These days everyone is looking for bankruptcy alternatives. The reason is simply that bankruptcy is not the right solution for solving financial problems. As a matter of fact, it only adds to the existing problems instead of resolving them. Finding the right bankruptcy alternatives that suit you is therefore important for you to get out of a tight debt situation in a legitimate manner.
What are the available alternatives to reduce 50% debt?
When we agree that insolvency is not an option worth considering; then we have to weigh other options available as bankruptcy alternatives to us. There are several options available which will surely reduce your debt by 50%:
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· Debt Settlement: This is one way to settle your debt by carrying out negotiations with your bank. Although this does not involve any legal proceedings but still I is better to undertake these negotiations through a legal counsel, attorney or a financial expert who knows how to negotiate terms with the banks.
· Debt Consolidation: In order to achieve a settlement it is necessary to have a minimum debt of $10,000. Below this amount the banks do not even consider negotiations. For those who do not have the requisite amount in debt, consolidation is an option worth considering as a bankruptcy alternative. Through this you can gather all your small debts to make one large one and then have some portion of the interest removed and get your payments rescheduled. This is very convenient for those who have several different debts besides credit card debts and would prefer to have easy management of their loans.
· Debt Counseling: although this may not be considered a way to settle debts but going through a counseling session will definitely help you understand your position in a better way and make the right choice for you.
Where to find help
The biggest issue is that where a person can find legitimate help for resolving this issue. Most attorneys are not qualified to undertake negotiations with banks unless they are corporate lawyers or are financial experts. So the best way is to get in touch with debt settlement companies who will be able to guide you in a better way without any issues. You will be able to get all the bankruptcy alternatives at one place without fearing for getting into a scam. Through their free counseling and guidance you will be able to get your negotiation under way smoothly and get a deal which is far better than filing insolvency.
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