With the current economy many people are wondering how eliminate credit card debt without bankruptcy. If it all possible this is something you should do, but for everyone it is not possible. There a number of financial experts, that are now millionaires, that filed bankruptcy in the past and they will tell you it doesn't matter how much money you have, that bankruptcy will rear its ugly head from time to time.
On the other hand, there are some situations where bankruptcy is inevitable and prolonging the agony will keep you from moving forward with your life. You may want to start with a consumer credit counseling company. Even though they probably cannot help you, most of them do work with people that can help you settle debts and advise you on bankruptcy. A debt counseling agency is nonprofit and is in the business of helping people get out of debt.
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If you are in the position where you have some money, you can try to talk to your lenders about settling the debt. With more people than normal having debt problems, many of them are willing to settle for 30 cents on the dollar and I have actually seen some companies that will take less. Lenders are will to go to great lengths to stay out of bankruptcy court, because it is time consuming and costly to them.
Debt settlement is considered a last resort before bankruptcy and is definitely worth trying before you see an attorney. Contact your lenders and see if they are willing to take a settlement amount in lieu of you filing bankruptcy. You will most likely have to make the payment within a short amount of time. Some lenders will even go as far as to give a bigger reduction for a payment at the time the agreement is made.
Be sure to get all terms of the agreement in writing. Get a receipt for all payments and a release of debt document confirming that the debt has been satisfied with the lender. Keep these documents in a safe place. I can assure you that you will be glad you did. This solution will not work for everyone, but it is definitely worth giving it a shot before seeing a bankruptcy attorney.
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