subject: Alternatives to Bankruptcy - Other Debt Help Options [print this page] There are many alternatives to bankruptcy for people who are overburdened with a vulgar amount of dues. People, who do not indulge in any research, foolishly opt for bankruptcy thinking it to be the perfect solution for every kind of financial problem. No matter how worse your condition is, there is always a better alternative than bankruptcy. It cannot and should not be your last resort. You should act before you reach the stage where you have to take the hazardous route of bankruptcy. If you do not have time to research on the possible debt help options, you can take the easy route of browsing through the net and getting informed on them sitting at home. There is another thing that you can do i.e. opt for a counseling session and determining which is best for you.
One possible option is debt consolidation. It is a process with the help of which you can bring the different dues under one platform so that you do not have to pay separately for them. Each month, you have to make only one monthly payment for all the dues and come out of the mess slowly and steadily. One of the main disadvantages, however, of this method is that it takes a lot of time to make a person free of dues. Moreover, a consolidation loan is not easy to acquire. Your credit score has to be impressive in order to get qualified for it. Rather, it makes sense to opt for a settlement program for the purpose. When it comes to alternatives to bankruptcy, it is the most preferred choice.
A settlement program works for a number of factors. Out of them, the most significant one is getting a waiver of around 50% to 60% on the total amount of dues. This is one privilege that you cannot afford to enjoy in any other method of settlement, least of all bankruptcy. Getting such a waiver is not easy. It involves the difficult job of persuading the lenders who are hard to please and do not give in easily. However, with the help of a negotiation process, you can expect to achieve the impossible. Moreover, the only criterion that you have to fulfill in order to get selected for such a program is to have $10,000 debt amount. Therefore, you have no reason to think that bankruptcy is the only way out for you.
If a consumer is over $10k in unsecured debt and is currently experiencing a financial hardship then debt settlement can be a viable option to eliminate debt and avoid bankruptcy.
Alternatives to Bankruptcy - Other Debt Help Options
