Debt Solutions From The Past And For The Present

Since our country's inception, people have suffered with debt. Luckily, today we no longer have debtor's colonies to send people to for missed payments. However, one "solution" to debt, bankruptcy, has stuck around nearly as long as debt itself. Fortunately, you can get debt relief for today with Credit Solutions, and you do not have to endure a bankruptcy.

The History Of Bankruptcy

Bankrupt individuals were treated harshly centuries ago in England, the country from which our bankruptcy laws evolved. The first official laws governing bankruptcy were passed in the 1500s. A person who became bankrupt was a criminal and could be punished by imprisonment or even death. Debtors were sent from England to places such as Australia and the new colony of Georgia.

Bankruptcy laws in the United States evolved in response to economic crises. The bankruptcy law was changed and repealed several times in the 1800s. Reorganizing a person’s finances was made a priority of bankruptcy near the turn of the century.

Bankruptcy in the 21st Century

These legal changes made it easier for people to file bankruptcy and further emphasized repayment. The position of bankruptcy judges was created in 1978. Two years ago, in 2005, bankruptcy laws were overhauled. Economic means tests and other financial indicators now dictate how you can settle your debts. People either enter a repayment plan through the federal court or they have their assets sold to pay their debts. Bankruptcy filers must also have financial and credit counseling before their case is resolved.

Today, we don’t execute debtors or send them to faraway lands. While not as harsh, people in debt feel a substantial amount of emotional strain from bankruptcy. Our debt-relief service can help take some of those worries away. We work with your creditors to lower your debt balance. In three years or less, you can be credit card debt free. The repayment plan through our debt-relief service takes less time than through bankruptcy.

Bankruptcy has residual effects. Your home, car and other valuables can be sold to pay your debts. Also, bankruptcy stays in your credit history for 10 years or longer.

In addition to a bankruptcy lasting 10 years on your credit report, it is public record forever. Anyone is able to peruse your financial matters. Our debt-relief service, which includes a certified call center, has assisted more than 70,000 families on their road to financial stability. We have managed more than $1.2 billion for our clients.

Author bio:

Brian Williams, a graduate of the University of Texas at Arlington, has 11 years’ experience writing and editing at daily newspapers in Texas. Having worked his way through college and experiencing the transition to professional life, Brian understands how credit affects people’s lives. For more articles by Brian, go to http://www.creditsolutions.com. Credit Solutions is your alternative to debt consolidation.

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