Should you file for bankruptcy or settle your debts? Filing for bankruptcy is not as easy as it used to be. Many people do not qualify for filing chapter 7 because their income is too high or they have may own some investments or personal property that would be taken away in chapter 7 bankruptcy.. There is also chapter 13 which will allow you to restructure your debt but, you will still have to pay back many of your creditors. In addition, bankruptcy is a long term stain on your credit that will haunt you for 10 years or more, making it difficult to even get a car loan; Bankruptcy should always be your last resort.
So what else can you do? Debt Settlement is a good alternative to bankruptcy. You can try to negotiate with your creditors yourself but most creditors want any settlements to be paid in full. So, what if you want to settle but can’t afford a large lump sum to pay off your debt? That’s when an attorney based debt settlement company can help you. The attorneys negotiate your debt for you and have the expertise to get the best settlement possible. An affordable monthly savings payment plan is set up for you, so that once an agreement is reached with your creditors; the debts can be paid off with the money that has been put into your savings account each month. The creditors are told that you have enrolled in a debt settlement program and that you intend to pay off the negotiated debt amount. The creditors are also told to contact the 個人自願安排 attorney regarding your case, so you can go on with your life and not have to deal with this day in and day out. The attorneys have the experience and knowledge to get the best possible settlement for you. Debts are reduced by 40-60 percent. That is a significant savings. On an average debt amount of $25,000. your debt settlement could be as much as $15,000 saving you $10,000. This doesn’t even take into account all the interest that would have piled up if you continued to try to pay this over average of 30 years. You would end up paying over $100,000 dollars on 25,000 worth of debt over 30 years. So, you would be saving 85,000 if you were to continue with trying to pay over 30 years.
Once your debt is settled, which on average is 36 to 40 months, your credit score will begin to go backup. Your credit report will show paid settled by you, not a third party, because the payment is coming from your savings account. This is important because if, as in debt consolidation, it shows the payment is through a third party, that is considered as a major derogatory on your report by most creditor’s. With debt settlement, it shows paid by you. If you are considering debt consolidation or bankruptcy you owe it to yourself to check into debt settlement. There are many companies that offer this service and there are a few key things you should look for when considering this.. The most important is that the company has attorneys who will oversee your case. Companies that do not have attorneys, have little regulation and because of the new FTC and congressional rulings that are now being discussed, many will soon be forced to stop doing business. An attorney based debt settlement company will soon be the only option for debt settlement.Attorney have the knowledge of the laws in your state and the experience in dealing with negotiating your debt. for more information visit Certified Financial Solutions at certifiedfinancialsolutions.com or call 1-877-293-0008