In Deep Debt, The Bankruptcy Alternative
January 13th, 2010 | by admin |- Submit this to Script & Style
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This may sound like a very familiar story to you; too much debt on your credit cards, payments getting you no where, starting to become late and its affecting your credit rating; Do you file for bankruptcy. Is that the only way out?
There are two answers to this question.
1.) If you have no income, no means of coming up with cash, are disabled or cant pay your bills, then bankruptcy may be your only alternative. After all it was created for situations exactly as this.
2.) Settle your debts. If you have access to cash or a loan from a friend or family member, you may be in a prime situation to settle your debts for about 50% of what you owe AND avoid the dreaded bankruptcy on your credit rating.
Debt settlements get a lot of flack and for good reason. There has been a huge blowup of so called debt settlement companies popping up all over the Internet and many of them are not legit; but for someone seeking serious debt settlement help, there are great options that are legitimate.
The Debt Negotiator Professional debt negotiators are a very important part of the debt cycle. Why give all the credit to debt management companies and bankruptcy attorneys when a debt negotiator can be just as valuable. The trick is finding a good solid company and paying very close attention. You need to thoroughly check out whomever you hire and that includes other satisfied or non satisfied customers, the Better Business Bureau and by Googling the company. A professional debt negotiator can act as the middle man and do all the dirty work for you in dealing with your creditors and collection agencies. You will pay a fee; but in the end, you’ll save so much in your settlements that it will be a worthy investment. You must also have access to money to pay the settlements. No creditor is going to negotiate payments. Debt settlement means just that.
The DIY Debt Settlement Option If you’re a person that likes to control the situation then being your own debt settlement professional may be right up your alley. It takes skill to deal with your creditors and collection agencies but lucky for us, there is access to loads of information to teach you how. Almost all debt settlement professionals offer a DIY alternative for their clients where they teach you what they know to do the settlements yourself. You will save a lot of money in this scenario if you are successful because you’re not paying someone a fee to do it for you. The best news is that in this economy, credit card companies are negotiating more and more in an attempt to get back every possible dollar.
Finally, professional debt negotiator Mark Brinker offers up a video of how to cut the hype and find out if debt settlement is right for you. Check it out.
If bankruptcy is the only answer for you, then BLF offers a free consultation and attorney locator service. You can enter your zip code and see which lawyer near you is on their list for free consultations.
