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The Anti- Bankruptcy Business

June 27, 2014

Profiting from Your Debt

Every “alternative” to bankruptcy, like debt reduction or credit counseling, is trying to sell you a service. They use the untrue scare tactic that “your credit will be ruined” and always pitch bankruptcy as a last resort, while offering to get you started with their plan.  We call this industry the anti-bankruptcy business.

After bankruptcy, avoiding debt as much as possible, except with things like car payments and mortgages, is a darn good plan. While we should all abide by the rule that one should live within their means, this rule only makes sense when you are not already over-burdened by debt.

Choosing bankruptcy will not permanently hurt your credit score—no matter what the scams say.

Why Dave Ramsey is Dead Wrong

One of the leading men in the industry is Dave Ramsey, self-proclaimed debt-solver. Like most “gurus,” Ramsey mixes a few valid points in with his own brand of financial freedom, which he is happy to sell you (including nifty coffee mugs and coupon holders). Make no mistake; Ramsey is ready to sell you on the idea of financial freedom.

Of course, it is in the process of selling people his goods to avoid bankruptcy that Ramsey, like all his kind, makes his money. Ramsey will proudly tell you that he filed for bankruptcy himself, and then later learned how to avoid it, after he got rid of all his own debt.

Ramsey offers nothing by way of any real solutions. How is an individual supposed to create a plan to double or triple their high-interest credit card payments while maintaining the minimum on the others? The typical reason for having debt is a reduction or lack of income. How do people with job losses, medical bills and foreclosure formulate such a plan when they cannot even meet their living expenses?

The answer is: They don’t.

The Only Alternative That Works

The only alternative that works is hiring a competent Michigan attorney, like me, filing for bankruptcy and finally getting out of debt and starting over.

Notice that Ramsey is a person who preaches “do as I say, not as I did.” If you are willing to give Ramsey the money he wants for one of his many products, he will give you his secrets, all of which he discovered after he got out of his own debt using bankruptcy.

And notice, whatever else Ramsey tells you, he is, for better or worse, living proof that bankruptcy does not kill your potential.

Airline companies, automobile parts suppliers and companies, and even casinos (yes, the great Donald Trump) have used bankruptcy as a means to avoid debt that would otherwise drag them down. The big money guys, Chrysler and General Motors, did the same thing. They dumped the debt and got back on their feet; you can, too.

If you are ready to get rid of your debt, contact a bankruptcy lawyer at the Law Office of Jeffrey J. Randa, who can answer any questions you may have. You can reach us at 586-228-6523. The initial consultation is free.

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