subject: How to avoid bankruptcy - the top 3 debt relief programs [print this page] How to avoid bankruptcy - the top 3 debt relief programs
How to avoid bankruptcy and why should we avoid bankruptcy? Bankruptcy is a method which is been practiced among the community since some time in order to get rid of their liabilities. Once a person is unable to pay them off, they can declare that they are bankrupted thus unable to pay off the debt.
This declaration should be done through the courts. You should file a case to get the approval from the court that you are bankrupted. For this, you have to go through a lot of formalities and it will take a considerable time as well.
Once after you are declared to be bankrupted, the credit card company is compelled to eliminate your debt but they are not ready to accept a huge loss. There fore they have the right to interfere in your asserts and replace the debt with them. Why do you have to take such a risk when you have other better options?
What are they? The top 3 debt relief methods which I am going to discuss today are; debt settlement, debt consolidation and stimulus money.
Debt settlement is proven to be the best among all the debt relief methods. Thorough this way you have the chance to eliminate your debt without paying back in full. A debt settlement company can make this dream come true by reducing your debt. They can discuss with the creditors and make a reduction on your debt which at the same time you can pay it by installments.
Then debt consolidation is another debt settlement option which is mostly applied for huge or multiple debts. Through this method, one can get a huge reduction on their huge or multiple debts by consolidation all the debts together. This can save you a large amount of money which could have been wasted on eliminating them separately.
Then stimulus money is a option which is presented by the federal government which you can get an amount of money from the state to eliminate your debt. They will release the money to the credit card companies and they are convinced to reduce that amount from the debtor.
There is no magic bullet to get out of debt. However, debt settlement can be a viable option to eliminate unsecured debt while avoiding bankruptcy.
