Don't File Bankruptcy - How To Prevent Bankruptcy And Legally Eliminate Unsecured Debt

April 30, 2010 - PRLog -- Don't file for bankruptcy because if you do, you are in trouble! How? Simple! Once you file for bankruptcy, you will be able to eliminate your debt but you will be inviting financial troubles for yourself in the long term. You will be hampering your credit score for a period of 7-10 years and then you will not be able to borrow any further loan for that period of time. It is therefore better that you don't file for bankruptcy and use a proven debt negotiation process to eliminate your debt.

The first thing that you need is that your unsecured debt must be over $10,000. If so, you can contact a professional debt settlement company and ask for help. The professional from the company who handles your case will ask you to go delinquent. That means you will have to stop paying your creditor. This can be a tough decision as the creditor will start giving harassment calls to you. However, you must remember that this is the best thing that you can do to prove that you are in trouble and then force the creditor to go for a settlement deal.

Once you stop paying the creditor, the creditor will wait for a period of 90 to 120 days and then sell off your debt to a collection agency for as low as 20-30 cents on dollar. It is then that the professional negotiator from the company that you hired for help will start working. He or she will then call the creditor and start a negotiation. The negotiator will know exactly how much to push the creditor. The expert negotiator will make an offer of 40 cents on the dollar which is much better a deal than the one the creditor made with the collection agency. It will mean 100% ROI on the collection agency for the creditor and at the same time it will mean 60% savings for you. Once the creditor agrees, you will have to repay the remaining amount of the debt to creditor in one single payment.

Thus, don't file for bankruptcy and eliminate at least half of your credit card debt using a proven debt relief program.

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.

http://www.debtreliefemergency.com