We had our creditor meeting today. As expected, no creditors actually showed up. We sat with our attorney and the trustee for about two minutes and answered a few quick questions and were done! :)
However, now that my husband has lost his job, I kind of wish that we had never filed. With two of our creditors threatening lawsuits, we felt that we couldn't risk his wages being garnished, so that's what pushed us to do it. Now that there are no wages to garnish, it's probably not too likely that anyone would have gone ahead with lawsuits. :?
But the truth is that we still can't afford to pay everyone and don't see any way in the foreseeable future that we will be able to, so at least by filing BK we don't have the constant collection calls anymore. :D
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.