Debt Settlement Programs - Why Debt Settlement Deals Are Expected To Rise Quickly?
Every debtor wants to get rid of debts and regain financial freedom as soon as possible.
In the past, people used to file bankruptcy in order to avoid long term process of debt settlement.
There are many bad impacts of bankruptcy on your future life.
You can not get credit from any company for seven years.
Your future career can be in great danger.
In case you are job hunter then you may not get a job.
Your credit score will be lowered.
You will have to lose your fixed assets and you will not be able to buy new car or new house.
All these things really matter in one's life.
You should carefully think over it before doing any mistake of bankruptcy.
Indeed, bankruptcy is equally bad for credit card companies.
These companies get nothing back when a customer gets his bankruptcy petition filed successfully.
In the past, there were many people who were using bankruptcy as a tool regardless of the fact that they were able to pay through settlement.
These fraudulent cases made creditors angry.
Then, the American government passed a bill.
In this bill, specific attention was given to debt settlement.
There are two types of bankruptcies addressed in this bill.
One deals with liquefaction of fixed assets and other deals with credit consolidation.
Indeed, both of these cases were made difficult to use but chapter 7 bankruptcies was made almost impossible.
Registration fees and paper work is increased.
Attorneys have also increased their fees because more responsibility is being put on them.
This action was taken to encourage people for using debt settlement instead of bankruptcy.
Another thing which was a cause of fear for many people was fraudulent settlement companies.
These companies used to charge fees from people but did not solve their settlements.
According to new FTC laws, no company is allowed to get any fee before doing a settlement.
This will greatly help people in the selection of legal companies.
The Third factor is recession that occurred last year.
Due to this downturn, many people have to lose their jobs.
For these people, it is difficult to pay debts.
In the past, people used to file bankruptcy in order to avoid long term process of debt settlement.
There are many bad impacts of bankruptcy on your future life.
You can not get credit from any company for seven years.
Your future career can be in great danger.
In case you are job hunter then you may not get a job.
Your credit score will be lowered.
You will have to lose your fixed assets and you will not be able to buy new car or new house.
All these things really matter in one's life.
You should carefully think over it before doing any mistake of bankruptcy.
Indeed, bankruptcy is equally bad for credit card companies.
These companies get nothing back when a customer gets his bankruptcy petition filed successfully.
In the past, there were many people who were using bankruptcy as a tool regardless of the fact that they were able to pay through settlement.
These fraudulent cases made creditors angry.
Then, the American government passed a bill.
In this bill, specific attention was given to debt settlement.
There are two types of bankruptcies addressed in this bill.
One deals with liquefaction of fixed assets and other deals with credit consolidation.
Indeed, both of these cases were made difficult to use but chapter 7 bankruptcies was made almost impossible.
Registration fees and paper work is increased.
Attorneys have also increased their fees because more responsibility is being put on them.
This action was taken to encourage people for using debt settlement instead of bankruptcy.
Another thing which was a cause of fear for many people was fraudulent settlement companies.
These companies used to charge fees from people but did not solve their settlements.
According to new FTC laws, no company is allowed to get any fee before doing a settlement.
This will greatly help people in the selection of legal companies.
The Third factor is recession that occurred last year.
Due to this downturn, many people have to lose their jobs.
For these people, it is difficult to pay debts.
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