Jim Ross of Total Debt Services had this to say about debt reduction services as a viable alternative to declaring personal bankruptcy:
"The bankruptcy process can discharge most debts. Unfortunately it has the disadvantage of making it more difficult for an individual to borrow in the future. Recently, it has become more difficult to file bankruptcy due to changes in Federal bankruptcy Laws. To avoid the negative impacts of personal bankruptcy, individuals in debt have a number of bankruptcy alternatives."
He went on to say that some of those alternatives include:
Debt Settlement
Debt settlement is a reduced payoff amount; an agreement between a creditor and a debtor to fully satisfy a debt. A debt settlement is usually reached when a debtor is unable to fully meet his/her debt obligations due to financial hardships.
and.....
Debt Negotiation
In theDebt Negotiation process a negotiator works on behalf of a client to settle their debts for an agreed upon rate and structure of payments. These payments are based upon financial hardships and current savings and expenses.
Technically speaking, a debt settlement is the agreement while debt negotiation is the process through which both parties reach that agreement. Debt settlement is also called debt negotiation.
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