Typical Client Results

*(Below is the true story of an actual client account, although all names have been changed to protect our the privacy of this client. Read more about our privacy policy here.)

In January 1999, Chris K* came to Bankruptcy Relief Network with a debt level of around $60,000, after being declined for a debt consolidation loan by numerous organizations. Chris had lost his job with a prominent technology firm, and was relying on his spouse's smaller income and his credit cards to get him through a difficult time. He had consulted with a credit counseling firm, but found their rates to be high and discovered that the program would lower the interest rates on his credit cards, but would not actually affect the principal. He begun to think seriously about declaring bankruptcy, but decided to contact Bankruptcy Relief Network as a last hope.

Fortunately for Chris, his situation was ideal for the BRN program. Because BRN only takes on clients who are encountering financial difficulties that result from circumstances outside of their control (i.e. job loss, medical expenses or a financial emergency), we began work on his case with earnest.

At the time, Chris's unsecured debt profile looked like this:

  • CitiBank Visa - $32,500
  • Mastercard - $15,000
  • Other Department Store Credit Cards - $8,000
  • Medical Bills - $5,000 (Chris's wife had an unplanned hospital stay resulting from illness)

Chris also had a mortgage on a new home for $200,000 and a recent car loan for $32,000, and we informed him up front that BRN typically can settle only unsecured debts, and that secured debt was typically outside of our scope (read about secured and unsecured debt here) and could not be settled. Chris had no problems with this, as it was his credit card debt that was causing him the most stress and resulted in him beginning to fear foreclosure and repossession of his car and home.

Within one week of speaking with Chris, BRN had contacted all his creditors and directed them to cease all collection calls to him, and instead call us regarding all payment issues. This had an instant effect in Chris' life, and he called us immediately to thank us. Chris, like many of our clients, had developed a real aversion to telephone calls because of repeated queries from both creditors and collection agencies.

That problem solved, we discussed Chris' financial situation with him and determined how we could best negotiate his debts. For the next two months, we used this information to create a debt repayment plan he could live with. Then, after agreeing to allow us to approach his creditors with the plan, the Bankruptcy Relief Network process begun.

After an 8 week negotiation process, we obtained the following results for Chris:

  • CitiBank Visa - $15,000 (a 54% savings on principal)
  • Mastercard - $5,000 (a 66% savings on principal)
  • Other Dept Store Cards - $5,000 (a 37% savings on principal)
  • Medical Bills - $2,500 (A 50% savings on principal)

(These results are definitely not the best we have ever achieved, but represent an average client experience. We discuss possible results during our first consultation and do not act on your behalf until we have received necessary permissions.)

Over the next two years, Chris saved the money he was applying to his monthly payments, and once he obtained a new job in the winter of 2000, began to build enough free cash to pay off the settlements we achieved for him. Our counselors helped him restructure his spending habits, and his credit card debt was completely satisfied by December of 2001.

If your financial situation is similar to Chris's, you may qualify for the Bankruptcy Relief Network program. Please call us today, or contact us here using our consultation form.

Bankruptcy Relief Network
501 W Broadway Plaza A
San Diego, CA
92101-3562
(619) 599-0316


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