This book prepares you for either of these two goals:
1. Walking away from some of your debt, and hanging on to a passable credit rating. This can make sense for people who depend on a credit rating to hold on to a good job, or need one to get business loans or are hoping to buy a house at today's more affordable prices.
2. Carrying out a total walkaway with as much cash in pocket as possible (and no lawsuits chasing you).
In goal #1 since creditors nowadays are a lot more realistic it can make sense to negotiate the creditors to settlements over a few months. This might be a cramdown on the value of a home, or a short payoff on credit cards (20 cents on the dollar is routine these days). You effectively walk away from a significant chunk of your debt with only minor-to-medium credit blemishes and your credit score starts rebounding in a few months. (That's correct: months.)
In goal #2 if credit score is less important than being financially solid right now, a total walkaway might make more sense: stop paying all creditors, live rent-free for up to two years in your home, if you have one, and then walk away with cash in pocket (people who do this usually regain good credit ratings much faster than those who struggle along for years with repayment plans).
Unlike the "one magic solution" books, Walk Away From Debt For a Better Future deals with the entire range of tactics, from do-it-yourself debt settlements for credit cards or bills, through home short sale or strategic default, to bankruptcy or asset protection.
It is written for both people who are starting to feel financially pinched, and people who are already in serious financial trouble. It is also for people who are comfortable right now, but are thinking ahead to a layoff or medical emergency, and thinking long-term about the kids' college education or their own retirement nest egg.
This guide always looks at (cheaper) non-legal alternatives first, and provides you with the practical and legal information you need to make your decisions and settlements, steering you around the scammers to legitimate information sources. The guide is applicable in all 50 states.
Though a great deal of research and analysis went into this book, the core of the book comes from what I learned when the dot-com bubble popped in the San Francisco Bay area in 2000-2002 and our jobs and our houses disappeared. Although I'd been a businessman and real estate investor, when that bubble burst I still had a lot of standard-wisdom misconceptions about what was important in financial survival. A lot of difficult problems like credit card debt turned out to be quite easy to solve. Impossible situations like looming foreclosure turned out to be difficult, but not impossible.
From what I learned then, and how I handled things differently when the Great Recession hit, one thing stands clear for most readers of this book: you will find that you have a lot more options than you realize.
I don't have any "upsells" to consulting packages or other books. This book tells you everything I know about successfully walking away from debt into a better future probably with a lot more dignity than you expected.
PS. It takes courage to walk away from debt. We wonder what our parents will think, what our friends will think. We imagine that our grandparents who lived through the Great Depression would disapprove. So we wait and waffle for far too long, while our savings continue to drain down the high-interest or underwater home rathole. Guilt, embarrassment, and imaginary fears turn our feet to lead. I remember exactly what it was like. But ... I don't feel those emotions much anymore. Been there, done that and my fears were grossly overblown. I drove a well-used car for a few years, but on the upside I had some money in the bank and the bills were gone. Readers tell me that my current much more relaxed attitude towards debt communicates through the book, and several readers have emailed me that they read straight through, sometimes twice in a row, and got the first good night's sleep in a long time. So while I started to write a how-to book, apparently the book is also a "why-to" by the time you finish reading you know why "it's OK to walk." Remember, you're not running away ... you're walking away. There's a big difference.
( I've never encouraged anyone to stiff their family, friends, or local merchants; you pay them back when you can. This book is about dealing with debt to big business.)
What The Readers Say
"We DID walk away with cash in our pockets and no deficiency judgment. So we still have a roof over our heads. Kudos!" Joanne McKay, Sarasota, Florida
"I was dying on the vine, and then I realized I didn't have to." Mary Patterson, Pacifica, California
"You've written a really, really good guide. Thank you. It lays out all the options in plain English." David R. Smith, Sacramento, California
"I can't thank you enough for such wonderful, fast, and hassle-free service." Albert W. Weggeman, Green Valley, Arizona
Reviews of previous books by Nicholas Carroll from the New York Times, Paul Harvey Sr., others....
Walk Away From Debt For a Better Future
a 130 page electronic book in PDF format. The guide is fully printable and also readable on any personal computer, tablet computer, superphone, or recent Kindle or Nook. The download link will be sent to your email address in minutes. $19.95 (includes online access to updates).(Table of Contents below.)
Walk Away From Debt Table Of Contents
Published September 2010, updated September 15, 2012.
- Will Walking Away Solve My Problems?
- Financial Comparison: the Gains From Partial and Total Walkaways
- Real-Life Debt Situations and Solutions
- Ten case studies of couples and singles in Arizona,
California, Florida, Illinois, Michigan, Nevada, and New York
who successfully did partial or total debt walkaways on:
- Underwater Homes and Balloon-Payment Mortgages
- Credit Card Debt
- Combinations of Too Much Mortgage and Credit Card Debt
- Major Medical Bills
- The Paycheck Advance Trap
- The New Credit Rules
- The New Rules of Credit Reporting (including job hunting)
- Opinion On the Future Of Credit
- The Rich Still Need Our Money How important will FICO be?
- Fears, Legalities, and Realities of Collections and Credit
- Tools For Walking Away
- Simple Walkaway
- Short Payoffs (homes, credit cards, medical bills)
- Short Sales
- Bankruptcy: Chapter 7 or 13? (They are very different animals.)
- Step by step: how to simplify the decision on whether
- to declare bankruptcy, and if so which type to use.
- Asset Protection (the other "nuclear weapon" besides bankruptcy)
- Avoiding Scammers and Ripoff Artists
- Laying Out Your Personal Plan
- Step-by-Step Walkaway Plans
- Includes Timing It To Walk Away From Most Or All Debt At the Same Time
- Steering Around Financial Fraud (while using the law to your benefit)
- Leveraging Your Remaining Credit
- Mortgages and Home Foreclosure Stop or Delay It
- Equity Sharing With Co-Investors (best with family or friends)
- Dealing With the Lender: re-fi, cramdown, short sale, or deed-in-lieu
- Challenging the Legality of the Loan
- Challenging the Ownership of the Note
- Strategic Default: Live Rent-free, then Move to a Rental
- Beware of Scam "Forensic" Loan Auditors/Companies
- Credit Card Debt the Easiest Walkaway of All
- Reduced monthly payments (usually the worst option)
- Reduced interest rate down to 10%-0%
- Short payoff at 20% of the total owing
- Or complete walkaway
- Medical Bills: Discounts and Plans From Doctors and Hospitals
- Negotiating discounts (includes links to search fair prices by Zip code)
- Slow payment plans ($5-50 a month)
- Nullifying bills with credit card chargebacks
- Dealing With Lawsuits
- Lawsuits Are Increasing (don't panic but do read your mail!)
- Credit Card and Medical Bill Defenses
- Dealing With Legal Judgments
- Protecting Liquid Assets (cash, 401k, etc.) and Physical Property
- Wage Garnishment Who's Actually At Risk and What You Can Do
- Wrapping Up Your Walkaway
- Do You Have Good Enough Credit to Rent? Probably "Yes!"
- Leaving Creditors Behind
- Moving Cash to New (safe) Bank Accounts
- Rebuilding Your Financial Base
- Building Cash Reserves
- Diversifying Cash to Keep It Secure
- Reaching the Cash Comfort Zone
- Credit Repair and Rebuilding
- The Six Solid Ways to Re-Establish Credit Quickly (in 2-4 years)
- The Few Good Books Useful Websites (government websites, legal information, and calculators).
The charge will be billed through the parent company as "Hastings Research". Please note that the download link will arrive in an email from "Hastings Research" not www.WalkAwayFromDebt.com (in case you have spam filters set up).
For customer service, please contact
or (415) 6942112, 8 a.m - 5 p.m. Pacific Time. (But please, no financial or legal advice! This is mainly a tech support line for people who have difficulty ordering or downloading. The person answering will have some familiarity with the guide, but will NOT be a CPA or a lawyer licensed to give advice.)