Debt Settlement Program at DebtFreeLeague.com Offers Families and Businesses Unique Alternative to Filing Bankruptcy

Online, November 21, 2009 (Newswire.com) - San Diego, CA -- June 23, 2009 -- Personal and business bankruptcies are looming due to the national unemployment rate. In May 2009, evaporating jobs in the construction, auto, and banking industries increased the jobless rate in 48 states.
The rampant unemployment is heightening business failures and pushing hundreds of thousands of helpless Americans into filing for bankruptcy. However, statistics show that most people could avoid bankruptcy by having an additional $250 in disposal monthly income.
Debt Free League, provider of the National Debt Relief Stimulus Plan, warns consumers and small business owners who are in financial jeopardy not to prematurely seek bankruptcy protection. The company states there are other bankruptcy alternatives still available to get out of debt.
Supporting Debt Free League's argument, Victor N. Chevalier, author of SETTLE Credit Card, Medical & Business Debt for PENNIES on the Dollar, adds "Since bankruptcy laws are now more stringent, you should only consider filing bankruptcy if you owe excessively and realistically cannot pay creditors."
Due to kinks in bankruptcy laws, Mr. Chevalier also suggests not rushing to a bankruptcy lawyer. Under Chapter 7, the preferred bankruptcy method, debtors may be able to discharge most of their debts. But if they have a lot of nonexempt property, they may have to give up the property.
Making the landscape gloomier, the period that a debtor is allowed to re file for a Chapter 7 bankruptcy discharge was amended from six years to eight years. Plus, in order to qualify for Chapter 7, all debtors must pass a means test.
Ironically, most people fail the means test due to showing they have the ability to pay. Instead, they're forced to inconveniently file for Chapter 13.
Chapter 13, the least desirable bankruptcy filing option, requires the debtor to complete of a 3-5 year court-ordered debt repayment plan. A Chapter 13 court case will also get dismissed if the debtor misses one court-ordered payment.
"Similar to Chapter 13, which requires debtors to dedicate a portion of their future income to repay creditors, our service can help you settle your debt for pennies on the dollar without the ramification of a bankruptcy", declares Eric Santacruz, Director of the National Debt Relief Stimulus Plan.
Mr. Santacruz also cautions against filing for bankruptcy because of the new bankruptcy law.
Besides having to pay court costs, people are paying higher bankruptcy lawyer fees. Inconveniently, within 180 days prior to filing, the filer must have received an individual or group briefing from a nonprofit budget and credit counseling agency approved by the United States trustee or bankruptcy administrator.
Plus, an instructional course on personal financial management must be completed. If the Chapter 7 filer does not complete the course, his or her bankruptcy discharge may be denied.
Moreover, filers are plagued with bad credit. Under Chapter 13, you can ruin your credit for 7 years. Under Chapter 7, the credit damage can last 10 years.
"In contrast, the National Debt Relief Stimulus Plan does not cause the long-term credit damage of a bankruptcy. Many of our graduates have actually improved their credit", exerts Mr. Santacruz.
Credit improvement results from the settlements, which lower the consumer's debt-to-income ratio and debt-to-credit ratio.
DebtFreeLeague.com shows various settlements reached by their negotiators. These examples include out-of-court settlements on outstanding credit card accounts, medical bills, business debts, and creditor lawsuits.
"Bankruptcy can bear a heavier cost than settling your debt through the National Debt Relief Stimulus Plan, plus our fees are generally one third less than other debt settlement companies", asserts Mr. Santacruz.
On the average, graduates of the plan save more in fees and are debt-free faster than if enrolled with other debt settlement companies. Other benefits include:
100% Money-back Guarantee
Support under the Fair Debt Collection Practices Act (FDCPA) to help clients prevent creditor harassment and stop collection calls
Post-cancellation Reenrollment Credit (Clients who cancel from the plan due to a financial hardship can reenroll with a credit of up to 100% of the fees previously paid)
Safety of Settlement Funds Guarantee (Client settlement funds are securely held in an FDIC-insured savings account in the individual client's custody, care, and control)
The National Debt Relief Stimulus Plan was launched in 2009 as a bankruptcy alternative to assist consumers and small business owners.
As illustrated online, clients have realized debt settlement savings as high as 70%. Individual results may vary.
People who have at least $10,000 in unsecured debt personal or business debt, are employed or have a viable source of income, and have monthly minimum payments became a financial burden, may qualify.
To see if you qualify, you are encouraged to call the National Debt Relief Stimulus Plan hot line at: 1-800-213-9968. Hours of operation are Monday-Friday (8am-6pm PST) and Saturdays by appointment.
About Debt Free League:
Debt Free League is a financial services organization, which employs professional debt arbitrators to help consumers and small business owners who may be in need of unsecured debt relief.
Their exclusive service, the National Debt Relief Stimulus Plan can greatly reduce credit card debt, medical debt, personal lines of credit, business lines of credit, auto repossession loan deficiencies, and mortgage loan foreclosure deficiencies.
The company's Spanish affiliate, Libre de Deudas, provides bilingual services to the Hispanic community.
More information about Debt Free League and free financial empowerment education may be obtained at the Debt Free League blogs:
Debt Settlement Tips: http://debt-free-league.blogspot.com/
Debt Settlement: http://debtfreeleague1.wordpress.com/
Contact:
Media Relations
Debt Free League
800-213-9968
http://www.debtfreeleague.com