Debt Relief Services – Bankruptcy Is No Method Of Getting Rid Of Debtors

Debt Relief Services Bankruptcy Is No Method Of Getting Rid Of Debtors

When faced with huge debts and the inability to repay them, a common debtor is bound to panic. To add to the stress there are the numerous collection calls which can unnerve anyone. In such a situation chances are that all the resources of an individual are being spent towards paying the monthly installments. After paying the numerous instalments there is hardly any money left to look after the daily expenses leave alone the little comforts and luxuries. This is when a debtor may become desperate and start contemplating bankruptcy. However things are not as simple as that. If you file for bankruptcy, all your assets will be liquidated to pay of your creditors. You will be left with nothing to your name. Even your wages may be garnished which will make matters worse. Hence the notion that a bankruptcy will save you from repaying your debts is a false one.

At the same time bankruptcy has its own share of adverse consequences. A bankrupt individual will not get credit anywhere in the market. It will be difficult and more expensive to get utility services and necessities like insurance. At the same time the chances of a bankrupt individual of getting good employment are also not good. Getting a place decent to live may alo be more difficult. Moreover a bankruptcy remains on a person's credit record for 10 years and the public record forever. Rebuilding credit scores after a bankruptcy is almost impossible. An individual will have to live with very poor credit scores for at least 10 years.

These are the reasons why bankruptcy is no method of getting rid of debts. Instead if you are burdened with heavy debts you should opt for debt settlement. Under this procedure you can approach your creditors and request them to reduce the loan amount payable. This amount can then be paid off as a lump sum or in monthly installments. Even if you decide to pay the settlement amount in installments it will take a maximum of 48 months for you to become debt free. After this you can direct your resources towards rebuilding your credit scores which will take around 2-3 years.

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