What Are
Your Debt Options?
Debt
Management Programs & Debt Settlement
Information
Pros and Cons of Debt Management Programs
One affordable monthly payment
Reduced payment period
Over the limit and late fees waived
Bring past due accounts current Read More >
What to expect from a debt settlement program
You can expect a substantial reduction in the total balance that you owe to your unsecured creditors. Read More >
Is debt settlement legal?
Debt settlement is legal. Without the option of debt settlement many consumers would have no choice but to file bankruptcy. Read More >
Important Program Disclosures:
Past performance is not a guarantee of any future settlement results - Your creditors are under no obligation to accept settlement offers from any debt settlement company - If you stop making your monthly payment to your creditors, late fees and interest will continue to accrue - Debt Settlement Programs cannot prevent your creditors from continuing collection activities, including lawsuits that may be filed against you -Debt forgiveness may be taxable as income - Debt Settlement Programs do not assume or pay any consumer debt, and does not provide tax or legal advice -Debt Settlement Programs are not available in all states - Read and understand all contract terms prior to enrollment.
Debt Options
Debt Options
There are 4
options which are listed below. Although none of them are easy choices to
make, we can and will help educate you about the option that is best for
you. Simply email us at info@get-out-of-credit-card-debt.org or fill out our
Contact Form.
Option 1 - File Bankruptcy
There are two main options offered by the U.S. Bankruptcy code. For
some, filing chapter 7 bankruptcy offers the opportunity to discharge
unsecured debts. For others, filing chapter 13 bankruptcy offers the
chance to repay secured debts like their mortgage over time. In order
to make the best decision for your situation and financial future, you need
to educate yourself about all your options for filing bankruptcy.
A bankruptcy may
remain on your credit record for 7-10 years and may seriously affect your
ability to rebuild your credit. Even after a bankruptcy has been removed
from your record you may still be required to disclose it on forms and
applications, even applications for employment. This is not a decision to be
taken lightly. Only a licensed attorney can properly advise you on
bankruptcy and whether it is right for you. We can give you some
limited, general information, but you should always discuss this option with
your attorney.
Option 2 - Do Nothing
While doing nothing is an option, it is not a practical one.
However, a significant number of consumers do just that, which only
complicates your particular financial situation.
Option 3 – Credit Counseling or Debt Management
With Credit Counseling or Debt Management you
make a single monthly payment to a credit counseling agency. A debt
management program will help you get out debt by lowering your monthly
payments and your interest rates so you can pay off your unsecured credit
card and consumer debt balances within a reasonable amount of time.
Debt management programs are NOT like
debt settlements. You are not putting your money
into a trust account and you are not asked to stop making payments. With a
debt management program you will be paying your creditors with an affordable
monthly payment until your balances are paid in full. Debt management
programs are quickly becoming an industry standard and will soon be
recommended first before a person looks into bankruptcy.
Make sure they are listed with the
Better Business Bureau (BBB).
Option 4 – Debt Settlement
Debt Settlement is an alternative approach for
consumers dealing with the difficulties of too much debt and may serve as an
option for those considering bankruptcy.
If you are concerned about your credit card debt or other unsecured bills, please email us at info@get-out-of-credit-card-debt.org or fill out our Contact Form
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