If you have assets you want to keep, you can elect to file a Chapter 13 bankruptcy. This gives you the opportunity to reorganize your debts and pay them off in anywhere from 3 to 5 years.
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New York, New York (PRWEB) August 29, 2012
Though there are many claims that the economy is already on the rebound, a lot of Americans are still wary about the state of their finances and are seeking ways of better managing the debts that they have accrued during less financially-concerning times. Top debt consolidation company, National Debt Relief recently posted on its website a helpful article detailing better and more effective options for fulfilling financial obligations without using a credit card or even a loan.
A recent report from Staradvertiser.com shows that many Americans are again compounding their credit card debt. It surely does not help that banks are easing up on their regulations by issuing credit cards to high-risk borrowers. While this report includes that people are actually displaying better credit card management or use for their financial obligations, such as prompt payment of bills, the increase in credit card debt remains to be a danger sign.
Debt negotiation is an option highly worthy of consideration according to NDR. The process involves seeking the assistance of a reputable company to negotiate with their creditors on their behalf. The goal is to negotiate a lower payoff with the creditor in lieu of fighting it out in bankruptcy court. In a lot of cases, the debt settlement agreement can reduce the original debt by a significant margin, therefore, making future obligations so much easier to fulfill.
Now, if the person in debt still does not have enough financial resources to settle the debt, Paul Ritz, an associate of the National Debt Relief advises that a bankruptcy filing may be best. “If you have assets you want to keep, you can elect to file a Chapter 13 bankruptcy. This gives you the opportunity to reorganize your debts and pay them off in anywhere from 3 to 5 years. A Chapter 13 bankruptcy is often called the ‘wage earners’ plan because it allows you to keep your properties and your income stream. However, the type of bankruptcy chosen by many American families is a Chapter 7 that allows you to discharge your credit card debt and other unsecured debt. However, you could see some of your assets seized.”
Those people who are struggling to secure a credit consolidation loan to pay off most of their debts do not have to force this issue. There are so many other debt solutions that work and are easy to implement. National Debt Relief helps with debt settlement, debt management and other debt-related crises that most consumers encounter during these economically troubling times. From proper assessment of their clients’ present financial state and counseling, to the suggestion of which techniques are suitable to the debt conditions, the company can be counted on to provide the best appropriate help.