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1. What about bankruptcy? Bankruptcy should only be considered after every other option has been exhausted and even then, only when forced into it by a creditor. Additionally, believers are still required by God to repay their creditors (Psa. 37) even after bankruptcy. [Evil men borrow and "cannot pay it back"! But the good man returns what he owes with some extra besides. – Psalm 37:21] 2. How does this program differ from Chapter 13 Bankruptcy? The Debt Management Program is a 100% pay back to all creditors and interest is not always stopped just because you are paying through us. The Debt Management Program is free and all parties are participating in a voluntary manner. Creditors look at our service as an alternative way for consumers to solve their financial problems, rather than suffer the stigma of bankruptcy. Chapter 13 may consist of a partial payback and in addition, interest is generally stopped. 3. Will TPFC advise me about Bankruptcy? TPFC can not advise you to file bankruptcy or not. However, we can help you look at alternative solutions. If bankruptcy is something you are considering you should seek legal advice on this matter. 4. Do you think I'd be better off declaring bankruptcy? TPFC can probably help save you those court costs and the loss of precious assets. Please talk to one of our counselors if you are considering bankruptcy to find out about alternatives. We can direct you to bankruptcy assistance if that is the best solution for your specific situation. We're here to find the best way to get you back on track and debt free! 5. Can you stop legal action and phone calls? In the majority of cases we are able to work with the creditors towards a positive solution that will satisfy everyone, and hopefully stop any legal action. The majority of phone calls from collectors cease as long as the client maintains their payment arrangements through us. The client needs to remember that the debts are still theirs and not ours. |