There Are Better Solutions Other Than Just Filing Bankruptcy
There Are Better Solutions Other Than Just Filing Bankruptcy
Do you feel like bankruptcy is your only option with the amount of debt you have and the creditors harassing each and everyday? You have probably found all the advantages and disadvantages of seeking bankruptcy shelter. If you are carrying so much debt and bankruptcy appears to be your only option, is there really no other option?
You Can Make The Creditors Stop Harassing You
You do not need to file bankruptcy to stop the constant harassment of the creditors. You have legal rights that can help you from the constant harassment bombardment of the creditors. You do not have take it lying down when you are faced with menacing creditors. There are some state and federal debt collection law that can protect from such organizations.
Credit Counseling Can Avoid Bankruptcy
You can emphatically avoid bankruptcy if you can manage your debt better with the help of good credit counseling program. No doubt by now you have received many offers for debt consolidation, credit counseling, or debt management programs. Debt management outfits such as credit counseling or debt consolidation companies help you manage your debt through budgeting and paying off the debt consistently. Although the idea of debt management seems attractive, please be careful of scam programs out there. You can get an idea if the credit counseling organization is legitimate by asking some of the subsequent questions:
What types of program do you have to help me with my debt problems?
This method is quite easy to discover if the credit counseling agency is legitimate or not. If the representative on the line is not willing or cannot answer this easy question, that means they are more concern to sign on new clients than helping you.
Does your agency give commission if I can find you new customers?
This is more of a judgment call. If the agency is looking to get more clients and is willing to pay for new clients, how well serve will you be when all they want to is to get more clients, hence more profit down the road for the agency itself.
Where and how often can I get the status of my account
Make that the credit counseling company is doing its job. They have to be able to provide you with a regular report telling you of the activities of your account.
Is this a non-profit agency?
As a general rule of thumb, you want to find a non-profit agency which is more likely to help you and educate you on how to fix your debt problem.
How often do you pay the creditors
It is important to know how often the credit counseling agency will pay the debt on your behalf. The faster the credit counseling organization can pay off the creditors, there is less likelihood that you will charged late fee. You want to pay the least amount of interest on your loan, so make sure that the credit counseling agency is doing its job.
Engage Your Creditors And Negotiate The Debt
In this depressed economic time, many banks and creditors hurting financially just like you and I. They are also struggling to make money because their customers cannot pay as much as they used to. Talk to the loss mitigation department of your creditors, sincerely justify your situation to them, and try to work out a deal. Once you can get the creditors to rework the debt that you had previously owed, hopefully you will have enough money to pay all your debt over time and avoid bankruptcy at all costs.
If you need additional information regarding bankruptcy, please visit ToFileBankruptcyOrNot.com.
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