subject: Getting Out Of Debt Without Bankruptcy – Why Bankruptcy Should Always Be Your Last Option [print this page] They say getting into debt is very easy, but the one thing you never hear is how easy it is to get out of debt. Well I am here to tell you that there is debt relief without bankruptcy and after reading this article, you'll know how to go about reducing some that debt that must be crushing your spirit right now...
Bankruptcy = Big Disaster
I know that when our debts mount up to really huge sums, we sometimes feel overwhelmed and quite often we see bankruptcy as the 'easy' option. The reality though is that no matter how bad it gets, bankruptcy should never be considered and I'll tell you why.
When you file for bankruptcy, it stays on your record for roughly ten years and your credit rating hits the absolute rock bottom. Getting approved for a loan is difficult because lenders view you as a very bad credit risk. For this reason I would encourage anyone to seek out alternate forms of debt relief.
What is The Solution Then?
The single biggest alternative to debt relief without bankruptcy is what you call "debt settlement". It involves the lender forgiving or reducing your loan by a certain amount - usually 40 - 60%. The eventual amount depends a lot on your individual circumstances, but once you manage to get an arrangement in place, you can expect a reduction in the region mentioned above.
Getting a debt settlement arrangement in place takes a lot of skill as it has to be negotiated and lenders sometimes can be very tough. To get round this, most people employ the services of a debt settlement company, most of which can be found online. If you really want a solution to debt relief without bankruptcy, then debt settlement is the way to go.
Final Note: I highly recommend that you obtain a free debt evaluation in order determine the best course of action based on your financial situation.
Getting Out Of Debt Without Bankruptcy Why Bankruptcy Should Always Be Your Last Option
