Chula Vista means “nice view” in Spanish. As its name implies, the city has some of the most picturesque vistas in the United States. With mountains that can be seen rising thousands of feet above the semi-tropical ocean beaches, few places offer such idyllic surroundings in which to play and work.

The Chula Vista economy is a veritable powerhouse. Located just 7 miles from downtown San Diego, the community is buoyed by San Diego’s thriving industry. With one of the largest military presences in North America, the San Diego metro area features two major U.S. Navy bases and Miramar Marine Corps Air Station. The North Island Naval Base is home to the majority of the Pacific Fleet’s capital ships. At any given time, San Diego is home to tens of thousands of naval personnel on shore leave or residing permanently.

The San Diego area’s private economy is no less impressive. As one of the major centers for the U.S. telecom industry, it hosts the headquarters of companies such as, Qualcomm, Alcatel and many others.

Tourism is also a major component of the San Diego area economy. Sea World draws millions of visitors every year. But most people just come for the pristine climate and many activities such as golf, surfing, hiking and shopping that can be enjoyed year round in the ocean side city. Charles Lindbergh International is, by far, the busiest single-runway airport in the United States and one of the busiest final-destination airports in North America. It may also be the most conveniently located major airport in the world, just a two minute taxi ride from downtown.

The unemployment rate in Chula Vista is remarkably low. At just 4.6 percent, it’s lower than the 5.5 percent average for the state of California as a whole. Its unemployment rate has fallen dramatically since 2010, when, at 10.3 percent, the city was still reeling from the effects of the 2007 housing crisis.

Housing prices in the city have since rebounded. But it turns out, that’s not necessarily a good thing for everyone. Chula Vista has some of the highest housing costs anywhere in the nation, with the average home price for the entire San Diego metro area at just under a half million dollars. This has led to unaffordable circumstances for the majority of the area’s working class. Many working families are forced to move as much as an hour away to distant exurbs and then commute every day to and from work. What’s more, while the nicest California neighborhoods have recovered from the housing crisis, with home prices returning to near 2006 highs, lower-end neighborhoods have often been left with severely depressed home prices. This has wiped out millions of Californian’s net worth, as they find themselves upside down on homes that were once valued at hundreds of thousands more.

The consequences of this unequal distribution of California’s prosperity can be seen in the record setting number of yearly bankruptcies in the state. For Chula Vista residents facing difficult financial situations, declaring Chapter 7 may seem like the easiest way out. But there are other options. Debt settlement can be a viable alternative that doesn’t come with the steep costs of a bankruptcy.

Which Chula Vista residents can debt settlement help

Debt settlement is a way that many debtors can reduce the size of their debts and get rid of them forever, without the horrible costs of declaring bankruptcy. If you have a large amount of consumer debt, and you have identified and corrected the underlying spending patterns that led to its accumulation, you may be able to benefit from debt settlement. The only additional requirement is that you should be able to complete the program in at least three years. Beyond that, the costs of remaining in crushing debt begin to outweigh the costs of a bankruptcy. In other words, if the debt load is very high, relative to the debtor’s income, a bankruptcy may still be best.

However, debt settlement can often times offer benefits nearly as great as bankruptcy. The chief goal of going through Chapter 7 is complete discharge of all unsecured consumer debt. With debt settlement, the debt usually won’t be completely discharged without some sort of a lump-sum payment being made. But with a good debt settlement company, reductions in the principal amount owed of up to 75 percent are not unheard of. Reductions in principal of 50 percent and more are commonplace. What’s more, debt settlement only slightly tarnishes the debtor’s credit rating and only for the short term. Hits of 75 to 150 points on the debtor’s credit rating are common. But with a good credit repair strategy, those blemishes can be eliminated in a matter of months. When declaring bankruptcy, the debtor will be unable to obtain any credit cards, auto loans or mortgages for up to a decade. In addition, he will be unable to get small business financing and may be ineligible to serve in an executive role for many companies.

For these reasons, the power of debt settlement to avoid the worst costs of bankruptcy makes it a very attractive alternative to declaring Chapter 7.