Is Debt Settlement A Good Alternative To Bankruptcy?

There are many people across the US with a high level of credit card debt and are currently considering bankruptcy or wondering other options such as unsecured debt settlement are available. Because there are so many people in this situation, here is some of the highlights about debt settlement and why it may be a good solution for your situation.

Debt Settlement: An Overview?

Debt settlement is a proven, legal way to reduce the amount of unsecured debt that you owe. The debt settlement process is simple: you hire a debt settlement attorney to set up a trust account. After your trust account has money in it, then your debt settlement lawyer can negotiate with your creditors to settle for less than you owe.

Debt Settlement: Legal and Effective

The debt settlement process has been proven to be both legal and effective. Many people consider it to be an aggressive approach – and based on the results, that is probably true.

Debt Settlement: A Few Benefits

  • Relief from creditors harassing you
  • Possibly reduce or eliminate interest/late charges
  • One monthly bill
  • Be debt free in as little as 12 months
  • Manage calls by debt collectors
  • Reduce your total payments by up to 40%*

Debts That Can Be Settled By Debt Settlement

  • Medical bills
  • Automotive repossession balances
  • Past due rent
  • Outstanding credit card bills
  • Credit cards from department stores
  • Fitness memberships
  • Different types of unsecured loans
  • Utility bills that are past due

Debts That Cannot Be Settled By Debt Settlement

  • Tax related debts
  • Home mortgage loan
  • Car loans
  • Loans that are secured by property
  • Military star card
  • Federal secured student loans

If you find yourself in the situation where you have a large amount of debt and are not quite sure what to do, be sure to do your homework so you know what options you have. Depending on what you have researched, you may be surprised to learn how many different options there are other than just filing for bankruptcy. To find out if you are a candidate for debt settlement, contact a reputable debt settlement company. To find out if you are a candidate for bankruptcy, contact a reputable bankruptcy attorney.