Avoid Filing Bankruptcy - Why Debt Settlement is More Financially Prudent Than Filing For Bankruptcy

Avoid Filing Bankruptcy - Why Debt Settlement is More Financially Prudent Than Filing For Bankruptcy

Desperate times can call for desperate measures but it is best to stay away from going for the last resort when it comes to your finances.

Of course, this means you should avoid filing bankruptcy as even though it may give instant freedom from paying off loans in the short-term, the long-term effects can be potentially damaging.

A trustee will seize all your assets, you will not be able to run for public office if so inclined, your credit report will be in ruins and you will not be able to get a loan from traditional sources.

You may be able to get a loan from some place, but these so-called non traditional sources will charge you such a high interest rate it simply will not be worth it which means you should avoid filing bankruptcy.

Other factors:-

When you go for any other option on the other hand, you have found a more honorable way out. You will be able to hold your head high and tell anyone who dares to ask that you are paying off your loans, hopefully at reduced interest rates and easier repayment terms. This allows you breathing space and gives you time to get your finances in order.

Another reason you should avoid filing bankruptcy is because it can cause mental distress. Any time you want to start a business, apply for a loan or try to get a job, you will have to declare you are bankrupt. You will lose your status in society and bankruptcies have torn apart previously happy families, all an unfortunate fallout of spending like there is no tomorrow.

Basically you will have to start rebuilding your life brick-by-brick. You may be turned away from potential jobs because of your financial status further adding to frustration and making you wonder what to do to get a fresh start. Many have gone to other countries to escape the uncalled-for stigma to start life afresh.

Going for a debt settlement allows you to get a semblance of a new life although it will require you to watch your spending very closely.

Getting out of debt through a debt settlement process is currently very popular but you need to know where to locate the legitimate debt services. To compare debt settlement companies it would be wise to visit a free debt relief network which will locate the best performing companies in your area for free.

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