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How is it legal for those scammy businesses to offer 'debt negotiation'?
Edwards Finance > Debt Management
Q. How is it legal for those scammy businesses to offer 'debt negotiation', 'debt settlement' etc, dealing with one creditor at a time, although an individual is not supposed to show 'preference' to one creditor before others?
A. -The preference provisions apply only once you have filed for bankruptcy. It is perfectly legal to give preference to one creditor over another if you don't file. -So if I did pay by preference, would this prevent me from filing bankruptcy for some length of time? 90 days? Does this change after the new law goes into effect Oct 17? -A preferential payment doesn't prevent you from filing; it only allows the Trustee to go after the person/entity who received the preferential payment.
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