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.

1. GLOBAL CLIENT
SOLUTIONS DISCUSSES
DEBT SETTLEMENT AS A
LEGITIMATE
ALTERNATIVE TO
BANKRUPTCY
By Global Client Solutions

2. 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.

3. 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.

4. 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.