Life always tends to throw unexpected twists and turns our way. One minute your financial future seems great, and the next you’re struggling. Many people unexpectedly lose their jobs or have to deal with medical bills or a long divorce process, any of which can quickly leave a person with issues they feel unable to handle.
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Debt Resolution

Also known as DEBT ARBITRATION, DEBT NEGOTIATION, DEBT SETTLEMENT, DEBT MITIGATION is a very aggressive approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full.  The process involves negotiating with creditors to accept payment that is less than the full amount of the debt owed.  Funds accumulate in a special account until enough has been saved to pay off one creditor, and then the process repeats until the debts have been repaid.   

Debt Management

A Debt Management Plan (DMP) is a repayment plan which helps make unsecured debt repayments more affordable through a single monthly payment. Normally a 3rd party (Debt Management Company) negotiates with your unsecured creditors to reduce your monthly payments to an affordable level.    


Bankruptcy

Bankruptcy means someone is legally unable to pay their debts as agreed. The procedure of verifying someone truly is bankrupt can take up to 8 months in most cases, and those who have some assets will be required to pay back some or most of their debts over a 2- to 5-year time period. There are two major types of bankruptcy definitions that apply to consumers: Chapter 7 and Chapter 13.

Chapter 7 bankruptcies means the debtor has few if any assets, lower than average income, and needs to have her debts forgiven to make a new start in her life.

Chapter 13

cases are when the debtor has some assets, average or higher income, and needs to have some of his debts restructured so he can repay them and move forward with his life.

Obtain a Debt Consolidation Loan

Debt consolidation programs provide consumer loans based on items of equity. You must own a home, have some property or have some assets to pledge as collateral for this kind of loan...otherwise a loan isn't even an option at all. For example, a home equity loan is used to "combine" your debts into a single monthly payment, which can often take 20 to 30 years to repay, depending on your on financial situation. Borrowing from Peter to pay Paul is no way to get out of debt. You're still going to have to pay back the money to someone. It is however, the premise behind debt consolidation programs.

Do Nothing

For most people this is not a practical solution, but technically it is an option. An example where doing nothing might work for you would be if you were unemployed and had no assets a creditor could pursue. Essentially your creditors would (at least temporarily) hit a roadblock. However, this does not mean that they can’t come after you at a later date...when you least expect it.