ATLANTA, March 26, 2013 /PRNewswire/ --
Bankruptcy is viewed as a regrettable but necessary prospect for millions of American consumers, but the process of filing is expensive. According to the National Bureau of Economic Research, the average cost of filing for the most popular form of consumer Chapter 7 Bankruptcy is in excess of $1,500. In 2012 alone, the Bureau estimates that anywhere from 200,000 to 1,000,000 consumers were effectively priced-out of filing for bankruptcy due to the high cost.
In addition, the consequences of bankruptcy for consumers are far-reaching, limiting their ability to obtain any form of credit for extended periods of time or hold certain professional positions.
PersonalLoansForBadCredit.org has produced a guide on a free and less damaging alternative to bankruptcy for consumers facing an uphill struggle in meeting their loan repayments and debt obligations.
The consumer finance site has dedicated a feature to debt settlement and debt negotiation. The guide is available for free from the website and can be used to assist consumers in making a proposal of negotiation to creditors. It contains a point-by-point list of the aspects that need to be covered in a debt settlement letter to creditors.
Debt settlement and debt negotiation are suitable courses of action for consumers who are facing the likelihood of bankruptcy if compromises with creditors cannot be reached. Such agreements may result in debts being reduced by 30% - 70% and creditors accepting modified repayment plans rather than risk losing the chance of any repayment through bankruptcy.
PersonalLoansForBadCredit.org made the announcement in the following statement released to the press.
"Debt settlement companies charge high fees to perform the same actions that consumers can do themselves in order to reduce debts and interest rates. We decided to help individuals in dire financial straits to take control of their situations without having to spend an extra dime in doing so. Our guide on debt settlement and negotiation is a free companion tool that can assist consumers in uncovering the path of a better economic reality. We want to encourage consumers struggling with debt to take action themselves and not ignore the situation; however bad it seems, there is always a way out."