“Dear Steve,
I’ve got more money going out then I have coming in. I am behind on several credit card accounts and I can no longer afford to pay everything due. I can’t get a consolidation loan because I have to high debt to income ratio.
I have thought about filing bankruptcy but there are certain things I wouldn’t want to include and I am not sure if you can still do it that way. I know the laws have changed in the last few years regarding bankruptcy so I am not sure what you can and can’t do anymore.
Do you know anything about Star Loan services? Are they legit or a scam.
Ann”
Dear Ann,
The unsecured debt consolidation loan lenders who I trust most are LendingClub.com because of their transparency and high rate they appear to fund loans.
I looked at the Star Loan Services website but it seems they are not an actual lender but an “arranger.” – Source
According to the State of Texas, there is no company registered in the state to do business under the name Star Loan Services.
In bankruptcy you must list all your liabilities but you can either reaffirm certain ones or still repay them if you want after they are discharged.
I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth, How Do I Get Out of Debt Quickly? Change Your Mindset, and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.
Then use the free How to Get Out of Debt Calculator to review your options.
Once you’ve identified a company you want to work with, then follow my step-by-step guide on what you should look for and expect from a good debt relief company.
Please post your responses and follow-up messages to me on this in the comments section below.
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