The Best Alternative To Filing For Credit Card Debt Bankruptcy Is Credit Debt Bankruptcy

The Best Alternative To Filing For Credit Card Debt Bankruptcy Is Credit Debt Bankruptcy "Never before have so many American consumers been on the cusp of credit debt bankruptcy. Following one of the most severe economic downturns since the Great Depression, consumers and small businesses are saddled with enormous credit card balances. Prior to filing for bankruptcy, you should investigate your debt relief options.If you are unable to pay your credit card obligations, you essentially have two options. Debt settlement is the best alternative to filing for bankruptcy due to credit card debt. Debt settlement programs that negotiate credit card debt balances can typically eliminate 40-60% of the total balance. While each case is unique, a settlement program will remove at least 35% of a consumer's outstanding balance. If the settlement company is unable to reduce your balance by at least 35%, you will not be required to pay anything. The 27th of October 2010 saw the passage of new federal laws that enforce this. No longer can debt relief programs collect upfront fees. Therefore, debt resolution should at least be attempted prior to declaring credit card bankruptcy.After filing for credit debt bankruptcy, your credit rating will be negatively affected for at least seven years. With the average bankruptcy proceeding lasting three years, this means that your credit will be negatively impacted for a period of ten years. Compare this to a settlement program, which can typically improve credit scores within three years. In light of the new federal laws, consumers and small businesses on the brink of credit debt bankruptcy should at least attempt a debt settlement program. Remember, if they fail to resolve your debt, you owe nothing.
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