Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy

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1. The debt settlement program typically last between 6 months to 4 years time.
2. At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
3. Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
4. Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
5. That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest;
6. Savings a customer realizes from use of a debt-relief service may be taxable income.