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Scams, Cybercrimes Lead to Financial Losses and Possible Woodland Hills Bankruptcy

Blogs from October, 2011

Writing on Document

A recent story by Daily Finance chronicles the plight of an 84-year-old Illinois woman who was bilked out of $5‚000 by a man posing as her grandson‚ calling and asking her for cash because of an alleged car accident. While phone scams like this are among the least-sophisticated fraud schemes‚ there are still many people‚ especially older adults‚ who just want to be helpful but wind up being victimized.

Cash Down the Drain

Other more complex scams involve online cybercrimes‚ which end up costing businesses and consumers tens of billions of dollars each year. Most of the money spent by businesses is on security features and re-paying consumers who have been cheated out of their money.

But there are plenty of costs that consumers must bear as well. In many cases‚ a person can be hit with a large-scale loss‚ which can take months or years to recover their money. In the meantime‚ bills are piling up and savings accounts depleted. Then the credit card companies or lenders hammer these victims with late fees and high interest rates because of late payments‚ sending them into a spiraling financial downfall.

Filing for bankruptcy in Woodland Hills can stop that free fall by eliminating debts and allowing a person the time to restructure their money so they can move forward without debt dragging them down. Consulting with a Woodland Hills bankruptcy attorney should be a priority if you have been hit with unexpected debt‚ either from being the victim of a crime‚ unemployment or an unexpected medical bill.

Take the 84-year-old woman from Illinois as an example — she got a call one day from a man who said he was her grandson. She said he sounded just like him. The caller said he and some friends had gone to Canada and he crashed his car into a telephone pole.

It sounded plausible‚ and because her real grandson had just returned from a tour of duty in Iraq‚ she didn’t have his phone number. So she couldn’t verify who the caller really was. While she said she didn’t know how to wire that much money‚ the man had a clear answer — use MoneyGram at Wal-Mart. So‚ she did.

But she became suspicious when she received a second call asking for more money. The caller said the crash had caused damage to a nearby business and he needed another wire of $5‚000. Because of her suspicions‚ the woman gave him a “test” by asking him his grandfather’s name. Of course the man did not know the grandfather’s name‚ so the scam ended there. Unfortunately‚ the woman was out of the $5‚000.

In some instances‚ consumers consider filing for bankruptcy in Woodland Hills after being victimized. Eliminating debts and gaining a brighter future is possible when the money lost may be recouped post-bankruptcy. If you are a victim of financial fraud or mounting debt‚ speak with an experienced bankruptcy attorney to see if this solution is right for you.

Cal West Law will provide a free consultation to help guide you in making a decision that works for you. In Encino‚ Glendale‚ and Woodland Hills‚ just call (818) 446-1334.

Additional Resources:

How to Avoid Becoming a Financial Scam Victim‚ by Loren Berlin‚ Daily Finance

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