Have you found yourself in too much debt and feel there is no way out other than to file for bankruptcy? It may seem that there are no other answers, but please, don't file bankruptcy! The new bankruptcy laws do not provide the kind of protection that the older laws provided, and the new bankruptcy laws make debt settlement a better option. Many people have never even heard of debt settlement, and many attorneys who specialize in bankruptcy won't even tell you about this option, but there are definitely some good reasons to give it a try. I must reiterate - take a deep breath and don't file bankruptcy.
Credit After Bankruptcy, American Bankruptcy Institute, Phoenix Bankruptcy Attorney,
So what is debt settlement? Well, for years now, the legal world has been participating in all types of settlements. A settlement is simply an agreement between two parties; there are property loss settlements between two parties when one of them destroys the property of another (as in a car crash, for example), divorce settlements between a husband and wife when the marriage ends, and so on. Well, there can also be debt settlements.
This is basically an agreement between you and your lender - your credit card company - or whoever it may be. Most banks and other lenders realize that once you start having these financial difficulties, they run the risk of never getting any money at all, so many are willing to negotiate new terms. There are even reputable professionals who specialize in taking on this burdensome task for you, and some will even serve as trustee and make the payments on your behalf each month after you send them an agreed-upon amount of money.
Debt settlements usually include a clause about not destroying your credit rating, but even if they don't, the process doesn't hurt your credit nearly as much as a bankruptcy. The new bankruptcy laws make debt settlement a better option for most people.
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