This immediately dissolves your debt. However, certain consequences come with bankruptcy. If you make use of this business debt elimination strategy, your net income will be restricted for three years. Legally, you say that you don't have any money left. Because of this, the government will be obliged to see to it that your claim is true. If they cannot give you a plan, debt elimination services should be able to give you some hints and tips about eliminating your current liabilities. They would be able to suggest methods of payment and would be able to give you advice on how to cut back on your spending. These are just some of the ways through which debt elimination services can help you. In fact, debt elimination companies can contact your creditor and come up with a debt elimination plan that will benefit you all. Through a debt elimination company, you will be able to negotiate with your creditors for a smaller interest rate and lower fees. 3) They will study your case - A good debt elimination company does not offer you a "generic" debt elimination strategy. By getting a debt consolidation loan, your cash is saved because you are now to pay only one debt on a monthly basis. It therefore means only a few interest rates to deal with. You may likewise opt to choose the terms of the interest rates. Next is credit counseling. In here, a third party exists who helps out in consolidating the existing debts. 1) List all of your debts in order from lowest to highest - This will help you see your goal clearly and allow you to plan. Listing all of your debts will allow you to evaluate them in an orderly manner and this will enable you to plan your debt reduction and elimination strategy clearly. 2) Pay the minimum balance on all debts regularly - Creditors often set a minimum balance that you have to pay regularly on your debt. When you do such thing, there is only one sure output for you that is, to end up in the court of law! It is a big NO-NO to respond to any of these debt elimination scams. If you do respond to any of those sent to you, you are opening the channels of your own downfall. Do not be fooled by these scammers.