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How New Bankruptcy Laws Have Created a Massive Market for Debt Settlement

How New Bankruptcy Laws Have Created a Massive Market for Debt Settlement
"How have new bankruptcy laws created a vast market for debt settlement? This article will provide you with the information you need to determine whether you should file for bankruptcy or enroll in a debt settlement program.

The protection of rights is dependent upon the existence of laws, which also serve to preserve social equilibrium. As a result of the global economic recession, a large number of individuals filed for bankruptcy, so the government amended the previous bankruptcy laws. The following chapters of the bankruptcy legislation have been modified:

Chapter 7 Chapter 11 Chapter 13
People want to know how the amendments to the bankruptcy law have lead to a massive debt settlement market. The United States made these changes due to the altering economic climate, specifically the recession. Due to the recession, the US economy was severely impacted.

In these difficult economic times, individuals desire a viable option for the elimination of their unpaid credit card debts; as a result, they have filed for bankruptcy. However, many banks and financial institutions are destroyed as a result.

By filing for bankruptcy, you will not only be unable to attain financial independence, but you will also be unable to escape the debt spiral. After the amendments to the bankruptcy laws, if you file for bankruptcy under chapter 7, 11, or 13, you will be required to pay a certain amount to your creditors, and there is a clause in the amendment that states you will be considered a bankrupt if you do not pay your delinquent debt in full. This is how the new bankruptcy laws have spawned a massive debt settlement market, with many individuals opting for alternatives to bankruptcy due to its prohibitive costs.

On the other hand, you have numerous options for eliminating your unsecured debt, and by doing so you can also retain your assets. If you eliminate your unsecured debt through any other available method, you will have no future financial issues.

You will not be considered insolvent if you choose a debt settlement program to eliminate your unpaid credit card bills, as it is one of the best available options that can reduce your unpaid amount by 70% or more and is a much better alternative to declaring bankruptcy.

" - https://www.affordablecebu.com/

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"How New Bankruptcy Laws Have Created a Massive Market for Debt Settlement" was written by Mary under the Finance / Wealth category. It has been read 83 times and generated 0 comments. The article was created on and updated on 03 June 2023.
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