process is complete	Yes	Yes	Yes
Allows you to lower your car payment.	No	Yes	No
Allows you to stop worrying about bills and collectors	Yes	Yes	No
Allows you to surrender your home or vehicle without negative repercussions	Yes	Yes	No
Repayment is based on your monthly budget not on what your creditors demand	N/A	Yes	No
Drops the interest rate to 0.00% for repayment plans and stops all finance charges and late fees	N/A	Yes	No
Stop repossessions and foreclosures to allow you to sell for market value rather than being pressed into a short sale	Yes	Yes	No
Affects your credit in the same manner	Yes	Yes	Yes
Stops the continued downward spiral of your credit score	Yes	Yes	No
Levels the playing field with your creditors	Yes	Yes	No
Allows you to go after your payday loan lenders for Unfair and Deceptive Acts	Yes	Yes	No
Deals with secured and unsecured debt	Yes	Yes	No