The Federal government has introduced the consumer debts relief programs which are operating efficiently in the financial markets and are convincing the debtors and the creditors for the settlement of the debts instead of taking bankruptcy in practice.
In the past when the lenders were harassing their consumers by making annoying and disturbing calls, debtors started to think for eliminating their debt related problems.
For eliminating the debts, people were taking the relief option in practice but the illegitimacy and unreliability of the settlement firms let down their interest in the consumer debt relief programs.
At that time an alternative of the relief options was bankruptcy for which people started to go more.
But bankruptcy was hitting the economy badly.
Another reason of filling bankruptcy is the length of the process.
All the other relief options at that time were involving to much documentation which takes a long time in providing relief.
In simple words it was taking a long period of time to take discount on the liabilities.
So for solving these problems, the federal government introduced the laws to protect the rights of the debtors.
These laws have gotten the trust of the debtors back in debt relief programs.
So now more debtors are getting discount on their liabilities quickly by adopting these consumer relief options.
FTC's new laws support debt settlement which is now a lawful and legal process of eliminating the debts.
These laws have brought the settlement firms on the right direct by banning the upfront charges.
So by keeping in mind that amended laws are providing you the financial security for your future, you can get away from bankruptcy and can get reductions from 50 to 60 percent on your liabilities by adopting the debt settlement relief program.
This process does not involve too much documentation and a short period of time is required in its completion.
So by debt settlement, you can get maximum reductions on your liabilities swiftly which no other option is allowing for.