CHICAGO, IL -- 11/24/09 --
The current great recession has caused
financial hardship for millions of consumers. The current U.S. unemployment
rate stands at a whopping 10.2% -- the highest level in 26 years.
Bankruptcy lawyers have been quick to pounce upon the vulnerable by
marketing bankruptcy as a way to eliminate credit card debt and get a fresh
start. But the fact is that the filing of a personal bankruptcy causes much
collateral damage in the process, including the destruction of one's
credit.
Consumer advocate TotalDebtrelief.net advises consumers to steer clear of
bankruptcy if at all possible; only decide on a personal bankruptcy
petition after all other debt relief options have been carefully explored
and ruled out.
The credit score of a consumer who files for bankruptcy will hit an
all-time low. The bankruptcy filing (which is publicly available
information) will stain the consumer's credit for up to a full 10 years in
many states. During this time creditors will view the consumer's credit
record as toxic. Obtaining any sort of needed or sought after credit during
this time period will be nearly impossible.
Also, the consumer who files for bankruptcy can expect to be required to
pay hefty deposits for future home utilities ordered such as gas, electric,
water, phone, cable TV, internet, etc. The consumer who files for
bankruptcy can also expect to be denied an apartment rental, and can also
expect to possibly be passed over for a job, as more and more employers are
performing credit checks as part of their routine job applicant screening
process.
TotalDebtrelief.net would like consumers to be aware of the best bankruptcy
alternative, known as Debt Settlement. This debt relief program achieves
reductions in credit card debt of 50% - 70% without the need for a
devastating bankruptcy filing. Debt settlement works by credit and debt
settlement professionals negotiating on behalf of the consumer with the
consumer's creditors to obtain a debt settlement
that is typically half of what was originally owed.
TotalDebtrelief.net offers consumers a free debt analysis which they can
take advantage of at the company's website as listed below:
www.TotalDebtrelief.net/
Contact:
John Chase
TotalDebtrelief.net
877-224-2950 x 7016
