If your unsecured debt is piling up there is no need to panic and run to the nearest bankruptcy lawyer's office when a program which can settle unsecured debts is readily available. This option, a debt relief program, far outweighs filing for bankruptcy when a credit card debt settlement strategy can give you debt relief.
Bankruptcy facts.
In the rush to get rid of their debt some people jump into bankruptcy without knowing all the facts. Bankruptcy is not the "fix all" to resolving credit issues. There are negative consequences to filing bankruptcy, such as:
Bankruptcy Attorney Orlando, Bankruptcy Lawyers In RI, Bankruptcy Attorney Denver,
a) Bankruptcy laws have changed in recent years. These changes make bankruptcy harder to file than in previously.
b) Bankruptcy has a negative affect on credit ratings. This credit damage lasts for years after the bankruptcy has been discharged, leaving the debtor with a very low credit score. Because of this, the debtor has to pay higher interest rates on future credit for years.
c) In some cases, the bankruptcy court can determine that forfeiture, or selling, of an asset you possess can bring in enough proceeds to pay off part of your debts. For some, this is like taking a financial step backward. It is uncomfortable for them to lose something they have worked hard for and then have their credit scores decreased for the privilege and why a credit card debt settlement strategy is the best answer.
Available debt relief options.
There are several options available that produce the results desired for a person with unsecured debt. One popular choice is debt settlement. A settlement occurs when a lender agrees to accept an amount less than what the debtor owes. If this is handled by a professional agency, an experienced negotiator can work with the creditor and arrange for the debt to be repaid in affordable installments. In addition, lengthy bankruptcy proceedings are eliminated because debt settlement is not handled in the court system, but through direct contact with lenders. This is clearly the better option for the debtor and is less damaging to his credit.
Skilled negotiators know that creditors understand that debt settlement works out for all parties in the long run. Creditors become more agreeable to eliminate a portion of the debt rather than risk not collecting any of the balance. Because of today's economic conditions this reasoning is becoming increasingly frequent as creditors see more people filing bankruptcy claims. Some bankruptcy filings result in the discharge of the entire balance owed by the debtor and the creditor recovers nothing.
Let a professional negotiator handle all the details involved in debt relief, including referring the debtor to credit counseling to help avoid falling into the same situation. Knowing the true facts will convince you that debt settlement, rather than bankruptcy is clearly the best debt settlement strategy for debt relief. Get help and get out of debt now.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Bankruptcy Law
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment