When you don’t pay the bills owed upon an automobile note, the car company has no choice but to repossess the vehicle. When you miss a succession of mortgage payments, there’s sooner or later bound to be a foreclosure payment tacked upon the door. However, what happens if you spent to your credit card limit on dinners out or plane travel or any number of different goods and services that cannot be so easily replaced? For that matter, what if the credit card debt was employed to pay for health care or medical needs? At this point, debt settlement solutions could well be the answer for both you and the lenders.
Unfortunately, the settlement negotiation industry has come under increasing scrutiny and negative publicity of late, and too many Americans who may well benefit from the services of debt settlement solutions providers instinctively turn away from the program without even investigating just what the method could mean for their own household finances. Most annoyingly, the debt settlement approach tends to be immediately confused by the uninitiated borrowers with the Consumer Credit Counseling venture, which has largely been proven time and again to be a rather intricate scheme designed principally to ensure that the debtors who sign up with one of these enterprises forsake their options at either Chapter 7 bankruptcy protection (not in itself such a loss) and debt settlement solutions alongside.
Aside from the daunting number of homeowners looking for an immediate court injunction to halt foreclosure through the Chapter 13 boilerplate restructuring of all loan payments, the overwhelming majority of consumers will enter the bankruptcy process hoping that their documented finances would qualify them for a liquidation of their debt balances. Actually, to tell the truth, most American consumers who’ve only recently seen their debts run up and over their capacity to repay are blissfully unaware that eligibility standards for Chapter 7 may well stand in the way of an immediate expunging of collected bills, and they’re certainly at a loss when it comes to debt solutions.
For every citizen saved the cost of bankruptcy (monetary as well as the far more insidious repercussions upon the overall welfare of a family) because of just such a refusal to even vaguely plot out the practicalities governing twenty first century Chapter 7, we must also stop to wonder how many people have been barred entry to the program because they waited until the very last minute. We estimate that a majority of the consumers filing Consumer Credit Counseling papers knew nothing more about the program soon to rule their lives than rumors gleaned from office chit chat or what would have been outlined through their state website’s capsule summation of relevant debt relief strategies.
In light of the assets and estates at risk when filing for bankruptcy, the Consumer Credit Counseling alternative won the hearts and signatures of millions of our citizens who would in turn lose their homes and see their credit ratings shattered as consequence. One has to sort of admire the pluck and gimmickry and huckster stick-to-itiveness that kept the Consumer Counseling fires burning absent the slightest semblance of benefit for customers, but, if recent times have taught us anything, people really do go broke overestimating the gullibility of the American populace. More to the point, it’s sufficiently tragic that so many debtors lost control of their finances as a direct result of overly trusting the Consumer Credit Counseling strategy, but there’s absolutely no need for any further borrowers to refrain from following any path of relief because they mistook debt settlement solutions from one of the more fraudulent techniques swarming the marketplace.
This was a guest post written by Cole. You can find more of his work at TotalDebtRelief.net, a debt solutions site.
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