New Bankruptcy Laws - How to Eliminate Unsecured Debt by 50% and Avoid Filing For Bankruptcy

By: Otis | Posted: 17th May 2010





The best option for individuals facing financial issues is to avoid bankruptcy by using settlement programs. People in debt are guided by numerous programs to eliminate unsecured debts.

The best way of getting out of debt is not filing for bankruptcy but opting for debt settlement programs. Debt settlement has been around in the financial world for a long time now however it has recently gained its popularity because of its effectiveness and ease of implementations. Bankruptcy laws have changed over time and now it is not easy for people to qualify for bankruptcy. This has made settlement a good way out of financial problems.

With an increase in demand for settlement there has been an increase in the number of companies catering to debt settlement. However, the increase in settlement companies in the market has attracted a lot of fraudulent companies also. A widely recognised settlement industry's regulatory body is The Association of Settlement Companies (TASC). The fraudulent companies show no respect for the norms set up by TASC. TASC has hence increased regulations to push these unethical companies out of the market and increase the reliability of the industry in general.

There is a high risk involved when a person does business with such unethical companies. It is always advisable to choose a company which is associated the TASC.

The settlement program is an efficient and effective way of eliminating unsecured debt without filing for bankruptcy. If the customer has unsecured debts for over $ 10,000 then this might be the best way to settle debts. Customers have been able to get a waiver of up to 50% of the total outstanding through negotiation with the settlement companies. Many customers hire debt settlement companies to negotiate on their behalf. Reputed settlement companies can get you a relief of up to 60%.

If you are struggling with paying back your credit card debt or any other unsecured debts there is legitimate help out there. Debt settlement usually makes financial sense for consumers with over $10k in unsecured debt. There are also other options available. To talk with a debt relief counselor for free help check out the following link:

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Tags: reliability, long time, popularity, high risk, negotiation, credit card debt, getting out of debt, unsecured debt, regulatory body, bankruptcy laws, unsecured debts, debt settlement companies, filing for bankruptcy, fraudulent companies, norms