Comments on: CCCS vs. Bankruptcy – What Makes the Most Sense? http://www.thebklawyer.com/thebkblog/2007/05/19/cccs-vs-bankruptcy-what-makes-the-most-sense/ Personal Bankruptcy tips and tricks moderated by Atlanta lawyer Jonathan Ginsberg Tue, 17 Jan 2012 01:57:46 +0000 hourly 1 By: D.ZACKERYhttp://www.thebklawyer.com/thebkblog/2007/05/19/cccs-vs-bankruptcy-what-makes-the-most-sense/#comment-8348 D.ZACKERY Wed, 06 Feb 2008 15:13:17 +0000 http://host.jonathanginsberg.com/~thebklaw/thebkblog/?p=128#comment-8348 I HAVE A LOAN THAT FOR ALL INTENTS AND PURPOSES HAS GONE BAD. I AM WONDERING IF CHAPTER 13 OR CCCS WOULD HELP. CAN ANYONE GIVE ME SOME ADVICE OR POINT ME TO SOMEONE IN ATL THAT I CAN INQUIRE WITH? THANKS. I HAVE A LOAN THAT FOR ALL INTENTS AND PURPOSES HAS GONE BAD. I AM WONDERING IF CHAPTER 13 OR CCCS WOULD HELP. CAN ANYONE GIVE ME SOME ADVICE OR POINT ME TO SOMEONE IN ATL THAT I CAN INQUIRE WITH? THANKS.

]]> By: Steve "The Debt Settlement Man" Bhttp://www.thebklawyer.com/thebkblog/2007/05/19/cccs-vs-bankruptcy-what-makes-the-most-sense/#comment-5742 Steve "The Debt Settlement Man" B Tue, 10 Jul 2007 18:10:02 +0000 http://host.jonathanginsberg.com/~thebklaw/thebkblog/?p=128#comment-5742 For a lot of people there is a middle ground being debt settlement, some people are not in the position to really maintain a CCCS program, however at the same time they do not really need to claim bankruptcy. If someone is considering going bankrupt than more than likely the amount of debt they have is to much for them to stay on top of, so the question should be really debt settlement or bankruptcy. For a lot of people there is a middle ground being debt settlement, some people are not in the position to really maintain a CCCS program, however at the same time they do not really need to claim bankruptcy. If someone is considering going bankrupt than more than likely the amount of debt they have is to much for them to stay on top of, so the question should be really debt settlement or bankruptcy.

]]> By: Dianehttp://www.thebklawyer.com/thebkblog/2007/05/19/cccs-vs-bankruptcy-what-makes-the-most-sense/#comment-5616 Diane Mon, 21 May 2007 15:54:53 +0000 http://host.jonathanginsberg.com/~thebklaw/thebkblog/?p=128#comment-5616 I have to say there are some serious drawbacks to CCCS for people teetering on the edge. Not all creditors are required to participate and there's no way to force them to either, so while CCCS may be able to help with some, you run the risk that not all creditors, including some of the largest CC issuers, simply won't play ball. The fact is, they don't want consumers in a debt management plan, they lose too much money ! The fact is, CCCS is controlled and funded by the very creditors people are looking for help to pay.. they are NOT on your side ! If the person falters in any way, there is absolutely no protection, no meaningful help if a lawsuit is filed and certainly no help once a judgment is entered. While many CCCS places will tell you they can help you pay off your debts in 36 months, the truth is that they cannot hold to that and a person may get stuck for far longer. CCCS looks BAD on your credit reports, it is a negative entry that will stick to your reports like glue for the full 7-1/2 years. Even given the risks of a bankruptcy, at least you get protection from creditors, they all participate whether they want to or not and if they do not (by filing a POC) then they get nothing. A 3-5 yr Ch13 on a tight budget is no picnic, but at least you know there's an end and you know that creditors can't do much to you while you're in the plan. I'd take BK risks over the risks of CCCS any day ! I have to say there are some serious drawbacks to CCCS for people teetering on the edge. Not all creditors are required to participate and there’s no way to force them to either, so while CCCS may be able to help with some, you run the risk that not all creditors, including some of the largest CC issuers, simply won’t play ball. The fact is, they don’t want consumers in a debt management plan, they lose too much money ! The fact is, CCCS is controlled and funded by the very creditors people are looking for help to pay.. they are NOT on your side !

If the person falters in any way, there is absolutely no protection, no meaningful help if a lawsuit is filed and certainly no help once a judgment is entered.

While many CCCS places will tell you they can help you pay off your debts in 36 months, the truth is that they cannot hold to that and a person may get stuck for far longer. CCCS looks BAD on your credit reports, it is a negative entry that will stick to your reports like glue for the full 7-1/2 years.

Even given the risks of a bankruptcy, at least you get protection from creditors, they all participate whether they want to or not and if they do not (by filing a POC) then they get nothing. A 3-5 yr Ch13 on a tight budget is no picnic, but at least you know there’s an end and you know that creditors can’t do much to you while you’re in the plan. I’d take BK risks over the risks of CCCS any day !

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