"I'd
rather go to bed without supper than rise in debt."
Ben Franklin
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Franklin Debt Relief, LLC is a member of (TASC) The Association of Settlement Companies. This trade association has developed a standardized industry disclosure for consumers.
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Bankruptcy Alternative Call Today: (877) 274-1260 |
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Bankruptcy Alternative Bankruptcy alternatives are sought by millions of Americans every year. The goal of our bankruptcy alternative is to not only provide financial relief but also to relieve the everyday stress and anxiety that comes with being overwhelmed with debt. More specifically, the goal of Franklin Debt Relief is to provide our clients with a low monthly payment and get them out of debt as quickly as possible. A consumer who enrolls in our “New Deal” bankruptcy alternative program may be able to reduce their debt amount by up to 50% and become debt free in as little as 12 to 36 months, all while avoiding the harsh consequences of a bankruptcy filing. Signs you Should Seek an Alternative to Bankruptcy If five or more of the following statements apply to you, then you may need to seek an alternative to bankruptcy.You don't have any savings. You lose sleep thinking about your debt. You make minimum payments on your credit cards. You get calls from debt collectors. You're afraid to look at your statements each month. On the same token, you have no idea how much you owe. You use credit cards for things you should buy with cash, such as groceries, gas, or utilities bills. Your debt is putting an added stress on your marriage. Your credit card debt to income is at or near 20 percent. You have more than three major credit cards. You lie to your spouse or other family member about your spending or hide credit card statements from family members. After you pay your credit card bill, you increase your balance by the same amount (or more) the following month. You're at or near your credit limit on your credit cards. You write a check hoping that you have enough time to make a deposit before it clears. You take out cash advances on your credit card to pay other bills. You've been denied credit. You’ve bounced checks. If you lost your job, you would have no ability to make your bills. Debt Settlement as a Bankruptcy Alternative This is the bankruptcy alternative offered by Franklin Debt Relief. In our debt settlement, expert negotiators work with creditors to lower the amount that a client owes. This may be an appropriate debt relief option for consumers who are overwhelmed with their minimum payments or who have already fallen behind. Our bankruptcy alternative also works well for consumers who do not own a home, lack the equity or credit necessary to be able to refinance or get a second mortgage. In many cases, it is the fastest and least expensive way to become debt free besides bankruptcy.Credit Counseling as a Bankruptcy Alternative This type of bankruptcy alternative involves working with creditors to lower interest charges. The average client of a credit counseling program is able to be debt free in as little as 5 years. Credit counseling programs are mostly funded by your creditors, however, and they receive a percentage of your monthly payment to fund their operations. Therefore, they may largely have the interests of the credit card companies in mind, not yours.Chapter 7 Bankruptcy In a Chapter 7 bankruptcy, a consumer is freed of their unsecured debt obligations (credit cards, medical bills, repossessions), but in exchange they are ordered to turn over certain property to the courts to be sold and paid to the creditors. For consumers without any income, this is an ideal debt relief solution. Since the credit implications can be severe, however, this option is considered a last resort for most consumers.Chapter 13 Bankruptcy In a Chapter 13 bankruptcy, a consumer is put on a payment plan in which all of their disposable income is turned over to the courts for up to 5 years (or until the debt is paid back in full, whichever is first). For consumers who have fallen behind on their secured debts (automobile loans, mortgage loans), this may be appropriate debt relief solution. Of course, one should seek the advice of a qualified attorney before making any such conclusions, however. For consumers with credit card debt, this option may make very little sense. After all, there are numerous debt relief options available that will not only affect your credit less negatively, but you may also pay far less as a total cost.Liquidating your Assets as an Alternative to Bankruptcy For consumers who own a lot of personal property, asset liquidation may be an appropriate alternative to bankruptcy. In fact, this may be exactly what happens in a Chapter 7 bankruptcy depending on your state's exemptions and what property you own, minus the severe credit impact. In other words, if you do not qualify for a bankruptcy alternative program like debt settlement or credit counseling and you own a lot of assets, it may be foolish for you to not sell it off on your own in order to pay back the creditors. |
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