You might be surprised to know that there are quite a few debt reduction programs that you can use to get help when dealing with debt.
The government was forced to make new laws to prevent consumers from abusing bankruptcy and use better alternatives.
These programs include debt consolidation, credit counseling and debt settlement and more.
You have probably heard about these debt relief options or read about them online in the past few months.
This is due to the fact that they suffered a great increase in popularity in 2010 in comparison to previous years.
This is mainly due to the fact that bankruptcy is so difficult now.
New government laws state that for a consumers to be declared bankrupt he has to go through a series of court hearings in which he presents evidence that he is unable to pay back his debt and that this is his only option.
The costs involved are quite high and also is the stress level.
There is no good reason to use this option any more and there are a few disadvantages to it that you will lave to live with for a long period, like a low credit score.
Bankruptcy laws were made to discourage consumers from abusing this option like they used to do in previous years.
This had a very bad effect on the economy and left the government no other choice.
With these laws, a new candidate has made it self useful bay helping consumers take back control of their overwhelming debt; and so debt settlement became the number one debt relief option for consumers with deep unsecured debt.
Debt settlement benefits from government support in a great way.
The negotiations are made easier do to the stimulus money plan and consumers can now get up to 60% off their debt.
Also, new laws can help consumers in a greater way by eliminating taxes for whatever percentage you get off your debt.
Debt reduction programs, like debt settlement, are the best way to profit from the bankruptcy laws.
Waste no time and use this great and viable option.