SOURCE: Total Debt Relief

November 24, 2009 14:43 ET

Credit Ruined by Bankruptcy: Debt Relief Alternatives Explained by

Though Marketed Heavily During the Tough Economic Climate as a Means to End Credit Card Debt, Bankruptcy Destroys One's Credit in the Process

CHICAGO, IL--(Marketwire - November 24, 2009) - The current great recession has caused financial hardship for millions of consumers. The current U.S. unemployment rate stands at a whopping 10.2% -- the highest level in 26 years.

Bankruptcy lawyers have been quick to pounce upon the vulnerable by marketing bankruptcy as a way to eliminate credit card debt and get a fresh start. But the fact is that the filing of a personal bankruptcy causes much collateral damage in the process, including the destruction of one's credit.

Consumer advocate advises consumers to steer clear of bankruptcy if at all possible; only decide on a personal bankruptcy petition after all other debt relief options have been carefully explored and ruled out.

The credit score of a consumer who files for bankruptcy will hit an all-time low. The bankruptcy filing (which is publicly available information) will stain the consumer's credit for up to a full 10 years in many states. During this time creditors will view the consumer's credit record as toxic. Obtaining any sort of needed or sought after credit during this time period will be nearly impossible.

Also, the consumer who files for bankruptcy can expect to be required to pay hefty deposits for future home utilities ordered such as gas, electric, water, phone, cable TV, internet, etc. The consumer who files for bankruptcy can also expect to be denied an apartment rental, and can also expect to possibly be passed over for a job, as more and more employers are performing credit checks as part of their routine job applicant screening process. would like consumers to be aware of the best bankruptcy alternative, known as Debt Settlement. This debt relief program achieves reductions in credit card debt of 50% - 70% without the need for a devastating bankruptcy filing. Debt settlement works by credit and debt settlement professionals negotiating on behalf of the consumer with the consumer's creditors to obtain a debt settlement that is typically half of what was originally owed. offers consumers a free debt analysis which they can take advantage of at the company's website as listed below:

Contact Information

  • Contact:

    John Chase
    877-224-2950 x 7016