SOURCE: credit-carddebt.com

credit-carddebt.com

April 07, 2010 14:00 ET

Debt & Bankruptcy on the Rise: Consumers Find Debt Relief With Credit-carddebt.com

LOS ANGELES, CA--(Marketwire - April 7, 2010) -  With personal bankruptcy filings increasing each day, consumers in debt are beginning to wonder if there is a successful alternative to bankruptcy. Credit-carddebt.com provides insight on the future of bankruptcy and a popular bankruptcy alternative.

It's hard not to notice all the news articles claiming personal bankruptcy is at an all time high. Just last month there were an estimated 158,141 U.S. bankruptcy petitions. Even though experts are beginning to say that the economy is starting revive, it's hard to deny people are still in dangerous amounts of debt. While some Americans are finally finding work, they are left with various debts accrued through months of unemployment. As time passes and the debt piles up, consumers tend to believe bankruptcy is their only option available for debt relief.

Bankruptcy might seem like the best option for complete debt relief, but in some bankruptcy filings consumers still wind up paying a portion of their debt. Chapter 13 requires individuals to repay a substantial portion of their debt and prevents banks from foreclosing on their homes. On the other hand Chapter 7 bankruptcy allows the debtor to wipe out their debt entirely. Unfortunately, one's credit will be crippled for up to 10 years. With the amount of bankruptcy filings in the past few years, new bankruptcy alternatives have begun to grow. Perhaps the most talked about bankruptcy alternative available is debt settlement or debt arbitration.

Debt settlement is the act of debt negotiation. Professional debt arbitrators work with creditors in an attempt to lower overall debt amounts. When a negotiation is successful creditors agree to eliminate up to 50% of the original debt owed. The debt negotiated does not need to be paid off of at a future date; it is simply erased from the total amount. More importantly, one's credit will not be affected as much when compared to filing for bankruptcy.

With the growing demand for debt relief many new successful debt settlement firms have formed. These firms are working with credit card companies and creditors every day to help lower consumer debts. Bankruptcy alternatives are available now more than ever before.

Credit-carddebt.com offers more information on bankruptcy alternatives with a free debt consultation at: www.credit-carddebt.com

Contact Information

  • Contact:
    Rob Jones
    (323) 529-8590
    8939 S. Sepulveda Blvd Los Angeles CA 90045