New York, NY (PRWEB) August 29, 2013
National Debt Relief, recently hailed as the leading debt relief company in 2013 by Top Consumer Reviews continues to provide informative debt relief resources for debt ridden consumers all over the country. Their website published an article that urges consumers to avoid bankruptcy and try to use debt settlement instead.
The article was published on August 24 and titled "How To Aim For Debt Settlement To Avoid Bankruptcy." The article begins by acknowledging that there are moments when bankruptcy is the only option for debt relief. This is when the consumer is in a severe financial situation that does not have any hope of improving in the near future. But even though it may seem to be the only logical choice, consumers are still encouraged to seek other options.
Of all the bankruptcy alternatives, National Debt Relief suggests that consumers opt for debt settlement. This is not because it is the primary service that they offer but because among the other options, this is the only one that offers debt reduction.
The article also mentions that of the two bankruptcy options, Chapter 13 is somewhat similar to debt settlement. Unlike Chapter 7 wherein the assets of the consumer will be liquidated, Chapter 13 will undergo a repayment plan that covers only a percentage of the balance. Anything not included in that plan will be discharged or forgiven. That is not so different from debt settlement. If the consumer will land a Chapter 13 bankruptcy, they the article states that they are better off with debt settlement because the latter provides the following benefits.
1. Debt settlement has a lesser negative effect on the credit score of the consumer.
2. Debt settlement keeps the consumer’s financial crisis private. Bankruptcy puts all filers in the public records.
3. Debt settlement provides protection to the assets of the consumer.
To ensure that the consumer will be making the right decision, the article encourages them to seek credit counseling. This is a requirement in bankruptcy anyway and the professional opinion of the credit counselor can really help shed light to the options of the consumer.
But if there is a slight hope that the consumer can afford debt settlement, National Debt Relief urges consumers to opt for it. In some cases, the consumer only needs a source of income or a huge sum of money to offer as the settlement fund. The article gives a couple of suggestions on how to do this. Consumers can cut back on their usual expenses or they can earn more money. They can also stop incurring debts and start saving money instead to help support the debt payments.
Although National Debt Relief believes that bankruptcy is effective, the consumer still has a choice to use other options. Of course, it will require them to put in more effort to grow their debt payment fund.
To read the whole article, visit National Debt Relief or click on this link: http://www.nationaldebtrelief.com/how-to-aim-for-debt-settlement-to-avoid-bankruptcy/.