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Bankruptcy Prevention And Recovery

27th October 2010
By ArticleSubmit Auto in Bankruptcy Law
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Houston bankruptcy attorneys can help you do a variety of things in addition to just filing for bankruptcy. For example, Houston bankruptcy attorneys are equipped to assist you in the area of bankruptcy prevention as well as bankruptcy recovery. In fact some Houston bankruptcy attorneys will offer advice to help you not only for the present time but also for the future. For example, certain things have proven effective in helping consumers either avoid a repeat bankruptcy filing or avoid it altogether. Some people may not be aware of the debt settlement opportunities that they may have.

Settling a debt with a credit card company is sometimes employed as a last resort just before turning to bankruptcy. This consists of making an agreement with the creditor where they will accept less than the full amount due on the balance. Usually they will close your account because settling can be perceived as one's inability to effectively manage their debt. It is always a good idea to call your creditor and explain the specifics of your situation because this may work in your favor. Depending on the severity of the situation, you may be able to negotiate a more favorable settlement offer. Some people may prefer to have an attorney or other experienced representative handle the negotiations process. In some cases, settlement offers have been accepted for 10-20% of the total balance. Creditors are under no obligation to accept any settlement offers but sometimes it is in their best interest to if the alternative is taking a loss on the debt and not getting any money at all.

This is not always the best or most appropriate option for everyone. It just depends on the particular situation. You should always weigh your pros and cons because it will reflect on your credit report. Evaluate all of your options and consider the alternatives before you make a major decision like that.

For experienced, knowledgeable and trustworthy bankruptcy assistance, contact the attorneys from Call toll-free 800-260-1402 today for your initial free consultation or come into one of their 100 offices across the country.
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