Partner/Owner at Debt Advisors Law Offices

Practice Areas: Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Stop Foreclosure

Hundreds of thousands of identity theft complaints are reported to the Federal Trade Commission every year.  Anyone with a social security number could be a potential target for identity theft. This event can lead to many financial woes in the future, and possibly require filing bankruptcy.

Identity Theft Of Minor Children

When data breaches happen, they can place the private information of people at risk. You may be surprised to hear that many complaints involved minors.  Kids are prime targets; they don’t apply for credit for years, and they have a clean social security number to work with.  If your minor child has become a victim of identity theft, file a police report, and report the issue to both the Consumer Protection Bureau and Federal Trade Commission.

The FTC has also released a report outlining the current situation in America regarding identity theft.  Here are the interesting points noted:

  • -Id theft pertaining to wage or tax dollars is reported at the highest rate
  • -Credit card fraud typically comes in second
  • -Identity theft can negatively affect your credit score
  • -Military members are a prime target due to the ease of obtaining   personal social security numbers
  • -Children are at risk, although it may go unnoticed for many years

Protect your Family from Fraud

With access to so much information, and security moving too slowly to protect it, the internet is an identity thieves dream come true.  Besides fraud alerts, consumers should also frequently check credit reports.  If the theft goes too long, victims of stolen identity can find themselves in a real uphill battle trying to prove to credit agencies that charges were not made by someone other than themselves.  Identity theft is a growing problem that in the most severe cases leaves people feeling helpless.  At some point, no amount of time or money is enough to reverse the damage that has already been done.  One thing you can do to protect yourself and family is to place a “fraud alert” on credit profiles.  For a minor child, submit request for all credit agencies to place a “security freeze” on accounts until the child is at least 18 years of age.  Wisconsin in one of many states who allow credit freezes for minors.  If you have already become a victim, hire a reputable bankruptcy lawyer to provide the guidance and resources that you will need at a time like this.

Debt Dischargeable in Ch. 7 

The great news about bankruptcy is that credit card debt and most other unsecured consumer debts are dischargeable in Chapter 7 Bankruptcy.  If you’ve experienced identity theft, it’s likely that there are multiple unsecured debts involved including some you have not yet been made aware of.  Once the petition is filed for Chapter 7, creditors will no longer be able to harass you about these debts.  You and your bankruptcy lawyer will work together to uncover and gather information.  Resolving all of your debt issues through the bankruptcy code will be less expensive and quicker than trying to tackle them one by one.  After it’s all said and done, your credit score can begin to improve and you can begin to rebuild your life.

If you are considering filing for Chapter 7 bankruptcy, it is essential to be prepared and understand the process thoroughly. One way to prepare is by reading about debt to payoff balances to gain insight into managing your finances better. The team at Debt Advisors Law Offices can provide you with all the necessary information and guide you through the process. They can also help you understand the importance of family financial emergency preparedness and how to avoid falling victim to consumer money scams that target bankruptcy filers. If you own a luxury home, it’s also worth considering the current foreclosure rates and how they might affect you.

Learn about bankruptcy protections, types of bankruptcy, how to get started, what to expect, and who to trust. Filing bankruptcy is the ONLY way to completely eliminate debt. If bankruptcy is right for you, it offers powerful protections that cannot be achieved through alternative solutions such as hardship relief, loans, or debt settlement.

  • Exceptional service. The entire team was friendly and knowledgeable. The attorney took his time to walk me through step by step. I will recommend this law office to anyone!

    J Burks

  • I went through Debt Advisors as a referral by a friend. I am very happy I did so. The staff that I worked with were very helpful and showed a high level of professionalism. They were always able to answer any questions that I had. I was very happy with the attorney that I worked with, Michael Georg. Very professional.

    Terri Grote

  • Attorney Chad Schomburg and Debt Advisors helped me with my debt about three years ago. Chad explained the process to me and answered any questions I had, and the assistants compiled my documentation very efficiently while keeping my case moving forward. They were always available when I needed them, and even years later, I’m able to reach out to them, and they are willing to help. They have turned my life around 100%, and I could not have done it without them! Absolutely recommended!

    Tim Harris

  • They were there for my family from day 1 until the end, 5 years later (Ch. 13). Whenever I had questions or concerns they were always very responsive and gave me excellent advice. Michael and Jeremy are both exceptional bankruptcy attorneys. I highly recommend Debt Advisors.

    Steve

  • After I had to go on disability, I used my credit cards a lot more thinking I could pay them off when I was able to go back to work. That didn’t happen and I found myself so much worse off than I could handle. I went to Debt Advisors feeling terrible about what I had to do. Chad and everyone there were very understanding and put my mind at ease while taking such great care of me. They were there every step of the way and supported me when I was “freaking out”!! Every time I needed to contact them; their response time was amazing!! God forbid I ever need to go through this again, but I know where to turn if I need help! Debt Advisors are more than just filing bankruptcy on my behalf. They really care about what you are going through!! Thank you, Chad, Jeremy, Mike, and everyone at Debt Advisors!! I cannot tell you enough how much I appreciate all of you!! J Hammond

    Steve

  • After I had to go on disability, I used my credit cards a lot more thinking I could pay them off when I was able to go back to work. That didn’t happen and I found myself so much worse off than I could handle. I went to Debt Advisors feeling terrible about what I had to do. Chad and everyone there were very understanding and put my mind at ease while taking such great care of me. They were there every step of the way and supported me when I was “freaking out”!! Every time I needed to contact them; their response time was amazing!! God forbid I ever need to go through this again, but I know where to turn if I need help! Debt Advisors are more than just filing bankruptcy on my behalf. They really care about what you are going through!! Thank you, Chad, Jeremy, Mike, and everyone at Debt Advisors!! I cannot tell you enough how much I appreciate all of you!! J Hammond

    J Hammond

  • Chad Schomburg and his Staff did a phenomenal job for me and in an expeditious manner. I’ve recommend countless clients to Chad Schomburg, Wow!!! Outstanding customer service from the Schomburg office:)

    Lisa Williamson