GLOBAL CLIENT SOLUTIONS DISCUSSES DEBT SETTLEMENT AS A LEGITIMATE ALTERNATIVE TO BANKRUPTCY

By Global Client Solutions

Introduction

As opposed to bankruptcy, the federal court process where consumers can reduce or eliminate debt, debt settlement involves negotiating with a creditor for a lump sum amount it will accept as payment of the debt in full. While this can be done by an individual, debt settlement companies can perform this work on behalf of a consumer.

About Debt Settlement

Debt settlement companies also typically form accounts in which the individual can save up amounts to use as a lump sum payoff. Declaring bankruptcy is a complicated process requiring compliance with federal code provisions covering different “chapters,” each with separate benefits and requirements. Often, declaring bankruptcy impacts a person’s credit for years and may keep them from obtaining loans long into the future, sometimes up to 10 years. Debt settlement has the potential to resolve disputes and move an individual toward improved credit in less time. To determine which options to pursue, a person in debt should consult with an attorney and an accredited debt settlement professional to learn more.

Conclusion

Global Client Solutions is an account management provider to debt settlement companies. Based in Tulsa, Oklahoma, Global Client Solutions provides third-party payment processing for consumers enrolled in debt settlement programs.