Avoid Filing For Bankruptcy! - Before Declaring Bankruptcy Consider Your Debt Relief Options

Avoid Filing For Bankruptcy! - Before Declaring Bankruptcy Consider Your Debt Relief Options

Working toward debt relief is a confusing time in this world of a shaky economy. The confusion tends to revolve around the debt relief options available to the average consumer. If you've found yourself in a position where you must take action to salvage your life or lifestyle, consider your debt relief options carefully. While it may be tempting to opt for bankruptcy to wipe out all of your debt, there are reverberations you need to be aware of that will continue to echo into your financial future. Bankruptcy will label you a bad risk for years to come, so here are a few suggestions to dwell upon:

1. Avoid filing for bankruptcy - If you have other options, it would be worth your while to check them out before you declare bankruptcy. Organize and scrutinize your bills to determine just how far into debt you are. If you have a lot of unsecured debt, credit card bills over $10,000, you may want to consider another route. Bankruptcy is a last chance resort, a desperate ploy that looks good in the short run, but turns into a disadvantage to you in the long term. You might want to consider another debt relief strategy called debt settlement.

2. Debt settlement - Debt settlement as a debt relief strategy may be a better option if you want to get out of debt and avoid filing for bankruptcy. Financial settlement is a method where you find a debt settlement company who will assist you in looking over your situation, determine how much you owe and will be your representative to negotiate with the credit card companies to not only settle your debt, but settle it for less than you actually owe. Financial settlement is perfectly legal. Credit card companies are willing to barter down your debt so you won't have to file bankruptcy. They would rather get something than to get nothing, and you get to negotiate a settlement cost that you can live with and pay back honorably and avoid filing for bankruptcy.

Your credit history will repair itself and you'll be out of debt in a faster time frame than if you attempt to make that minimum payment for the next hundred years. Avoid filing for bankruptcy by checking into the debt settlement process.

Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement.

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