US Debt Resolve

[Mike]

Bankruptcy Info from Cornell Law School:

"Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. This supervised division also allows the interests of all creditors to be treated with some measure of equality. Certain bankruptcy proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts. An additional purpose of bankruptcy law is to allow certain debtors to free themselves (to be discharged) of the financial obligations they have accumulated, after their assets are distributed, even if their debts have not been paid infull."

Pros
- Bankruptcy provides immediate relief from your creditors.
- If you make less than $15,000 a year, you will you be eligible for a complete discharge of all your current debts.

Cons
- You will most likely lose your cars, home, investment accounts, etc.
- With a Debt Settlement Plan, you will pay less than if you file for Bankruptcy
- Bankruptcy is a permanent public record. It will always be part of your history.
- You will also have to pay all the legal costs associated with bankruptcy