Often times – we’re engaged to assist a client fighting off creditor claims – both business and personal debt. The strategy varies from one case to another because situations are different. There are times when we seek resolutions with the creditors by persuading them to accept our terms as a better alternative than what will result if the client files for bankruptcy relief. In business cases – this is sometimes called a “workout” and the form it takes is customized to the business and the specific creditors.
For individuals – we typically pursue our unique solution we call Debt Resolution – which is designed to resolve credit card debt in an 18-24 month period by using the minimum monthly payments the client was paying to:
- Resolve the debt.
- Pay all attorney fees.
- Defend any lawsuits if the need arises.
The concept is to use the same cash outflow over 18-24 months to eliminate the debt rather than to keep paying it for the rest of your life. We created this program before the 2008 Financial Crisis unfolded – and I’m proud to say that and its success has been phenomenal. It is not like the Debt Settlement companies you constantly hear on radio and t.v. – their programs fail for several reasons – they overcharge, they design the program to take 4 years (too long), they put people in the program who have the necessary cash flow to make it work and if you do get sued – they don’t defend you. I consider all of these companies as “scams” – where you are sold b.s. by a sales rep over the phone. For that matter, “Debt Consolidation,” which is a service that buys you time and interest rate reductions – does nothing for you in the long run. It takes forever to pay off the debt and extends the time period before your credit standing returns.
Our Debt Resolution solution is not right for everyone. If your situation does not allow the cash flow to make the monthly payments – then the better solution is usually bankruptcy or other alternative strategies we have developed. The key is “to eliminate the debt at the least cost and as fast as possible.” This is the solid concept that underlies our Debt Resolution program. If, after we analyze your individual situation, we find a less costly and quicker solution, then that is what we recommend. The solution is not static – it’s the one that works best for you and meets the goal. If you asked one of the Debt Settlement companies or even a firm that only does bankruptcy what other alternatives may work better – they’d either look at you like the question came from outer space or simply lie – and tell you there are no other alternatives. It’s sad that responses like that occur – but in these times we have little reason to be surprised. Single solution companies only promote their service– and if needed, they will hide or lie to rather than tell you what you really need. Since we provide bankruptcy, Debt Resolution, and alternate strategies, we seek the optimal solution – without limitations.
Keep an eye out for my next blog – where I explain how the business “workout” is approached – I promise you will be surprised as to the key concept. In the meantime – if you want to learn how to get out from under the debt that is usurping your future and destroying your chance to one day retire – we have the perfect FREE seminar this coming Wednesday, March 27th – “Time to Spring Me from the Debt Burden”. You and your friends are invited, of course. Sign up below.
We made it through another Winter! Enjoy the coming of Spring.
P.S. Did you know that THAV GROSS offers free consultations for business, financial, and tax problems? Call us anytime – (248) 645 – 1700 or CLICK HERE to send us a message.