Since there are many people who are stuck in debt and cannot do anything to get rid of it, a lot of laws appear to help them, but to also keep them from filing for bankruptcy. Because bankruptcy has such a bad effect on the economy the government has decided to make the laws a bit harder for those who want to choose this method. This is not a bad decision since many people were abusing this method and filed only to avoid paying the debt. The economy suffered a lot and this was one of the main causes for recession. People went into deeper debt when they started to be dismissed from work or have their income reduced. They had a lot of problems paying their monthly installments and many abandoned their debt, were sued by the creditor or filed for bankruptcy because they weren't able to pay. A lot of people lost their houses and their assets because of this and many are still suffering from this.
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Others, heard about debt settlement, which was the government's plan to keep them away from bankruptcy and make installments easier and used it as a debt relief option. This was a great way because they paid a part of their debt with the stimulus money. There were no taxes on this money and they managed to get reductions of over 50 to 70% of their debt. This was a great way to improve their life and make everything easier to pay.
This debt settlement program is still available and many people are opting for it every day. All you need is a debt settlement company and to be eligible for this program, which means that you have to owe more than ten thousand dollars of unsecured debt. Since bankruptcy is no longer an option because it messes your future and your credit score, debt settlement is gaining more and more popularity. A lot of people abandoned their thought of filing for bankruptcy because it is indeed a bad option for those that can still afford to pay part of their debt: the attorney is expensive, the assets are sold, and there's a lot of stress involved in the process.
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