Debt Settlement Versus Bankruptcy - Becoming Solvent Again

If you are one of the millions of Americans that is finding themselves drowning in

debt then chances are you feel like you are quickly running out of options. Creditors keep calling, bills keep piling up and the money just doesn't seem to stretch far enough. Chances are that you have even considered filing bankruptcy, just to get everything off of your back. The truth is, bankruptcy laws have changed and you may not get the relief that you think you will from filing. A better option is to look into debt settlement and debt consolidation loans. Lenders are offering unprecedented programs that will enable you to all but eliminate your debt, with only one monthly payment to worry about.

If you own a home, you have the resources to consolidate your debt. The equity that you have in your home may very well be enough to absorb your outstanding credit card debt. You have the option of refinancing your home and rolling all of your payments into one, much lower monthly payment. With your credit cards paid off, you will be able to start saving money and stop trying to decide what to pay this month and what can wait until next. If you do not have a home, there are still debt settlement options available to you. There are companies that can help work with you and your creditors to come up with a debt settlement plan that works for all of you.

Debt settlement differs from credit consolidation or bankruptcy, in that it is a mutual agreement that is made between you and your creditors. Often a debt settlement agency will work as a mediator by helping to negotiate a deal that will enable your creditors to get paid and you to have enough money to live on. The best part is that participating in a debt settlement program often allows people to rebuild their credit faster than they would if they had filed chapter 11.

Our economy is in pretty bad shape, and many Americans are feeling the crunch. If you are finding yourself a victim of the credit crisis, then it is time that you talked to someone about your debt settlement options. Whether by debt consolidation or debt settlement, there are ways that you can stop drowning in your debt and start breathing again.

Are you ready to get started? Don't wait, get started today!

by: Troy Truman

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