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subject: A Legal Way to Reduce Your Unsecured Debt Credit Card Debt and Avoid Bankruptcy [print this page]

A Legal Way to Reduce Your Unsecured Debt Credit Card Debt and Avoid Bankruptcy

People thought that bankruptcy was the only way out of the liability problems they were facing. They used to file bankruptcy in order to get rid of huge amounts of liabilities and to lower the pressures that were being put on the debtors from the creditors end. Although bankruptcy was able to get people quick relief from liabilities and pressures, all of the happiness that a debtor received was for a very short period of time. The long term problems that debtors did not see before making the decision of filing for insolvency were worse and uncontrollable.

When a debtor files bankruptcy his credit report show that he has filed for bankruptcy and have not paid at all. Due to this debtors face difficulties in acquiring loans as creditors hesitate in giving away loans to those who have filed bankruptcy as the creditors fear that they will even lose their money. Even if the creditors got the courage of providing loans they use to ask for higher interest rates and they provided very less time to repay the loan. Bankruptcy filers even faced problems while acquiring jobs as the employers check the credit report of a person before giving any employment. Employers feel that bankruptcy is unethical and it is equal to stealing. Even if the employers gave jobs to those who file bankruptcy, the offered very low wages and use to get extra work out of them. I other words they used to exploit the situation.

These are the reasons why many financial advisers do not allow their clients to file bankruptcy. On the other hand financial advisers have started promoting liability settlement as liability settlements do not affect the future of a debtor as bad as bankruptcy does.

In liability settlements the debtor asks for relaxation in the amount of loan that needs to be paid back. The creditors give relaxation up to 60 to 70% on the original loan amount. They even provide extra time for repayment of the loan and charge low interest rate on the payment of the remaining amount. This makes the payments easier for the debtor. Liability settlements leave a positive remark about the debtors as creditors feel that although the debtor was facing so many financial problems, he still paid some part of the borrowed money back. This is why the credit report of a debtor who went liability settlement does not get as badly affected as in the case of bankruptcy.

Getting out of debt through a debt settlement process is currently very popular but you need to know where to locate the best performing programs in order to get the best deals. To compare debt settlement companies it would be wise to visit a free debt relief network which will locate the best performing companies in your area for free.

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