Debt Settlement Rules & Regulations in Texas
Debt Consolidation and Debt Settlement Laws and Definitions in Texas
Texas has a law that refers to “consumer debt management services.”
Debt Management Service means:
A) the receiving of money from a consumer for the purpose of distributing that money to or among one or more of the creditors of the consumer in full or partial payment of the consumer's obligations;
B) arranging or assisting a consumer to arrange for the distribution of one or more payments to or among one or more creditors of the consumer in full or partial payment of the consumer's obligations;
C) exercising control, directly or indirectly, or arranging for the exercise of control over funds of a consumer for the purpose of distributing payments to or among one or more creditors of the consumer in full or partial payment of the consumer's obligations.
Debt Settlement and Debt Consolidation and Bankruptcy
Out of the above three debt relief options, bankruptcy is by far the worse choice from the standpoint of a consumer and his or her credit. Bankruptcy tells all of your creditors that you cannot pay your bills.
Debt Consolidation is often helpful in facilitating the payment of multiple credit card and loan debt. It can often reduce interest and penalties and get you back on track to paying on time every month.
Debt Settlement is often able to reduce your debt by 40 to 60 percent of the debt. Please give one of our debt specialists a call at our toll free number and let them fill you in on all the details.
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