subject: Getting Out of Debts - Is Debt Settlement a Legitimate Alternative to Filing Bankruptcy? [print this page] Getting Out of Debts - Is Debt Settlement a Legitimate Alternative to Filing Bankruptcy?
Getting out of debt can be very hard on your own if you don't know what program to use and where to find debt relief help. The lack of information about these options can cause you to make a wrong decision and file for bankruptcy.
It is now hard to complete the bankruptcy process due to the high taxes involved. When you think about bankruptcy you think about a fast way to clear all of your debt, but what most consumes don't realize is that you will have to pay a lawyer to represent you and you will also have to present a lot of paperwork about your financial deals in previous years. The process is a stressful and usually lasts about a year, but there have been cases in which a person was declared bankrupt after 7 years of court hearings. You don't have time to waste or money to throw away on expensive lawyers.
A legitimate alternative to filling for bankruptcy is debt settlement. This is the most common out of all debt relief options due to the fact that it basically makes half of your debt disappear after some well planed negotiations with the creditors. You are probably wondering why the creditors would accept such a big reduction. It is true that lenders don't have a reputation as being merciful, and in the case of debt settlement there is no exception. They will accept to reduce your debt because half is better than nothing; and that is what they would have got if they let you file for bankruptcy - nothing. Also, the creditors will get a part of your debt from the government in the form of stimulus money.
If you know how to take advantage of these crucial details you can negotiate with the creditors alone, but it is better to let the professionals handle this part. Hire a debt settlement company that will guarantee the maximum reduction possible and start paying back your debt in a stress free way rather than risk getting a small reduction.
Debt settlement is a proven legitimate debt relief option that comes as an alternative to bankruptcy.
Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement.
