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Get Rid of Unsecured Debt without Filing Bankruptcy
April 29, 2009 on 2:59 pm | By admin | In News | 30 CommentsMany individuals have found themselves in over their heads when it comes to unsecured debt and have been unable to successfully pay their bills. Unsecured debt generally consists of debts such as credit cards, personal loans, and medical bills. Because many of these types of debts have high interest rates, the total amount of these types of loans can skyrocket when individuals are only able to make minimum payments. In some cases, individuals desperately need to be relieved of these debts, and some may believe that bankruptcy is their only option.
Bankruptcy is not the only option to get rid of unsecured debt. Debt settlement companies act as the middleman between the debtor and the creditor to negotiate a debt settlement advice agreement. Debt settlement allows individuals to pay a percentage of the total amount of unsecured debt they owe. While debt settlement does have a negative affect on an individual’s credit, this process does not have quite the same negative impact as would bankruptcy. Furthermore, debt settlement allows individuals to keep their personal property and assets. When an individual files for bankruptcy, an individual’s non-exempt assets are sold to pay unsecured debts.
Debts such as student loans, car loans, and mortgages are not considered unsecured debt and cannot be negotiated through debt settlement. However, retaining a debt settlement company to assist with unsecured debts can help relieve individuals of worrisome financial burdens and can help them begin to rebuild their credit.
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