In the past, the most used option in dealing with debt was bankruptcy. It is easy to see why so many people turned to such a harsh alternative. Bankruptcy can eliminate all of your debt, and being an unsecured debt, you won't lose anything. But the high number of users filing in for bankruptcy had a great negative effect on the economy, thus causing the recession.
In order to prevent people from going bankrupt, new laws and regulations had to be made. The government made bankruptcy quite a demanding process. Now there is a lot more paper work needed, more going back and forth to courts while paying an expensive lawyer, and let's not forget the decrease in your credit score. For the last 20 years, consumers had other alternatives to bankruptcy but still they chose the bad way, mostly because there wasn't enough information about other options, like debt settlement.
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With the increase in debt, and bankruptcy becoming harder, more and more people started doing research, and so debt settlement rose in popularity, being the best option for people with unsecured debt of over 10000 dollars.
Debt settlement can help you reduce your debt in a legal way just by talking. Well, a few words can make all the difference. If you hire a debt settlement company, they will handle the negotiations with your creditors and explain your current financial state. Most legit companies will get your debt cut by half, while more experienced ones can even get you a 60% reduction. It is true you are not out of the woods yet, but your debt is significantly smaller, and you can pay the remaining amount in an easy way offered by the debt settlement company. They will open an account with low interest rates in which you will make your deposits. The good thing is that you will deposit as much as you can afford each month, but you should know that it is better to reach the needed amount in maximum 3 years.
Why would you want to pay all your debt or risk your credit score when you can eliminate it all in 3 years and still maintain a good reputation amongst creditors.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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