SOURCE: Total Debt Relief

February 04, 2010 15:31 ET

Chapter 13 Bankruptcy & Debt Relief Alternatives Explained

With an Alarming Number of Both Consumers and Businesses Filing for Bankruptcy in 2009, Consumer Advocate Offers a Full Explanation of Chapter 13 Bankruptcy as Well as an Explanation of What the Best Debt Relief Options Are

CHICAGO, IL--(Marketwire - February 4, 2010) - Consumers first need to understand the basics of what chapter 13 bankruptcy is. A chapter 13 bankruptcy is a reorganization bankruptcy. This is designed for individuals who feel they have a chance and a means to repay their debt. Chapter 13 bankruptcy rules allow for debt repayment to be performed over a time period of 3 to 5 years.

This is simple and straight forward enough. Where a chapter 13 bankruptcy does almost always go wrong is:

Bankruptcy brings with it a dreadful host of harsh, negative and damning consequences for the consumer who files. Consider the following: The consumer who files for chapter 13 bankruptcy will have instantly ruined their credit record. FICO has recently revealed that a bankruptcy filing will cause a consumer's credit record to drop by almost 300 points.

Additionally, the consumer who files for chapter 13 bankruptcy can expect to be required to pay hefty deposits for utilities in the future such as gas, electricity, water, home phone, cell phone, cable TV, internet, etc.

A chapter 13 bankruptcy on a consumer's credit record will also prevent them from renting an apartment in their own name, and will quite possibly lead to them being passed over for a job, with more and more companies these days performing credit checks on job applicants.

Consumer advocate wishes to share a bankruptcy alternative known as Debt Settlement. Here's how it works:

A debt settlement firm will negotiate on behalf of the consumer or business in debt with their creditors in order to obtain an agreed upon reduction in the amount of debt that is owed. In almost all cases, debt settlement can achieve debt elimination of 50 percent or more -- without any new loan being taken out, and without a bankruptcy filing.

Debt settlement is one of the best bankruptcy alternatives that is proven to be quick, effective, and easy to get started.

Total Debt Relief offers consumers a free debt evaluation which they can take advantage of at the company's website:

Contact Information

  • Contact:

    John Chase
    877-244-2950 x 7016