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Credit Card Debt Bankruptcy - How New Debt Settlement Laws Make Bankruptcy Less Desirable

Credit Card Debt Bankruptcy - How New Debt Settlement Laws Make Bankruptcy Less Desirable


In the recent past bankruptcy used to be the most feasible option to eliminate your debt. But after the implementation of new laws of debt settlement; no company can charge the consumer upfront; Debt Settlement program has become safer and viable. The best thing is that if you request a settlement and your creditor denies, you don't have to pay a penny.

In the past a Settlement was considered to be very risky procedure because of many phony companies in the market. These companies charged upfront fees, never negotiated the settlement and the debtor had to pay the entire debt with penalties and interest. But after the law by FTC in July, 2010 consumer has been saved from this scam. If a company still asks for an upfront fee a heavy fine of $16,000 will be imposed on it.

Another good thing for the debtor opting for debt settlement is that maximum amount that can be charged has also been fixed. The settlement company can only charge up to 15% of the reduction in the total amount so the debtor does not have to worry about getting overpriced.


Government has given Tax Breaks for the creditors offering debt settlement i.e. they have to pay lesser amount of taxes than the other companies, so creditors are now agreeing for settlement more easily.

Debt settlement process has been rationalized and all the debtor has to do is, hire a legitimate and professional settlement company and provide it all the financial documents. The settlement company will do all the paper work, negotiation and in the end finalize the deal.

All these set of laws described above have made a settlement a less risky process than it used to be in the past. If you want to avoid the huge fee of Solvency Company for filing bankruptcy, its stressful paper work, long court proceedings and bad credit rating, choose a settlement for getting rid of your debt in a lawful, moral and elegant manner.

Debt settlement is a legitimate alternative to filing bankruptcy. Consumers can expect to eliminate around 50% of their unsecured debt with the help of a legitimate settlement program. With the new FTC laws recently passed in July 2010, debt settlement is a much less risky option. If they don't settle your balance you don't have to pay a dime.

Check out the following link for free help from a certified debt relief specialist:
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