Debt Settlement Laws – How To Capitalize On New Laws

debt settlement laws

Are you dreaming to eliminate your unpaid dues through a debt clearance program? What kept you away from it? Is it upfront fees? If so, you need not to worry further. The new legislation carried out by the Federal Trade Commission prohibits the debt elimination companies to charge upfront fees. They further advice the consumers to provide them with information of such malpractices in this industry.

The objective of this law is to protect the consumers from falling into illegal practices as well as to prompt them to follow a debt reduction program, which is considered to be the best way to handle rising debts. Additionally, the debtors who owe more than $ 10 000 debts are made compulsory to follow a debt relief program, under chapter 13 bankruptcy deal. Those who cannot meet the requirements of chapter 13 are given the chance to file a bankruptcy case under chapter 7 law. The advantage of this law is that it gives you a chance to get rid of your unpaid dues with a considerable discount and records them as a payment made in full. Is not it advantageous?

Apart from these laws, the Federal Trade Commission requires the settlement companies to get certified either from their establishment or from the Better Business Bureau. If not, under The Association of Settlement Companies. This measure makes the survival of fraudulent debt clearance companies extra difficult. Further, they invite the consumers to complain any such malpractice of their quarter.

Since they guard the privacy of the persons, they need not to worry. If any settlement company is found on business without the sanction of the above establishments, they will be fined $ 16 000.

Therefore, if you were dreaming to get rid of debts, this is the best time for you. This year encourages this industry as well as made a legitimate way of eliminating credit card liabilities.

Finding legitimate debt settlement companies is very important. Unfortunately there are predatory debt settlement companies on the market so consumers need to know how to find legitimate services. To locate the top performing debt settlement companies in your state check out the following link:

 

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