SOURCE: Total Debt Relief

Totaldebtrelief.net

October 29, 2009 13:23 ET

Bankruptcy Best Avoided When Dealing With Credit Card Debt: Totaldebtrelief.net

Leading Advocate Advises Against Personal Bankruptcy, Stresses Bankruptcy Alternatives

CHICAGO, IL--(Marketwire - October 29, 2009) - Chapter 7 and chapter 13 bankruptcy filings are at near historical highs. The final yearly figures won't be available until January, but personal bankruptcy filings soared through the first half of 2009.

Clearly, the trend is that consumers feel that they are benefiting in some way through filing for personal bankruptcy, but Totaldebtrelief.net advises against bankruptcy and instead advises consumers to avoid bankruptcy at all cost and instead opt for more effective debt relief programs that do not inflict the collateral damage of bankruptcy.

The facts: When it comes to bankruptcy "protection," much can be left unaddressed by a bankruptcy filing. Personal property can still be seized and repossessed.

Now for the collateral damage: Bankruptcy destroys the filer's credit record and remains on their file for years to come. This credit record is then for all purposes "toxic." Obtaining any form of credit during this long time period will be next to impossible.

The person who files for bankruptcy can also expect to pay hefty deposits for utilities: gas, electric, cable, internet, etc. They could also expect to be passed over for a job, as more employers are conducting credit checks as part of their routine screening process.

Totaldebtrelief.net instead advises consumers to consider bankruptcy alternatives.

These alternatives include such highly effective and proven debt relief programs such as: debt settlement, debt consolidation & debt consolidation loans, and consumer credit counseling.

Debt settlement in particular is effective at eliminating credit card debt without a bankruptcy filing. This program works by a professional debt settlement firm negotiating on behalf of the consumer with the consumer's creditors. The outcome of these negotiations is the mutually agreed upon settlement of the credit card debt for a much lower amount than what was originally owed.

How great of a debt reduction can be obtained through debt settlement? In a typical debt settlement agreement, overall credit card debt is typically reduced by 50%, with upwards of 70%-75% reductions in debt becoming increasingly common.

Debt relief alternatives to bankruptcy do exist. And they are proven to work.

Totaldebtrelief.net offers consumers a free debt evaluation, which they can take advantage of at: www.totaldebtrelief.net

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