Bankruptcy Alternatives

If you are facing Bankruptcy, then there are bankruptcy alternatives available. In fact there is a large industry dedicated to helping people avoid bankruptcy.

This industry is the Debt Relief industry. There are actually many debt relief companies that offer programs to individuals, to specifically enable them to get out of their debts.

The programs work by the debt relief companies negotiating reductions in the amount of money people owe, or negotiating adjustments to an individual's current repayment cycle to make it manageable.

In some cases these reductions can amount to up 80% of what was owed. However, the overall aim of a program is to get reductions that make repayments manageable and that will allow people to avoid bankruptcy.

So how does a debt relief company do this?

Debt relief companies work first as consultants and then as negotiators. They analyze an individuals debts to see exactly what their situation is and what they can afford to repay.

From there, the debt relief company will approach the companies' the individual owes money to and put forward a revised repayment plan, based on what that person can afford.

After that, negotiations normally go back and forth, with the debt relief company using all of their skills and experience of the industry to get the best deals for their clients.

This works for the simple reason that, a good debt relief company is able to make a creditor understand the real situation a person is facing. It makes the creditors understand that if the person is forced to declare bankruptcy they will get nothing back, so from a business point of view, it is in their interests to come to an arrangement an individual can afford and will stick too.

This is the most effective bankruptcy alternative there is and it allows people to get out of debt quickly and to rebuild their lives again.

However,

It should not be seen as an easy option. People still must stick to their revised payment plan and they will require support as the negotiations take place.

For these reasons and to make sure that the best reductions are negotiated, it's very important to only use the most reputable debt relief companies.

Given the nature of the debt relief industry, there are many people in desperate situations who need services. This unfortunately, has led to some less than reputable companies taking advantage of that.

Examples of how these disreputable firms may operate include:

• Telling people that debt relief will not affect their credit score. It will, although a good company will make it clear that the effect is much less severe than bankruptcy, with none of the social stigma. Also as the individual pays back their debts under the revised program, their credit scores improves.
• By charging their clients a flat fee that is related to how much debt they have. A company shouldn't do this. The fees should be based on what can be saved.
• By suggesting the company has credibility due to an affiliation with Dunn and Bradstreet, or a Chamber of Commerce, that is easy for any company to get. To prove real reliability, a company should be listed with the Better Business Bureau (BBB) and have a good track record with them.
• By being happy to get a client started and collect their commissions, then not contacting them again. This can end up with people slipping deeper into debt, because nobody is monitoring their accounts, or supporting them through the process.

Due to companies acting in this way, I still get mail every week from people who are having difficulty with their debts and finding a high quality firm to help them. So because of this, my team and I have made a full review of the debt relief industry.

We have have made an evaluation of each of the different bankruptcy alternative companies operating in the industry, by looking at their experience and credentials, as well as talking to their clients and their staff. From the many that we have looked at, we have gone on to form a list of the companies we feel confident and comfortable to recommend to others, due to their high quality service and commitment.

You will find the reviews of our recommendations below. Each recommended company offers a free, no obligation consultation.

If you have credit card, personal loans, medical, small business debts or any type of unsecured debt, these bankruptcy alternative companies offer a fantastic opportunity to solve your problems.

Updated:03/07/2010

Find Bankruptcy Alternatives #1 Choice

CuraDebt	Rating

They specialize in helping people who have a total debt level larger than $10,000.

Curadebt have the highest accreditation possible by the BBB (Better Business Bureau) an A+ rating which they have held since 2001 and they have worked with over 10,000 clients.

Care One Credit	Rating

So could a 'Bankruptcy Alternative' change your life?

There can only be one true way to find out and that is by taking action and speaking to a debt relief representative. If you really are determined to get out of your debts, then the companies we have recommended are the best bankruptcy alternatives in the business.

If you have debts of over $10,000 go to the Curadebt website by Clicking Here.