Last night I sat in my family room watching episodes of my favorite television series. One was on that I had never seen before so I was not mindlessly watching. During an extended commercial break I saw a come on for a debt solution company. What was odd about this one was that they threw around terms like, credit card bailout and credit card reform act.
They went on to say that the banks have received billions of dollars and are eager to settle your debt. By now you might have guessed that I am a bankruptcy lawyer. I am an old dog who likes to learn new tricks when they will help my clients.
I hit the record button on the DVR and went to the computer to Google “credit card bailout” since I never heard about anything like that before The first search result was a paid link for the company with the TV ad. I clicked on it to see what references they had to this search term. These words are visible nowhere in the website. Don’t just take my word for it, check for yourself. The other results that come up are sites for debt settlement companies, and a few consumer warnings.
At best this term:
- Is intended to make you believe there is a government program
- Suggests that credit card companies don’t want all their money
- Says Banks want to get pennies on the dollar for your debt
- Means that lawsuits and garnishments from the bank are filed against you because they really want to settle your debt
- Is just a popular keyword designed to grab your attention. Heck, it grabbed mine.
You would think that if there was a program like this it would be all over the news and right at the top of the search results, right? It is not because it simply does not exist.
Next I checked “credit card reform act.” I pretty much knew about this one since it went into effect in February, 2010. I did not know it had bail out provisions. Guess what? It doesn’t.
Anyone who claims to have access to a Federal, a government sponsored, or an “Obama” credit card bailout is lying to your face. Why would anyone wanting to do business with you start off being deceptive?
When Congress passed, “bankruptcy reform” in 2005 the lobby for credit card companies and debt solution firms convinced a receptive Republican Congress that lawyers were the problem. We somehow tricked unsuspecting consumers to file for bankruptcy.
I do not lie to get you to call me. I give you every required disclosure right up front, whether you see me for a chapter 7 or for a chapter 13 bankruptcy. You will be the best client if you are informed, and you stay informed. No other bankruptcy lawyer that I know, even on a nationwide basis, attracts the client with deceit. It just is not good business.
Apparently others have no problem with that.
If you have been helped by this post or you have any questions, why not leave a comment?
Picture by iStockPhoto.com.