Debt Settlement – A Bankruptcy Alternative?
Bankruptcy is often the first thing that comes to mind to relieve debt simply because that is how we have been conditioned. Although it can be the right choice for some people, bankruptcy is usually not best solution to the typical debt problems right now.
Is It Time For You To Seek An Alternative To Bankruptcy?
If you can answer yes to 5 or more of the following questions, then we recommend that you consider a debt settlement program. Every case is different, so please either fill out our Debt Relief Consultation form or feel free to contact our Debt Advisors at (877) 777-DEBT to discuss your options.
| • Have you depleted your savings trying to pay down debt? |
| • Is worrying about money and debt keeping you awake at night? |
| • Are you barely able to manage the minimum monthly payments on your credit cards? |
| • Are you receiving debt collection calls? |
| • Do you avoid opening statements because you’re afraid to read them? |
| • Are you unsure of how much you actually owe? |
| • Do you rely on credit cards for everyday purchases of necessities such as groceries, gas, etc.? |
| • Are you spending more than 20% of your income on credit card payments? |
| • Do you have more than 3 credit cards that carry balances? |
| • Have you lied to your friends or family about your financial situation? |
| • Have you hidden statements from your spouse or significant other? |
| • Do you make your monthly credit card payment and then immediately spend that amount or more? |
| • Are you maxed out, or nearly maxed out, on any or all of your credit cards? |
| • Do you use your credit cards for cash advances? |
| • Have you bounced checks? |
| • Have you been turned down for credit? |
| • Are credit cards your sole method of paying bills? |
Bankruptcy Alternatives
Bankruptcy carries long-term credit and employment implications that many people view negatively. Some alternatives to bankruptcy include consumer credit counseling, refinancing your home, debt consolidation loans, and debt settlement.
Debt settlement is a process that negotiates a settlement of unsecured debt for 40% to 60% of the original balance owed. Debt settlement is an attractive alternative to bankruptcy where you pay significantly less than the original amount owed. In addition, your credit report will not bear the stigma of a bankruptcy (which is a public record viewable by all).
Our settlement programs are normally completed within 36 months, helping you to relieve the tremendous amount of stress commonly associated with unmanageable debt and move forward with your life. Plus, the sooner you address and start working on your debt problem, the sooner your credit dings will be put behind you.
Keep in mind that in debt settlement, your monthly payment can be significantly lower than what you are probably paying right now. This can free up some funds for your monthly budget, emergency reserves, or even to use to help pay down other debts and get out of debt once and for all.
To learn more about bankruptcy alternatives and debt settlement programs, please contact our Debt Advisors at (877) 777-DEBT.
Comments on this entry are closed.