Even Debt Consolidation Company Files For Bankruptcy

According to an article, published in yesterday's CNN people in debt who have paid for service to get debt relief are left without a service.

"Debt Relief USA, also called No Debt USA, couldn't seem to help itself. The debt-consolidation company filed for Chapter 11 bankruptcy protection in June with $5 million in total liabilities and only $4.65 million in assets. Not only has the company filed for Chapter 11, it has completely shut down, leaving customers out of luck.

"One of the unfortunate consequences is that you are left without the service you have paid for," its Web site now reads, directing current clients to reach out to their own attorneys.

"The company site also reported that it faces investigations from the Federal Trade Commission and by the Attorneys General of several states."

Prepared by Armen Hareyan