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Before Filing for Bankruptcy See if You or Your Small BusinessQualifies...

Personal and business bankruptcies are looming due to the national rate of unemployment. In May 2009, the evaporation of jobs in the construction, auto, and banking industries increased the jobless rate in 48 states. Six states set records with California reaching the highest unemployment rate ever of 10.6%.

The rampant unemployment is heightening business failures and pushing hundreds of thousands of helpless Americans into filing for bankruptcy. However, statistically, most people could avoid bankruptcy if they had an additional $250 of disposal monthly income.

Debt Free League, provider of the National Debt Relief Stimulus Plan (http://www.debtfreeleague.com/our_guarantee.html), warns consumers and small business owners who are in financial jeopardy not to prematurely seek the aid of a bankruptcy lawyer. The company states there are other bankruptcy alternatives still available to get out of debt.

Supporting Debt Free League'ss argument, Victor N. Chevalier, author of SETTLE Credit Card, Medical 's38; Business Debt for PENNIES on the Dollar (http://www.debtfreeleague.com/our_guarantee.html), adds Bankruptcy laws are now more stringent, thus people should only consider filing for bankruptcy if they 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 a gloomier landscape, 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'sre forced to inconveniently file for Chapter 13.

The least desirable bankruptcy filing option, Chapter 13 requires the debtor to complete of a 3-5 year court-ordered debt repayment plan. Plus the Chapter 13 court case will get dismissed if the debtor misses one court-ordered payment.

Similar to Chapter 13, which requires people to dedicate a portion of their future income to repay creditors, our service has helped our clients settle their debts for pennies on the dollar. Yet without the negative repercussions of a bankruptcy, declares Eric Santacruz, Director of the National Debt Relief Stimulus Plan.

Mr. Santacruz also cautions against filing for bankruptcy because the new bankruptcy laws are creating short-term and long-term hardships. Besides having to pay court costs, people are paying higher bankruptcy lawyer fees.

There are also eligibility inconveniences. 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.

Even worse, an instructional course on personal financial management must also be completed. And if a Chapter 7 debtor does not complete the course, his or her bankruptcy discharge may be denied.

Moreover, filers are plagued with bad credit. Under Chapter 13, consumer credit profiles are ruined for 7 years. Under Chapter 7, the credit damage lasts 10 years.

In contrast, the National Debt Relief Stimulus Plan does not cause the same long-term credit damage as bankruptcy. Instead, it has helped our graduates improve their credit, exerts Mr. Santacruz.

Many graduates have positively lowered both their debt-to-income ratios and debt-to-credit ratios, thereby improving their credit profiles and becoming more creditworthy.

DebtFreeLeague.com (http://www.debtfreeleague.com) shows various settlements reached by the negotiators of the National Debt Relief Stimulus Plan. These examples include out-of-court settlements (http://www.debtfreeleague.com/settlement_examples.html) on outstanding credit card accounts, medical bills, business debts, and creditor lawsuits.

The burden of 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 who saved more in fees were able to be debt-free faster than if enrolled in the programs of other debt settlement companies.

Other benefits of the National Debt Relief Stimulus Plan 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'ss custody, care, and control)

The National Debt Relief Stimulus Plan was instituted on 2009 as a bankruptcy alternative (http://www.debtfreeleague.com/debt_settlement.html) to assist consumers and small business owners, who have at least $10,000 in unsecured debt, are employed or have a viable source of income, and have monthly debt minimum payments that have become a financial burden.

People who meet the above conditions are encouraged to call the National Debt Relief Stimulus Plan Hotline at: 1-800-213-9968 in order to qualify. 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.

Secured debts are ineligible, such as mortgage loans, student loans, home equity lines of credit, IRS taxes, and state taxes.

As illustrated online, clients have realized debt settlement savings as high as 70% (http://www.debtfreeleague.com/settlement_examples.html). Individual results may vary.

The company'ss 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

http://www.sealibrededeudas.com

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