subject: Credit Card Debt Solutions - Do Not Get Desperate and File For Bankruptcy [print this page] While many think that people go ahead and file for bankruptcy to get away from creditors this concept is not 100% true. There are many who have gone through a horrific time taking calls from clients and collection agencies in which they lost their peace of mind. To get away from this day to day harassment and calls many of them have gone ahead and filed for bankruptcy. The question arises is the right approach and is it going to serve the purpose that you are looking out for? These are technical questions which need to be answered in the right fashion.
You actually do not know that your bankruptcy will be filed under which section and if it falls in the wrong section your wages will be garnished and used for paying off the creditors. Under these circumstances the customers condition is more precarious than before he actually could not get away from the creditors and his credit profile has become tarnished for the next 10 years due to bankruptcy due to which he gets thrown out of the net of credit worthy individuals.
It is not easy to honor payments when your financial condition is not that great. Under such circumstances the customer should try for debt relief options like debt settlement or consolidation in which you negotiate with your creditor and get your debts reduced marginally and the interest rate of payment is also reduced.
The other factor to be kept in mind that during the negotiation process the debt relief company informs the creditor that the customer is contemplating bankruptcy if he does not get help from the credit giving body. No creditors want a bankrupt customer base as due to bankruptcy the customer is not liable to pay the creditors and he is relieved from all payments. Therefor bankruptcy is not in favor of the customer and the debtor also.
Therefore the creditors tend to open up for negotiation once they understand that they might not be able to collect the principal from the customer. It is extremely important that the customer should employ an intelligent debt relief company who knows to play the right trick at the right time.
Credit Card Debt Solutions - Do Not Get Desperate and File For Bankruptcy
