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Follow on Google News | How To Avoid Credit Card Bankruptcy - 2 Legitimate Alternatives To Filing For BankruptcyBankruptcy eliminates the debts of the consumers completely. Still, it is always advised that the consumers must try to avoid bankruptcy.
By: DebtDecreaser.com Settlement: In this method the consumers can get an elimination of up to 70% of the overall outstanding. The key to this method lies in the use of the threat of bankruptcy which will force the creditors to agree to the offers. A consumer hires a professional settlement firm and then on advice from the negotiator, the consumer stops paying. The creditor then sells the debt to a collection agency for recovery. The negotiator keeps an eye on the moves of the creditor and once the loan is sold out to a recovery agency, the creditor is offered 30-50% repayment. The repayment is proposed to be in bulk or over a period of 6 months EMI. The creditor will here get a threat of bankruptcy filing and the negotiator mentions that the consumer will file for bankruptcy if the creditor declines the offer. The creditor will then accept the deal and wipe out at least 50% of the money that the consumer owes to the creditor. The consumer then needs to pay the remaining amount of the money to the creditor as per the agreed terms and conditions. Consolidation: Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement. Check out the following link to locate legitimate debt help in your state. Free Debt Advice (http://www.DebtDecreaser.com) Contact us for free debt advice = 8883613619 End
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