If you have a lot of credit card debt and feel like you’re never going to get out, you may have considered bankruptcy to try and resolve your debt. Maybe the fear of filing bankruptcy is keeping you in debt longer and ignoring the harsher situation… Being in credit card debt longer than you’ll pay your mortgage!
Bankruptcy Alternatives are debt relief programs that assist you in getting out of credit card debt without having to file bankruptcy. There are situations where bankruptcy makes sense, but before making the commitment learn about all your options.
Bankruptcy Alternatives Are NOT The Same As Bankruptcy
When you file for bankruptcy you let the court decide the outcome of your financial situation. What many people don’t realize that if you file for a Chapter 13 Bankruptcy you will still have a monthly payment that will go to a court appointed trustee.
Bankruptcy will:
- Stay on your Credit for 7-10 years
- Remain on your Public Record forever
- Need to make sure you can pay your new
debts because you may be Ineligible to file
bankruptcy for 7 years
Consider Credit Card Debt Settlement Before Filing Bankruptcy
Many people who file bankruptcy do so because their debt is so unmanageable and they never realized there were bankruptcy alternatives.
Their Debt to Income Ratio is so slim that they don’t see a reasonable way to get a handle on their debt and dig their way out. However, a credit card debt settlement program may be able to get you out of credit card debt and provide you with some monthly payment relief. You can avoid having to pay an attorney thousands of dollars, avoid going to the court house & having your personal situation out in the open, avoid the permanent mark of bankruptcy on your public record.
Negotiating: The Key To Effective Debt Settlement
Consider this: the prospect of you filing bankruptcy does not make your creditors very happy. They will get nothing, and will be forced to write your debt off as a total loss to their business. However, many creditors are willing to “settle” for receiving a partial payment rather than the whole amount owed. The creditor settles for this lower amount because receiving something is better than losing everything if you ended up filing bankruptcy.
What that settlement amounts to depends on the person doing the negotiating. You could attempt to do the negotiating yourself, but that is a difficult and usually discouraging process. Once a creditor has you on the phone, they can push your emotional buttons and use fear and intimidation to put enormous pressure on you rather than let you negotiate with them.
A better strategy is to contact an experienced debt settlement company, whose trained negotiators can contact your creditors for you. These skilled debt reduction experts can negotiate with your creditors without being emotionally involved or intimidated.
Contact a Debt Settlement Expert Today
Debt settlement isn’t the perfect bankruptcy alternative for everyone, but many people who thought filing bankruptcy was the only answer came to find that credit card debt settlement was the real solution they’ve been looking for.
Contact one of our debt reduction specialists for a free, no obligation consultation. One call could save you from filing bankruptcy.
Call for a Free Quote (800) 631-5573
*Anyone considering filing for bankruptcy should contact a bankruptcy attorney.
