Welcome to a vital episode of the Georgia Bankruptcy Podcast where host Jeff Kelly delves into the much-debated topic of debt settlement companies.
Despite having friends and family recommending debt settlement companies as a better alternative to filing Chapter 7 or Chapter 13 bankruptcy, Jeff argues that this might not always be the best solution. Especially when you’re dealing with multiple creditors, debt settlement companies might fall short as they provide zero legal protection against lawsuits from creditors.
A pervasive misconception among many is that being part of a debt settlement program safeguards them from any lawsuits filed by creditors, but in reality, such a protection is non-existent. Jeff substantiates this point with frequent cases he encounters where clients, after being part of a debt settlement program for about half a year, are inevitably slapped with lawsuits from creditors.
Jeff meticulously explains Georgia’s debt laws that allow a creditor, once a judgment is passed, to claim 25% of a debtor’s net check continually until the debt is entirely paid off.
Throughout the episode, Jeff navigates these common misconceptions about debt settlement companies and implores listeners to understand their rights and legal procedures fully. He emphasizes the importance of seeking professional legal advice to make informed financial decisions.
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