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      November 20, 2017

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Benefits of Debt Settlement

Debt Consolidation vs Debt Settlement

Debt Relief vs Bankruptcy

Pitfalls of Declaring Bankruptcy

Reasons for Debt Consolidation

The Bankruptcy Process Explained

What Is Debt Consolidation?

What Is Debt Negotiation?

What Is Debt Settlement?

What To Do if You're In Debt

 

Top Consumer Reviews Articles

TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

Debt Relief vs Bankruptcy

Every day, individuals and families are forced into bankruptcy simply because there is no other way out of their financial distress. It is important to realize that, before having to file for bankruptcy, every possible option should be explored to help avoid the single most damaging blemish that a credit report can possess.

Companies that offer debt management, also known as debt relief, provide special programs to help those eligible to repay their debts without having to file for bankruptcy. Many people assume that just because their payments are already late and their credit is already bad, bankruptcy cannot possibly hurt them. However, nothing could be further from the truth. Bankruptcy is severe and is only for those who have exhausted all other efforts. When you file for bankruptcy, your credit report will reflect the filing for up to 10 years. Whenever you apply for a credit card, a mortgage loan or even apply for a job, they will know that you filed for bankruptcy.

So, how will debt consolidation or debt settlement services prove to be more beneficial? Quite simply, either of these methods will show your attempt to repay a debt and will only be reflected on your credit report for up to 7 years. With a debt consolidation service, most creditors will begin reporting your account as current within months of enrolling in a program. A debt settlement notation will appear as "Settled account" and will show future lenders that you repaid your creditor(s) according to a mutually agreed upon amount.

Now that we have explored the long reaching effect of debt management and bankruptcy, take a moment to consider the immediate differences of each. When you enroll in a debt consolidation or debt settlement program, you are simply picking up the telephone and speaking with a credit counselor about your finances. If approved for a program, you will sign a contract and payments will be deducted from your bank account according to the agreement. If you file for bankruptcy, you will be required to disclose every asset that you own, your income and expenses. If you own more than you are permitted to keep according to your state's exemption laws, you may be forced to surrender it to the bankruptcy court who will liquidate the item(s) to repay creditors. In addition, you are required to appear for questioning by a court-appointed trustee hired to oversee your bankruptcy case. When you look at the immediate differences between debt consolidation or debt settlement and filing for bankruptcy, it's obvious that the latter should only be chosen as a last resort.

Debt consolidation is designed to lower your monthly payments and interest rates in an effort to make your budget more feasible. Debt settlement, on the other hand, is a fast and permanent solution to your debt providing you have the funds available to negotiate a fair amount. Most debt management companies will conduct a brief telephone interview, evaluate your situation and explain what options are available for your own individual situation. There is no one universal method that works for everyone, which is why debt management is a uniquely customized program that is as individual as the debtors themselves. Choosing the right debt relief program is all about recognizing the need for help and not being too proud to ask for it.

Saving Somalia Through Debt Relief

Somalia needs humanitarian aid to stem its short-term suffering, but that cash will not break the country's deadly cycles of drought, hunger, and poverty. To do that, the IMF must forgive Somalia's crushing debt, just as it has for nearly every other ...

Published:  Fri, 17 Nov 2017 08:17:00 GMT



China makes no offer of debt relief for Venezuela

China isn't offering debt relief to Venezuela but says it's confident the country can deal with the matter. The statement Thursday from the foreign ministry came a day after Russia and Venezuela signed a deal in Moscow that envisages Venezuela will pay its ...

Published:  Thu, 16 Nov 2017 00:25:00 GMT



Freedom Debt Relief Suggests 8 Steps To Aid Financial Recovery From Disasters

SAN MATEO, Calif., Nov. 17, 2017 /PRNewswire/ -- This year, more Americans than ever are dealing with the aftereffects of fires, floods, hurricanes, accidents and acts of violence. Plus, the season of snowstorms and blizzards is not far away. For people ...

Published:  Fri, 17 Nov 2017 03:00:00 GMT



The Trump Administration Has Yet to Approve a Single Student Debt Relief Claim

For-profit college magnates Corinthian Colleges and ITT Technical Institute shuttered operations in recent years after facing state and federal investigations into fraudulent and predatory practices. After the school chains closed, tens of thousands of ...

Published:  Thu, 16 Nov 2017 01:28:00 GMT



Freedom Debt Relief's Andrew Housser Cautions Consumers to Avoid Holiday Overspending

SAN MATEO, Calif., Nov. 16, 2017 /PRNewswire/ -- Thanksgiving is around the corner, and with it, temptations for holiday shoppers: Black Friday and its sibling, Cyber Monday. As the holidays approach, Andrew Housser, co-founder and CEO of Freedom Debt ...

Published:  Thu, 16 Nov 2017 03:00:00 GMT



China Will Not Help Venezuela Ease Debt Burden as Country Enters Default

The Chinese Foreign Ministry has signaled that it will not offer a debt relief package to Venezuela, yet China reiterated confidence that the Maduro regime will pay off their debt. Venezuela has borrowed billions of dollars from both Russia and ...

Published:  Fri, 17 Nov 2017 18:02:00 GMT



Debt Consolidation Reviews: Top 10 Jungle Warns That Household Expenses Are Driving the Debt Boom

Top 10 Jungle produces debt consolidation, debt relief and personal loan comparison charts for consumers and small business nationwide. DALLAS, Nov. 11, 2017 /PRNewswire/ -- Top 10 Jungle, a leading provider of slick digital content and online product and ...

Published:  Sat, 11 Nov 2017 06:19:59 GMT



China isn't offering debt relief to Venezuela but says it's confident the country can deal with the matter

BEIJING (AP) -- China on Thursday made no offer of debt relief to Venezuela, but said it was confident the country can deal with the problem. The statement from the foreign ministry came a day after Russia and Venezuela signed a deal in Moscow that ...

Published:  Thu, 16 Nov 2017 02:18:00 GMT



15% Yielding Unsecured Debt

J.C. Penney is by no means a thriving company, but survival may be good enough to make the unsecured debt a profitable investment ... Sears recently got relief from its Pension Benefit Guaranty Corporation obligation allowing it to retain enough cash ...

Published:  Sun, 19 Nov 2017 16:10:00 GMT



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