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I Was Looking Into The Oliver Law Group to Help. – William

“Dear Steve,

I own 12 homes, but 3 homes I am losing about 3K. My plan is to short sale them (3). I am also 140,000 in credit card debt and was looking into The Oliver Law Group to help. Until today I have been current on all homes and credit cards. I make 6 figures and will be in a better position once I stop paying on my 3 homes.

How should I address my credit card debt. Stop paying and use a service to help me.

William”

Dear William,

From what I’ve seen the Oliver Law Group offers debt settlement services. If you don’t have the money to settle your debt right now then you are going to begin a reduced payment debt settlement program where you will deposit money into a debt settlement fund rather than paying your creditors.

This will put you delinquent with your credit card companies, land you in collections and could even get you sued. It does not sound like adding that pressure on to your investment situation would be beneficial.

Based on the mix of debt and depending on what the goal is you want to achieve there are two paths I think are logical. Select the one that makes more sense for you.

  1. You could click here to find a local bankruptcy attorney and go talk to them for free about your situation. The attorney could help put together a bankruptcy plan that would allow you to hand back some homes and reduce your credit card debt under bankruptcy.
  2. You could call Damon Day, a debt coach I think is really good, and have an extended consultation with him to create a customized plan to deal with and tackle your complicated situation. I wish I had time to help people with individual consultations but with all the work I do here for the site, I just don’t.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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