Believe it or not, bankruptcy can be a responsible and intelligent decision to make. After all, bankruptcy laws exist as a means of providing protection for Americans in heavy debt. The idea behind these laws is to allow debtors to pay back their debts, and if you are heavily in the red, bankruptcy might be your best option, pure and simple.
However, bankruptcy is usually your last option, and it's still best to avoid it if you can. Depending on what chapter you file under, you could lose credit ratings, property, and your ability to secure a loan in the future. Starting over after bankruptcy can be like starting all over again, building up a respectable credit rating from nothing and trying to get your life back together.
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Understandably, you'd want to avoid this whole awful process if at all possible. Even if you're staring bankruptcy in its eyes, you may still be able to avoid it by following one of these ways to avoid bankruptcy:
Debt settlement. Debt settlement is pretty much what it sounds like: a deal you make with your creditors to avoid the lengthy and expensive court process of declaring bankruptcy. Lenders don't like bankruptcy any more than you do, because it's expensive, drawn-out, and they aren't guaranteed to get much money back. In a debt settlement agreement, your creditors will agree to cut the debt by 40-60% in an attempt to guarantee the repayment of the rest. Contact your creditors or a lawyer to represent you to get this process started. Debt consolidation. A debt consolidation program allows you to consolidate all of your debts into one large monthly payment. In addition, late fees from credit cars are eliminated, and the program improves your credit score. Debt management. In this option, a counseling agency works with you to put together a plan to stay current on your bills and thus reduce your debt. The agency will help you reduce the interest rates you pay and avoid expensive late fees. This can help you reduce your debt by helping you keep on top of your spending.
If these don't sound like they're a good fit for you, you can also try your own method, although the problem here is that you're not a trained professional. However, if you can put together a program and stick to it, you can save money that you would have spent on services. Keep in mind, though, that your spending practices put you in debt in the first place, and the help of a professional may be worth the expense.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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