There are two ways to deal with your debt: on your own, or with help.
Getting help from a bankruptcy attorney to file for bankruptcy, or getting help from a credit counselor to file a debt management plan may be appropriate for you. But it is also possible to negotiate with your creditors directly.
If you are behind on your debt payments, it may be possible to negotiate reduced payments directly with your creditors. You get a break, and they get more money than if you filed for personal bankruptcy. There are a number of advantages to Do-It-Yourself Debt Settlement, including:
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Big savings. If you can settle a $3,000 past due debt for $1,500, you have doubled your money! That is a great investment. No fees. Hiring a bankruptcy attorney or a professional debt settlement company will cost you money. By doing it yourself, it costs you nothing but your time. Trust. When you hire someone you never know what you will get. You know you can trust yourself, so a lot of the risk is reduced. Privacy. If you use an outside agency, they will have information about you on file. By doing it yourself, all of your information is confidential. No debt is too small. If you owe $100 on an old telephone bill it will be difficult to get a professional interested in helping you. When you are working for yourself, no debt is too small. Flexibility. Because you are managing your own debt settlement program, you can make changes as needed. A large agency may require days or weeks notice if a change in payment arrangements is required. You learn, you win. By handling your debt settlement negotiations yourself, you will gain valuable knowledge about your own finances; this should help you avoid problems in the future. To be successful dealing with your own debts you will need to have persistence and determination. Even if you do negotiate settlements, your credit report will show that you were not able to pay your debts on time, in full.
However, if you are disciplined and organized enough to take responsibility for your debt settlement plan, a do it yourself debt settlement plan may be an excellent bankruptcy alternative.
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