If you are, perhaps, chronically up to your eyeballs in debt today and are looking for a way to get out of debt, you might be inclined to think that your only options for iva drp 分別 debt relief are just limited basically to two, maybe three, main options – some variation of debt settlement with your creditors, a debt consolidation arrangement, and declaring bankruptcy.

This general notion is largely because many Americans still see many “traditional” ways for how to get out of debt, especially filing for bankruptcy, as a negative step and are repeatedly told in the media that it carries with it a stigma that can negatively affect their ability to reestablish good credit in the future. Television, radio and Internet advertisers, constantly promise financial relief through debt consolidation. They prey, in essence, upon the largely established myth that bankruptcy is a bad thing while they claim to offer an alternative to bankruptcy by way of debt settlement or consolidation.

In truth, however, there are in fact broadly a complete SEVEN major debt solutions options that a consumer may use in getting out of debt, from which you may choose to address your debt problem. And, as in everything else in life, each remedy option has its own advantages as well as drawbacks.

The following are those SEVEN basic debt relief options available to you


Filing bankruptcy is one option you may use, if suitable for you – protection under the U.S. Bankruptcy Code or law. Filing for bankruptcy is just ONE option, however, among many. In deed, bankruptcy should really be considered only as a last resort.

How do you get out of debt through bankruptcy? Basically, one of the treasured and most immediate beneficial reliefs of filing for bankruptcy for you as a debtor, is that upon your filing, you IMMEDIATELY get what is called the “Automatic Stay” protection, meaning a standing court order that immediately stops most creditors from contacting you and trying to collect on your debts, or slapping garnishment, lawsuits, and repossession (including foreclosure) on you, etc. The automatic stay will continue to apply to your creditors – UNTIL the bankruptcy court looks into your case and gives a final order on your bankruptcy petition about discharging your debts.

THE BOTTOM LINE: Filing bankruptcy will, for the most part (except in very, very rare cases, actually), “discharge” most of your debts (except, really, for any non dischargeable ones you may have, if any), thus having you get out of debt. That is, you will be free of those debts and would cease to owe them any more legally.


This method is, in fact, the fastest and, in some respects, the least expensive way used by consumers to get out of debt today. The method, often referred to also as DEBT NEGOTIATION, is simply a direct and ambitious approach to debt reduction, involving a personalized plan that effectively enables a debt settlement negotiator to negotiate a compromise with creditors to settle mostly your UNSECURED types of debt.

Debt settlement has become a viable debt relief alternative for thousands of consumers across the country. Successfully conducted debt settlement negotiations, when undertaken by the right company and professionals, and with the right programs, have been known to eliminate up to 60% to 70% of a borrower’s total balance on the debt, and often paying off the debt in its totality in less than three years. In deed, one company known by this writer to have been reviewed recently by an organization and was designated to be the best of them, has recorded nearly 90% savings for its debtor clients. However, this method will work for you mostly when your debt is of UNSECURED type (credit card debts, hospital bills, rents, utility bills, and the like).

BOTTOM LINE: A good debt settlement agency (and its personnel), is a professional negotiator that can help you arrange directly with your creditors, through its wealth of skill, experience and connections, for a much better and more livable deal for your debt (whether unsecured loans, medical expenses, charge cards, or traditional credit accounts) with your creditors, which could result in a drastic debt reduction or elimination for you, with you almost completely getting out of debt. It could be beat down in value even to the point that what you’ll have to pay back will amount to merely some 30% or less of what you actually owe!


Loan modification is a relief method of getting out of debt which involves the restructuring makeover of your current loan to re-establish your mortgage and create a monthly mortgage payment that will work for you or be more manageable within your budget. Do you completely get out of or get rid of debt with this option? No. Loan modification is not a refinance of your mortgage; it is merely an ENHANCEMENT of your current mortgage loan to create a payment that you can better afford. A loan modification, when successfully made, will usually result in saving you thousands of dollars over the life of your mortgage loan.


Debt Consolidation, also called CONSOLIDATION LOAN, simply means a way to pay off debt by replacing a debtor’s MULTIPLE LOANS with one SINGLE loan, often attaching to it a new and reduced lower monthly payment and a longer repayment period so as to make it more manageable for the debtor to repay the debt owed on a monthly basis. Typically, the type of debts for which most consolidation arrangements are made, almost exclusively involve home equity and home mortgage loans. Essentially, in such arrangements a lending institution will provide a homeowner with a home equity loan that will help “consolidate” his or her outstanding debts into one monthly payment. Because of this aspect, many critics of the consolidation loan method of getting out of debt, have condemned that method, likening it to borrowing money to pay off borrowed money and saying that such an arrangement just doesn’t add up for the debtor’s benefit.


Credit counseling is considered an important aspect of how to get rid of debt within the debt relief or management solution industry. In this case, you use a Consumer Credit Counseling service or company (CCC), which is usually a nonprofit organization, to approach your creditors and try to work out with them on your behalf a more manageable payment plan. Typically, they will charge a fee for their services; and their job is to attempt to negotiate with your creditors, try to work out with them a plan for reduced minimum monthly payments for you on your debt amount, reduced interest rates, and a generally more lenient payment terms.

Basically, the repayment system used for this debt relief method follows essentially the same principles as the ones used in the Debt Settlement option set forth above. And, of course, as in the case of debt settlement and debt consolidation plans, you will have to have some reasonable steady income to be able to take up this debt relief method. However, in this case, these (nonprofit) organizations would usually combine your payments into one monthly payment, and you pay back all of the principal, some interest and some fees. Many CCC organizations receive funding fees from creditors as well as some payment from their clients. For many debtors, this could often be a beneficial method for how to get out of debt


You may decide that your best or personally preferred option is to do absolutely nothing – pay your creditors nothing, and say nothing to them. Just let their letters and phone calls, keep piling up! You just struggle along and manage along, to whatever extent you can, while your creditors keep on turning up the heat. And now, at some point, you’re at the point where the late fees, penalties and interest expense make it impossible to keep your head above water. And perhaps, only then, you can begin looking for help to assist you get out your virtual debt hell!

Now, that’s an “option” just as well, like any other!


Though little-known to most debtors, there is yet another debt relief solution method available to debtors which could be used by debtors to resolve their debt relief problem. The method is highly effective, though innovative and nontraditional – completely how you get rid of debt, without any bankruptcy, debt settlement or debt consolidation, using some little-known tactics, techniques, and strategies developed by Scott Stephen, a debt elimination expert.

This innovative option on how to get out of debt, has been reviewed and highly praised by an array of such impressive elite of the American financial media, ranging from the Wall Street Journal, the USA Today, and the Kiplinger, to the Money magazine, the Bottom line, and the Dollars & Sense, among many others. Yet, hardly anything is heard about it by the mass media operators, or by the professionals who market various debt relief options on how to get out of debt.

Benjamin Anosike, Ph.D., has been dubbed by experts and reviewers of his many books, manuals and body of work, which dwell largely on self-help law issues, as “the man who almost literally wrote the book on the use of self-help law methods” by America’s consumers in doing their own routine legal chores – in uncontested divorce, will-making, simple probate, settlement of a dead person’s estate, simple no-asset bankruptcy, etc. A pioneer and intellectual and moral leader of the 1970s-based “you do your own law” movement and a lifelong vehement advocate and veteran of historical battles for the right of the American consumers to perform their own tasks in the area of routine legal matters, Anosike was one of the pioneers who fought and survived (along with many others of courage) the lawyers’ and organized bar’s stiff war of the 1970s and ’80s against American consumers and entrepreneurs who merely sought, then, to use, write, distribute or sell law-related self-help books and kits for non-lawyers to do their own law, upon the lawyers’ claim then of such being purportedly “unauthorized practice of law” or “practicing law without a license.”

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