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      June 21, 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

 

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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.

Judge rejects DeVos' interpretation of order about Corinthian student debt relief

Tens of thousands of former Corinthian Colleges students can breathe a sigh of relief after a federal judge said late Tuesday that the U.S. Department of Education must stop all attempts to collect on their federal student loans. The decision clarifies the ...

Published:  Wed, 20 Jun 2018 11:31:00 GMT



Judge rejects DeVos's interpretation of order to halt partial student debt relief plan

Tens of thousands of former Corinthian Colleges students can breathe a sigh of relief after a federal judge said late Tuesday that the U.S. Department of Education must stop all attempts to collect on their federal student loans. The decision clarifies ...

Published:  Wed, 20 Jun 2018 09:02:00 GMT



Greece expects substantive debt relief decisions from Eurogroup

Greece expects euro zone finance ministers to deliver on promised debt relief this week so that it can at last plan its financial future "like any ordinary country", the government spokesman said on Wednesday. Load Error Ministers in the Eurogroup will ...

Published:  Wed, 20 Jun 2018 04:32:29 GMT



The Macedonia effect Deal may boost Greek debt relief hopes

ATHENS (Reuters) - With a brief formulation of words, Greek Prime Minister Alexis Tsipras may have boosted his chances of persuading foreign creditors to free his nation from years of financial humiliation on better terms than a few days ago. Tsipras ...

Published:  Mon, 18 Jun 2018 09:42:00 GMT



Greek Debt Talks: the Main Relief Measures Being Considered

Greek bailout talks are reaching the final stretch and creditors are debating what relief measures they can offer Europe's most-indebted state to ease its financial burden and facilitate its exit from the latest lifeline. Negotiations over the type, size ...

Published:  Sun, 17 Jun 2018 20:00:02 GMT



Increasingly Debt-Laden, Regulated Utility Sector Outlook Veers from "˜Stable' to "˜Negative'

Consolidated ratio of debt to earnings before interest ... One approach is to seek financial relief from regulators-which most companies have done in response to tax reform. The Florida Public Service Commission has allowed several utilities in the ...

Published:  Wed, 20 Jun 2018 04:22:00 GMT



Take a Debt Free Summer Vacation

vice president of Phoenix operations with Freedom Debt Relief. "Instead, plan ahead to ensure you spend smartly." Identify Ways to Reduce Expenses Once you've got a detailed budget outlined, it's time to start searching for ways to cut those costs ...

Published:  Mon, 18 Jun 2018 06:17:00 GMT



Greece says expects decisions from Eurogroup on debt

Government spokesman Dimitris Tzanakopoulos also said there was no truth in speculation that a deal settling a name dispute with neighboring Macedonia was tied in any way to Greek debt relief. "We are optimistic that we are on the verge of a solution ...

Published:  Wed, 20 Jun 2018 04:36:00 GMT



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