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Quick Facts

What is the purpose of the Collections Shield Program from Shielded Circle, Inc.?

Will this protect me from all my creditors?

How does the program work? Is there a lot of work for me to do?

What if I already have a judgment against me? Will this still protect me?

Does the fee for the program take into consideration how much I owe or how many credit cards I have?

Is this similar to bankruptcy?

How is this financial shield put in place?

How long does it take to put the shield in place?

Does the Collections Shield include debt settlement negotiation?

Is this credit card debt elimination?

Can you legally eliminate debt?

How does this differ from debt consolidation?

Is this the same as bill consolidation?

Will the Collections Shield program help me avoid bankruptcy?

How long will I have to be in Collections Shield?


 

Q1. What is the purpose of the Collections Shield Program from Shielded Circle, Inc.?
A1. To provide a system that protects your income, assets, and bank accounts from creditor collection actions and forcing them to deal with you on your terms.
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Q2. Will this protect me from all my creditors?
A2. No, only unsecured ones, such as your credit card companies, banks, and bill collectors for such things as credit cards, unsecured signature loans, hospital and doctor bills, deficiency judgments, old residence lease payments, abandoned time share payments, etc.
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Q3. How does the program work? Is there a lot of work for me to do?
A3. Upon entering the program, you receive legal documents which establish a valid creditor/debtor relationship between you and Shielded Circle similar to the relationship you have with your creditors. This provides the legal framework to validate the program. You will be asked to sign the documents and return them to our office as quickly as possible. Following that the firm will file a lien to begin your protection. You may then stop making payments to your creditors. After that, we go through a series of legal steps to deter your creditors from wanting to pursue collections and being able to garnish your wages. This sets the stage for you to negotiate a favorable debt settlement with your creditors by creating leverage you can use against them.
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Q4. What if I already have a judgment against me? Will this still protect me?
A4. Possibly, but not in all cases. If, for example, a credit card company has sued you and won, there is probably little we can do to protect you from that creditor. However, you probably owe on more credit cards than that one. Our protection can shield you from them. There may be situations where we can shield you from existing suits. We will need to see all your documents to make a determination.
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Q5. Does the fee for the program take into consideration how much I owe or how many credit cards I have?
A5. Our fees are not based on how much you owe or how many credit cards you have. It is based on how many individuals need protection and the length of time chosen to pay for the program.
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Q6. Is this similar to bankruptcy?
A6. In October, 2005, there was a bankruptcy reform bill that went into effect. That bill changed the face of bankruptcy considerably. Chapter 7 bankruptcy, which is what most people used to be able to get out from under their unsecured debt load suddenly became much more difficult to qualify for. Unless one is earning less than average income in his area and has few assets, he will probably be forced into Chapter 13. That will require attending credit counseling, going through a “means test” in which a determination will be made as to what percentage of your debts you still must pay. Legally, this percentage can be from 0% up to 100%. We normally see about 40% being required. Earned income will then be the property of the court. A referee will be assigned to dole out the money depending on certain criteria. The bankrupt will be left with a portion of that amount to cover basic living expenses. This court appointed officer will be in control of all income until the debts are satisfied, which could take up to five years.
The Collections Shield program enables you to avoid bankruptcy. There will be no “means test”, no court appointed officer, and no payment plans to worry about. You will be shielded from your creditors; you will remain in charge and in control of your income and assets.
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Q7. How is this financial shield put in place?
A7. Once the initial documents are received, we will file appropriate papers with your state’s Secretary of State. This puts the shield in place. You may keep it in place as long as it is needed. This normally discourages other creditors; however, should you experience a “trigger” event such as receiving a summons, a threatening letter from an attorney, or if you are just fearful that a creditor might sue, we then proceed to more aggressive protection steps.  Your shield will be as strong as it needs to be to deter creditor collection actions against you.
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Q8. How long does it take to put the shield in place?
A8. Generally the lien can be perfected within couple of weeks. There may be unique circumstances which require additional time but this is unusual. A delay will not affect the cost or outcome of the Shield.
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Q9. Does the Collections Shield include debt settlement negotiation?
A9. Our firm does not do debt settlements; we set the stage – the “leverage” – that makes an excellent debt settlement possible. However, if you prefer not to do your own debt negotiation, we can refer you to professional negotiators who have an excellent track record in getting exceptionally low debt settlements for their clients.
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Q10. Is this credit card debt elimination?
A10. No, that term is a misnomer. The only true way to eliminate your credit card debt or mortgage debt is to pay it off. Don’t be fooled by anyone using this term. This is why our program is far superior to many others on the market. We make it possible for our clients to negotiate and pay off their debts for pennies on the dollar and start over with a clean slate.
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Q11, Can you legally eliminate debt?
A11. As mentioned above, the only way to truly eliminate debt is to pay it off.  The purpose of the Collections Shield is to enable you to pay off your debts for the lowest amount possible by making you uncollectable to your creditors.  Many companies selling programs promising to legally eliminate your debt will use confrontational approaches in the courts to challenge the validity of credit cards and the extension of credit. The weakness in these systems, no matter how good they sound and how logical they may appear, is that there will always be that one individual – the judge – over whom no one has control.  No matter how valid the argument, if the judge rules against you then you will be forced to pay your debts in full plus interest and fees.
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Q12, How does this differ from debt consolidation?
A12. In debt consolidation you move unsecured debt into secured debt, frequently by using a second mortgage on your home. While a lower interest rate may seem appealing, in the long run you will pay out much more with consolidation than with any other program. The only way to judge it is to actually do the math.
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Q13. Is this the same as bill consolidation?
A13. Bill consolidation and debt consolidation are synonymous. We do neither. The Collections Shield puts a shield of protection around your assets giving you time to put your financial affairs in order and pay off your debts on your terms instead of theirs.
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Q14. Will the Collections Shield program help me avoid bankruptcy?
Q14. The Collections Shield is a viable alternative to bankruptcy in that it will give you similar protection from creditors and keep creditors from harassing you with phone calls and demand notices.  The big advantage is that our program will not destroy your credit for 10 years and you will not be under the supervision of the court system.
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Q15. How long will I have to be in Collections Shield?
A15. Depending on how quickly you can afford to settle with your creditors, you can expect to be in the program for 12-18 months to gain sufficient leverage with your creditors.  How soon you settle with your creditors is always up to you – we never deal with the creditors or collectors directly.
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