Over the last few years, a person can't turn on the TV without hearing about some kind of debt elimination program. In today's downtrodden economy we are still seeing a large number of bankruptcy attorney ads also. Most people who were buried under a mountain of debt really don't know what to do or where to turn when their creditors start beating them up when they can't afford to continue paying on unsustainable debt. Many people think they are doing the right thing by signing up for one of these debt settlement companies that promise to settle one's debts for pennies on the dollar. The idea all sounds fine and good but when reality sets in it isn't a one-size-fits-all solution. For someone with a small amount of debt, usually under $10,000, this might be an option. For those that have large amounts of unsecured debt nothing surpasses the power of bankruptcy. What debt settlement companies don't tell you is that the creditors are in control of the negotiations and have the final say. Not true with a bankruptcy filing.
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The thing that separates filing bankruptcy from every other form of debt elimination is the automatic stay. The automatic stay is what gives a bankruptcy filing the power it has by stopping creditors and allowing debtors to once again live without the threat of legal action by creditors.
When a bankruptcy petition is filed, the automatic stay goes into place and stops all collection activity by the creditors. This legal stay, will stop foreclosure, lawsuits, judgments and even wage garnishments. This is why many Americans file for bankruptcy. They want to receive the power of the automatic stay and protect their home from foreclosure and their property from repossession.
Lately, Americans have become addicted to credit card debt and are struggling to make ends meet. The average American now has $16,000 in credit card debt and only makes $35,000 a year. Adding this up, it doesn't take a rocket scientist to figure out that this is going to end bad for most of these good hard-working folks. That's why it's good to live in the United States and have the ability to file bankruptcy under the US court system.
Over the last few years, there has become a lot of interest in other forms of debt elimination like debt settlement. The problem with these is they are unregulated and are not backed by the United States legal system. Basically, signing up for one of these programs is sending you into the Wild West where anything could happen. With debt settlement a person puts their fate in the hands of their creditors. The creditors will decide whether or not to agree to the terms of the settlement. With bankruptcy filing it's not their choice, it will be decided by a court of law.
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