In today's fast-paced world, we get much of our information from advertisements and the Internet. Unfortunately, some sources have perpetuated several myths about eliminating debt. By being aware of the most common, you may avoid serious consequences.

One of the most common myths implies that you can use government bailout dollars to reduce or eliminate credit card debt. Unscrupulous operators attract and deceive unsuspecting people with this misleading gimmick to attract business that can cost you hundreds of dollars and may lead to financial ruin. There is no government money or program to help consumers reduce or eliminate credit card debt.

Beware of debt consolidation scams

Another myth is that there is a law mandating that creditors must accept payment arrangements that are different from those in original contracts. While many institutional creditors are willing to consider alternative payment arrangements and sometimes a reduction in interest and/or principal, there is no guarantee of acceptance.

Many debt consolidation firms are illegitimate and collect money without paying creditors. It is wise to use a lawyer for debt consolidation because an attorney can make sure the terms are properly spelled out and binding. Non-attorney consolidators cannot legally represent debtors in court should a dispute arise over the application of the terms and may make promises they cannot keep.

If you choose to pursue this option, contact the Law Office of Richard S. Ross, P.C., a debt resolution and bankruptcy lawyer in Vancouver, WA. We can help negotiate terms with your creditors in order to make an affordable payment plan. Our attorneys can also evaluate your financial situation and help you with all of your options for debt relief.

There are a growing number of companies who prey on victims when they are vulnerable. One scam tries to convince debtors that they don't have to pay their credit cards or money they owe to banks because these companies have used illegal practices. They claim to be able to force creditors to forgive debt because banks and credit card companies don't want these practices to be exposed. This is untrue, and those perpetuating this scam do not have legal grounds to pursue these claims. The "illegal debt" myth can cost you dearly - and you'll still have to pay your debts.

While these myths and scams may appear to be convincing, you put yourself at risk if you fall for them. The only way to know for sure is to contact a legitimate attorney. Our lawyers are dedicated bankruptcy attorneys in Vancouver, WA and serve both Southwest Washington and Oregon. We focus exclusively on debt resolution and will treat you with respect and dignity. We offer affordable and flexible payment plans for our clients as well as competitive rates. We take the time to get to know you and provide a free hour phone consultation with an attorney. Call (360) 699-1400 in Vancouver or (503) 246-3861 in Portland to speak with one of our attorneys.

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