December 15, 2006, Newsletter Issue #42: Surviving Debt Arbitration Be Prepared to Compromise

Tip of the Week

Many people who are facing terrible financial difficulties attempt to solve their credit problems through debt arbitration. For others, debt arbitration is forced upon them by a bankruptcy court. No matter how they end up there, these people share a common thread in that surviving debt arbitration can be trying. The secret to making it through and sparing your sanity is to stay realistic and be prepared to compromise.

The process of debt arbitration will differ slightly based on each circumstance, but the bottom line remains the same; someone owes someone else money and they plan on collecting as much as they can. If you are the debtor, these creditors have the resources to come after you for every penny. If you are lucky enough to be facing debt arbitration in lieu of bankruptcy, than take what they will offer within reason. Having qualified representation will vastly improve the settlement that comes from your arbitration.

There are attorneys and other professionals who deal exclusively in these types of proceedings and you should gain the advantage of their services. Having a professional working with you is one of the biggest ways to retain your sanity throughout the proceedings. Be realistic with your debt arbitration proceedings. These things are all about give and take and we all want to end up giving as little as possible. The reality is, however, that something has got to give or you will be left with few options that can resolve your financial difficulties. If you think debt arbitration is taxing, you don't want to go through bankruptcy proceedings.

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Jerry Mayo