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      April 24, 2018

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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

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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.

Greece Beats Bailout Targets Again as Debt-Relief Talks Loom

The European Commission confirmed on Monday that Greece beat its bailout targets again last year, strengthening the government's case against demands to bring forward additional tax measures originally scheduled to kick in starting 2020. Europe's most ...

Published:  Mon, 23 Apr 2018 05:20:00 GMT



Euro zone to link debt relief to sound future Greek policies

WASHINGTON (Reuters) - Euro zone creditors are working on a debt relief offer for Greece that would be an incentive for Athens not to backtrack on reforms from its three international bailouts and to continue to stick to prudent fiscal policy, senior EU ...

Published:  Sat, 21 Apr 2018 20:43:00 GMT



Greece's Creditors Close to Compromising on Debt

The aim is to have a final agreement in the early summer, but key differences among creditors on the scope and type of debt relief persist. The IMF would like to see wide-scale debt relief on all of Greece's euro-area loans --including those from other c ...

Published:  Sat, 21 Apr 2018 07:13:00 GMT



Behind bloody Gaza clashes, economic misery and piles of debt

He sold his house to cover $90,000 of his own debt and now owes rent to a landlord ... said the demonstrations have provided needed relief. "We are a little bit happier than before," Yousef said. "We can see something with this demonstration ...

Published:  Mon, 23 Apr 2018 12:19:00 GMT



How To Restore A Credit Score Shared By National Debt Relief

The credit score is one of the most important financial factors people need to look into and National Debt Relief helps consumers keep their score up. The article titled "5 Easy Steps To Help You Restore Your Credit Score" released April 16, 2018, shares ...

Published:  Sat, 21 Apr 2018 11:37:00 GMT



Refresco debt to be partially refinanced following acquisition by consortium of PAI and BCI through issue of €445 million of Senior Notes due 2026

Refresco now anticipates total run-rate synergies of €63 million in the first three years following the consolidation. The Group's Pro Forma Synergies Adjusted EBITDA for the year ended December 31, 2017 was €392.1 million and the Group's forma net ...

Published:  Mon, 23 Apr 2018 00:05:00 GMT



The Latest: IMF says trade tensions, debt threaten economy

The International Monetary Fund's policymaking committee says a strong world economy is threatened by increasing tension over trade and a heavy global debt load ... the organization's first ever national relief effort. "(Scott Pierce) was a big deal ...

Published:  Sat, 21 Apr 2018 10:32:00 GMT



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