Are you dreaming about the debt free life you used to have before the economy took a turn for the worse? I am here to tell you that this is not just a dream anymore; there are debt relief options available that can help you make your dreams come true. But you have to understand that some options are better than others, and that the decision you take now can have lasting effects on your financial life.
Let's start with bankruptcy; not because it is the best solution but simply because it comes up in other debt relief option and I want you to know what it implies. In order to file for bankruptcy you have to hire a lawyer to represent you, this can be quite expensive. Even if you hire one, you still have to do all the necessary paperwork. And you also spend a lot of time dragging yourself from court to court.
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The first debt relief option would be debt consolidation. This is quite useful when you have a relatively small debt, of less than 10 000 dollars. If you select this option you will be granted a loan to pay off your creditor. It is true that you still have to pay this loan back, but it usually has lower interest rates than the ones practiced by the creditor, thus making it affordable.
If you are in deeper debt and debt consolidation doesn't seem to be the solution for you, then you should think about debt settlement. This only applies to consumers with unsecured debt of over 10 000 dollars. It has to be unsecured so that the creditors don't have more bargaining chips than you. A debt settlement company will negotiate with your creditors until they can get your debt reduce to an affordable amount; the usual cut is 50% but some companies can get 60% reduced from the total debt. The remaining sum is obviously more affordable, and can be reached with monthly deposits into a separate account.
There are the main three options available to clear your debt. Choose the best one for you and make your dreams come true.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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