How To Legally Get Rid Of Credit Card Debt Without Filing Bankruptcy

How To Legally Get Rid Of Credit Card Debt Without Filing Bankruptcy "Are you close to credit card insolvency? Perhaps you have exhausted out all of your credit cards and cannot afford to pay them back. Regardless of the circumstances, bankruptcy should always be your last resort for debt relief. There are significantly superior alternatives to filing for bankruptcy, and new federal debt relief laws make one of them, debt settlement, especially attractive.There are really only two options for consumers who are mired in credit card debt and struggling to make their monthly payment. Bankruptcy and debt settlement with credit cards. Unless you are experiencing extreme financial hardship and have no assets, you will likely not be eligible for Chapter 7 bankruptcy. Chapter 7 is the ""fresh start"" bankruptcy in which nearly all of your debts are discharged. In the past, this was very popular, but new legislation passed in 2005 makes it extremely difficult to qualify for Ch. 7.Much more likely is your eligibility for Chapter 13 bankruptcy. In this process, your debt is reorganized and you receive a repayment plan to repay the majority of your debts, while a portion of your debts are eliminated. Chapter 13 is analogous to debt settlement, with one significant distinction. A bankruptcy will negatively impact your credit for at least seven years, whereas a settlement typically allows consumers to recover their credit score within three years.If you owe more than $10,000 in unsecured debt, you should consider a debt settlement program. The FTC passed new laws on October 27, 2010, which make this a much superior option. This new law prohibits debt relief programs from requiring advance payment. Now, consumers who enroll in a debt settlement program will not be required to make any payments until their debts are settled. If they do not perform, you will not be charged.
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