For getting a settlement offer, a person has to negotiate with his creditors. He has two ways of doing this. He can either negotiate directly or he can take help of some professional lawyer. Direct negotiation is not prohibited in any law. Debt settlement is totally lawful through both ways. Getting professional help actually lessens your burden and increases the chances of getting a good deal. For this reason, a person should try to find legitimate help. Although filing bankruptcy is not a wise option yet it can be considered as one the best credit card negotiation secrets.
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Actually there is no magic involved with bankruptcy itself, these are stats that change trends and cause profit and loss. According to stats provided by U.S court, in 2009, almost 1,412,870 cases of non-bankruptcies were filed. In 2010, this number increased by 14% of its previous year value. This is main reason behind the magical effects of bankruptcy. When a person is bankrupted, his future life is totally destructed but at the same time, his creditor suffers from great loss. Due to this mounting trend of bankruptcy filings, creditors are worried about their future. On the other hand, debt settlement is beneficial for both parties. Creditors can reduce their interest rates and thus they can provide leverage to their customers. Similarly, debtors can also get their debts eliminated up to 50% or even more. In these circumstances, creditors will definitely prefer to settle the debts.
In credit card negotiation secrets, bankruptcy filing threat acts as a wild card. It can provide much better results in less time. A professional lawyer knows how to use this threat and when to use it. For this reason, it is better to let your lawyer handle the situation. He will be paid for providing his services so let him do his job. They don't use this wild card until and unless the situation is really worse. They have to deal with the same credit card companies again and again so they try to solve the issues without much struggle. Usually, they have made very good relations with credit card companies so they don't need to use these wild cards.
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