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Should I Claim Bankruptcy or Seek Debt Relief?

Weighing the Options: Bankruptcy or Debt Relief

If you’re struggling with huge amounts of debt and don’t know which way to turn, debt relief can be an amazing tool to help you regain control of your life. Especially when medical bills are piling up and you have thousands of dollars of credit card debt, it can feel like you are suffocating t. Because of this, it can be difficult to determine which debt solution is best for you, particularly if you are considering filing for bankruptcy.

You may be wondering: should I claim bankruptcy or pursue an alternative debt relief option? At Liberty Debt Relief, we know what it’s like to struggle with debt and we pride ourselves on our industry expertise and knowledge. We have analyzed bankruptcy compared to other debt relief options in order to give you a comprehensive overview.

Bankruptcy vs. General Debt Relief

Bankruptcy

Bankruptcy is a legal option that will completely remove all or most of your debt and give you a fresh start financially, but does it comes at a huge cost. This will severely impact your credit score and can stay on your report for several years, which will make it incredibly difficult to open a credit card, get a lease for an apartment, or do anything that involves a credit check. That also includes getting a car, buying a home, or getting a loan.

When deciding between bankruptcy or debt relief, remember that the former might mean you lose any assets you own, this includes your home or any property that you may have. It is also important to mention that all the personal financial information you file with the court, in regards to your bankruptcy, will become become available to the public.

But bankruptcy does provide relief if you do not have any other option. Once you file for bankruptcy your debt collectors and creditors will no longer be able to take action against you for not paying your debt. Dealing with the collection calls and overwhelming debt payments is a big concern for you then this may be a huge relief. It is a huge decision to file for bankruptcy, so it is extremely important to meet with a debt specialist or attorney in order to explore all of your various options before deciding to file.

Debt Relief

There are a variety of debt relief options available today that could be used as an alternative to bankruptcy. At Liberty Debt Relief, we have certified debt specialists who are trained in developing comprehensive plans to help you analyze how you can realistically pay off your debt over time.

When looking into bankruptcy or debt relief, debt settlement is really one of the better options. This is a process that would allow you to pay back a portion of your outstanding debt, while the remainder of the debt is forgiven. This approach does not work for all types of debt and may not be successful for everyone, but working with our experienced specialists can increase your chances.

Debt consolidation is also an option you could explore. It involves combining all of your unsecured debt into one single account so you only have to make one debt payment a month. Meeting with a Liberty Debt Relief expert will help you to explore all of the various debt relief options available to you. You will also be able to come up with a strategic plan to tackle your debt and gain control of your finances.

Impact on your Financial Health

Both bankruptcy and debt relief can have an impact on your overall financial health. It is very important to do your research and meet with the right professionals in order to determine if bankruptcy or debt relief is best for you. With Liberty Debt Relief, you can schedule a free consultation with one of our experts today to review your individual debt circumstances. We work with lenders everyday to negotiate for our clients and have extensive knowledge of the industry. This means we are able give you a comprehensive debt relief solution that have been tested and are successful.

Long Term Financial Success

Our goal is for you gain control of your finances and be set-up to achieve more financial freedom. Filing for bankruptcy or trying to figure out what debt relief option is best can be overwhelming and very stressful, but, with Liberty Debt Relief, you don’t have to face your debt alone. Contact us today to see which of our services is best for you.

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What Do the Best Debt Relief Companies Offer?

Who Needs Help From the Best Debt Relief Companies?

If you are currently encumbered with an overwhelming amount of debt, you are not alone. According to Time Magazine, Americans younger than 35 (meaning Millennials at the current time) are, on average, over $67,000 in debt, while those ages 45 to 54 have an average of nearly $145,000 in debt.

Certainly, people of all ages, from all walks of life, are facing large sums of debt, and Liberty Debt Relief knows exactly how to help.

The Danger of Finding the Wrong Company

Climbing out of a financial hole is a monumental task, which is why many people opt to receive help from debt relief services. Before making any commitments, though, it is important to know how to choose a debt consolidation company that is sensible for you.

It would be nice if every debt relief company provided the services they advertise. Alas, in reality, a lot of these businesses can make your financial troubles even worse, and the difference between the best debt relief companies and the others is significant.

It is common for untrustworthy services to make promises they cannot keep, to charge big fees before providing any assistance, and to erode your relationship with creditors beyond repair, which, among other problems, can result in lawsuits against you.

In other words: Those who want professional help with debt relief need to do a lot of research.

So if you are seeking the counsel of financial experts, here are seven things to look for:

They are Properly Accredited

Of course, you want to work with a business that has a strong reputation. The ones that are not accredited are far more likely to be scams or generally ineffective. The best debt relief companies have impressive accreditations, including a Better Business Bureau (BBB) rating.

Liberty Debt relief has an A+ BBB rating, as well as accreditation from the American Fair Credit Council! (AFCC)!

They Have Good Reviews Online

When friends decide to go to the movie theater, they will probably take critics’ reviews into account before making a decision on which film to see. When a couple is planning a date, there’s a good chance they will consult Yelp to make sure they pick a good spot. And if someone needs work done around the house—landscaping, plumbing, cleaning—there is a plethora of websites that list users reviews.

If we take the time to examine these matters before pulling out our wallets, we should do the same when browsing for the best debt relief companies. Doing so does not require a big time commitment and can make a big difference in your future.

Indeed, when you are figuring out how to choose a debt consolidation company, it is vital to consider the experiences others have had with that business.

They Are Compassionate

People trying to get out of debt are in vulnerable positions. They have good reason to feel uneasy, and those tasked with relieving their burdens need to show they care. Without question, the best debt relief companies are staffed with genuine, kind-hearted employees who make the wellbeing of their clients their top priority.

As you begin to speak with financial experts, take note of the way they conduct themselves. Are they paying close attention as you describe the details of your predicament? Do they ask a lot of useful questions? Do they go out of their way to make you feel comfortable? Do they refrain from judging you for the decisions that led to your debt?

Remember: The debt relief expert you select will help you make some of the most important choices of your life. You want to ensure that person is committed to fostering a meaningful relationship with you.

They are Easy to Get in Touch With

If you are nervous about your financial situation and have an important question to ask, you do not want to sit around for a long period of time waiting for a response. The best debt relief companies are highly responsive to your inquiries and will go above and beyond to supply the answers you need.

To contact Liberty Debt Relief, call (800) 756-8447 toll free, or email us at SUPPORT@LIBERTYDEBTRELIEF.COM. Of course, completing our application form offers you a chance to detail your situation so we can get started with you right away, if you qualify.

They Don’t Make Claims That Seem Too Good to Be True

If you are stuck in a deep pile of debt, it can be exciting to hear a financial expert say they are able to quickly and easily fix all of your problems. Unfortunately, that is seldom possible. Truth is, working your way out of debt requires a lot of sacrifices, discipline, and tough decisions.

The best debt relief companies won’t tell you they can wave a magic wand and make your worries disappear. Instead, they will be honest with you and suggest a practical approach.

They Charge Reasonable Fees

As you are learning how to choose a debt consolidation company, you should write down what each business charges for its services. The one you want to choose will charge reasonable fees that will not worsen your financial issues. More importantly, they will not charge you any upfront fees before providing you services.

No upfront fees

Keep in mind, Liberty Debt Relief only charges once your debt has been settled with your creditors, never before. That is because we follow all Federal Trade Commission guidelines regarding your protection against such fees before receiving services. In addition to our ethical practices, which earned us our BBB and AFCC accreditations, our fees are very competitive within the industry.

They Offer Free Consultation

The best debt relief companies will not make you pay before demonstrating what they know and how they can assist you. At Liberty Debt Relief, we can take an in-depth look at your unique situation free of charge. In the process, we will clear up any confusion you may have regarding debt relief, debt consolidation, and debt settlement, and illustrate how we can help.

Click here to get in touch with one of our experts and learn more about how we can help you today.

Liberty-Debt-Relief's-Settlement-Service

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Why and When You Need Debt Settlement Help From Liberty Debt Relief

It can be frustrating when it seems like, no matter what you do, your credit card balance continues to grow. Having large amounts of debt also contributes to increased stress and feelings of helplessness. From huge student loan debt, to unexpected medical bills, to skyrocketing credit card balances, debt is a common financial issue that many people are facing today. Whatever your financial circumstances, know that you are not alone in battling debt.

At Liberty Debt Relief, there are services available to help with debt settlement that can allow you to experience the peace of mind that comes with debt relief. Debt settlement can be an extremely powerful tool to eventually help you regain control of your money. But how do you know when you need debt relief?

Here are the basics you need to know in order to make an informed decision and determine when you need debt settlement help from Liberty Debt Relief:

How Does Debt Settlement Work?

Debt settlement is the process of coming to terms with your creditors so that you only have to pay a portion of your entire debt. Most debt collectors do not want to accept a lower amount and are typically only willing to accept a settlement when it seems like you may not pay anything at all.

This often becomes an option when you have a significant amount of debt and have already fallen behind or missed some of your monthly payments. Because debt settlement can be a very difficult and tricky process, organizations like Liberty Debt Relief negotiate on your behalf in order to help with debt settlement and to you get the best possible settlement offer.

While negotiations are taking place, you stop making any payments toward your debt. Instead you deposit your monthly payments into a bank account. This money will then be used as leverage during negotiations and to show that you are able to make a lump sum payment.

It is important to note that debt settlement is only an option for certain types of debt, for example, unsecured debt, such as that from medical bills or credit cards. Debt settlement is not an option when it comes to secured debt. Examples of secured debt would be a home mortgage or a car loan.

There Are Some Risks

Negotiations can be an incredibly long and drawn out process and do not all end with a settlement offer. Since you are not making payments toward your debt, your credit score may take a hit. Similarly, you will also begin to receive late fees and penalties on your outstanding debt. Typically, however, Liberty Debt Relief’s experts can get these fines reversed once the agreement is made.

Another important risk to consider if you do reach debt settlement is that any forgiven debt is seen as taxable income by the IRS. Depending on how much debt you have, you may end up having to pay a large amount of income taxes on the debt that was forgiven. Be sure to do your research so that you are aware of any potential consequences before getting help with debt settlement.

When to Know You Need Help

Everyone’s debt situation is different. Knowing exactly when you want to pursue debt relief will depend on your individual comfort level with debt. If you are already feeling overwhelmed, stressed, or like you are drowning in debt, now is the time to call Liberty Debt Relief.

We have certified debt settlement specialists who are experienced in negotiating with lenders and can help with debt settlement, ultimately, coming with up a plan to attack your debt. You do not have to continue to struggle with debt alone.

Experiencing Debt Relief and Building Your Financial Future

Our mission is to help those who need debt relief. Our consultations are free, which allows you to receive a professional opinion on how best to manage your situation. Everyone’s debt is different, which is why we tailor our services and feedback to match your individual needs. This is one of the first steps to getting back on track with your finances and rebuilding your financial future.

If you need help with debt settlement, contact Liberty Debt Relief today to learn more about how we can work with you and your creditors.

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How Does a Debt Relief Program Affect Your Credit?

Debt relief programs can be a great way to regain control of your finances if you are suffering from overwhelming debt. However, it is crucial to realize that there could be a potential impact on your credit score depending on the program you choose. When deciding on the right debt relief solution, it is essential to know how a debt relief program affects your credit.

Credit Counseling

Credit counseling can be a fantastic way for you to develop a plan to get your debt under control. This approach involves meeting with a certified and experienced counselor who will analyze your current financial situation. This includes your income, expenses, investments, and debts.

Your counselor will help you to create a plan tailored to your specific needs. This approach does not have a negative impact on your credit score. For example, meeting with the credit counselor may help you to realize you can adjust your budget and gradually pay down your debt over time. With the right debt relief program, you will be able to set realistic financial goals.

Debt Consolidation

Debt consolidation is a debt relief option that merges all of your outstanding unsecured debt, into a single monthly payment. This can include credit card debt, some student loans, medical bills, and car payments. This option may offer you a lower interest rate for all of your combined debt so you put less towards interest and more on the premium with each payment.

Debt consolidation can be a great tool to help improve your credit if used correctly. If you can consistently make all of your payments each month then over time, this will help to boost your credit score. However, the reverse is also true. If ever you are unable to make payments or experience a financial setback that causes you to miss payments, not only will you have high penalties, but it will also have a negative impact on your credit score.

Debt Settlement

Debt settlement is a type of debt relief program that requires you to pay only a partial amount of your outstanding balance. This is an agreement between you and your lenders who are willing to negotiate. Though it leaves you paying less, debt settlement can have a negative impact on your credit score depending on the steps you take during the negotiations.

Typically, while you are negotiating, you stop making payments directly to your lender to save up enough money to pay a lump sum all at once. It is during this period that you may see a negative impact on your credit score. The debt settlement process can take months or years depending on your balance. If this is the case, it could have a more significant effect.

Bankruptcy

Bankruptcy is often seen as the ultimate debt relief option because it may offer complete relief from your overwhelming debt. However, bankruptcy also has the most severe consequences and can affect your credit score poorly because you are seen as a risk to the credit bureaus. Bankruptcy will stay on your credit report for at least 7 to 10 years and will significantly decrease your options for obtaining loans or lines of credit. You may also not be able to open a credit card for up to 2 to 3 years.

Choosing the Right Debt Relief Program

Liberty Debt Relief has experienced and educated individuals ready to work with you and advise you further about your options. Contact us today and become more informed before making any one of these major financial decisions.

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