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Debt Negotiation Tips - How To Use The Threat Of Filing For Bankruptcy To Eliminate Unsecured Debt

by smith archer

posted in Finance

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Many people found themselves in a lot of debt and a lot of them managed to get rid of that debt through bankruptcy. Unfortunately, bankruptcy has so many disadvantages that people regret their decision the moment they have their debt cleared. Disadvantages like having your assets taken, having your name published in the newspaper and having a very expensive lawyer are only a few of what bankruptcy has to reveal. Bankruptcy can really mess up your remaining financial balance after having to pay big installments.

Another thing that people who file for bankruptcy don't know is the fact that they can use this option as a threat to get a bigger deal on other debt relief options. This option can be successfully used to influence your creditor when doing debt settlement. People who apply for debt settlement should know that the creditor never wants them to use bankrupt and they will accept their offer as long as they don't use bankruptcy.

You can negotiate your reductions by telling the creditor that unless they accept you cannot afford to pay more and you will be forced to file for bankruptcy. The reason they will accept your agreement is the fact that they get nothing when someone uses bankruptcy. In the most fortunate cases they might get a small part of the debt, but not nearly as much as they would get with debt settlement. This is why this is a very good tactic for debt settlement.

Bankruptcy shouldn't be an option at all for those who are trying to get rid of their debt because bankruptcy can lower their credit score a lot. A lowered credit score means that you will not be able to get another loan for more than 7 years. This can be really bad for those who will have financial emergencies.

So, if you really care about your financial future and you really want to make sure that your situation improves, you will need to use another debt relief option, different from bankruptcy. Fortunately, you can use bankruptcy on those creditors who make the negotiations harder and won't settle for anything.

Debt settlement is a legitimate alternative to filing bankruptcy. Consumers can expect to eliminate around 50% of their unsecured debt with the help of a legitimate settlement program. With the new FTC laws recently passed in July 2010, debt settlement is a much less risky option. If they don't settle your balance you don't have to pay a dime.

Check out the following link for free help from a certified debt relief specialist:

About the Author:

www.DebtReliefEmergency.com is a matchmaker in the debt settlement industry. They have paired up thousands of consumers up with debt settlement companies who are most likely to get consumers the best deal.

http://www.DebtReliefEmergency.com

contact us for free debt advice = 8886916918

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