The Rise Of Debt Negotiation And Settlement ... - Business Negotiation

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'; div.innerHTML = summary; } //]]> The Rise Of Debt Negotiation And Settlement (And Fall Of Bankruptcy Protection As Formerly Understood) The Rise Of Debt Negotiation And Settlement (And Fall Of Bankruptcy Protection As Formerly Understood)

Any consumer who has spent even a modicum of time scanning the economic news over the last decade, particularly during recent years as media outlets raced to cover from all angles and perspectives the raft of defaulted loan accounts that followed the market downturn worldwide, has no doubt heard something about the debt negotiation and settlement system for rebuilding troubled consumer budgets.  All the same, though, unless you are actively employed within the field of unsecured finance, we would wager that you probably don't know much more about the plan beyond the name, the broadest possible definition of the stategy's intent ??" arranging substantial decreases of (primarily) credit card revolving account lines and debts resulting from medical attention ??" and the intrinsic cause that effectively forced consumers to first consider a private and relatively expensive solution to snowballing debt issues at the expense of more well known techniques.

 

If you hadn't already guessed, we're speaking about the 2005 legislative devolution of the United States Bankruptcy Code, which virtually every knowledgeable debt relief expert would point to as the signal cause bringing about the seismic shift in credit card management that led borrowers directly toward independently operated commercial enterprises such as debt negotiation and settlement as the thrust of popular sentiment swung slowly but surely away from the social safety net honored by an incredibly long standing tradition.  For more than a hundred and forty years, since before the Civil War, the underlying conceptual framework of Chapter 7 bankruptcy protection remained essentially the same, despite the small but ever present objections of the financial community.

 

Americans were never entirely comfortable with the base conceit lurking behind bankruptcy protection, after all, preferring even the partial repayment of debt negotiation and settlement to the de facto annulment of credit card bills and similar monetary liabilities of Chapter 7 filings ...

preferring the often needlessly egregious punitive measures when applied to other consumers, we should say.  Letting citizens off relatively scott free, aside from the temporary bruising of credit reports and loss of exceptionally valuable assets still owned by the household and not expressly protected by state and federal laws ??" although truly penitent and careful borrowers would have liquidated the items to cover debt burdens the moment that they realized that they may have some difficulties affording the minimum statements ??" does seem to run contrary to our national principles, as mythologized by political candidates and financial institutions especially.

 

Forgiving the outstanding tally of a consumer who'd presumably given what amounted to his or her word that a merchant or banking resource would be compensated in full, and doing so without even demanding much in the way of explanation for the fiscal mismanagement, belies (at the very least) the ethical manner in which we would like to believe all men and women residing within our national borders conduct their financial affairs.  While never quite as disciplined or self sufficient as we may imagine ourselves, the American public's necessity has always led to increasingly creative innovations, and it's testament to the true spirit of the United States that closing the door on Chapter 7 protection opened the window for debt negotiation and settlement just in time for millions of consumers to flee the smoldering flames of a credit card debt riddled economic combustion.

 

My name is Cole I am a freelance writer in the financial fields of bankruptcy and debt settlement. Please visit http://www.totaldebtrelief.net/ for debt help

Source: http://business-negotiation.blogspot.com/2012/08/the-rise-of-debt-negotiation-and.html

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