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      May 20, 2019

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Related Articles

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.

Should I Get a Debt Consolidation Loan?

One way to get ahead of debt is to borrow in the form of a debt consolidation loan. But before you go down this road, there's something you need to do first. ...

Published:  Tue, 14 May 2019 09:21:00 GMT



How to use a home equity loan for debt consolidation

The good news is that home equity interest rates are still near historic lows. Assuming you have enough equity in your home, this avenue of debt consolidation could be a better and cheaper alternative ...

Published:  Thu, 16 May 2019 21:11:45 GMT



Dear Penny: We have bad credit. Is there any hope for a debt consolidation loan?

We have credit scores in the 500s, and we are being declined for loans to consolidate our debt to improve our credit. We understand the importance of improving our credit scores and are frustrated ...

Published:  Mon, 06 May 2019 06:21:00 GMT



Katko, Democrats: Student loan debt should be eligible for bankruptcy relief

WASHINGTON - U.S. Rep. John Katko has joined with some ideological foes - Elizabeth Warren and Jerrold Nadler - to help some of the 44 million Americans trying to repay $1.5 trillion in student loan ...

Published:  Thu, 09 May 2019 14:38:00 GMT



Maroney Applauds Advancement of Student Loan Debt Relief Law

From The Office of Senator Maroney: Today, state Senator James Maroney (D-Milford) applauded the Finance Committee for advancing Senate Bill No. 72, a bill that would make Connecticut a more ...

Published:  Wed, 15 May 2019 05:30:00 GMT



I'll pay your debt, billionaire tells grads at US black college

Total student debt now exceeds $1.5 trillion, according to the Fitch ratings agency. So at least at Morehead, Robert Smith had folks breathing a sigh of relief on Sunday. Charles Releford Jr ...

Published:  Sun, 19 May 2019 15:05:00 GMT



N.H. senators push for student loan debt relief

Please sign up for as low as 36 cents per day to continue viewing our website. ...

Published:  Tue, 14 May 2019 22:13:00 GMT



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