Despite severe financial hardship, you may not need to go bankrupt. There are good alternatives to bankruptcy and it is well worth the time to investigate these options prior to making that final financial solution of going bankrupt.
Even within bankruptcy there are options, with Chapter 7 and Chapter 13 bankruptcy. Under Chapter 7, all debt is dismissed except for those you decide you can pay or debts that are not subject to bankruptcy. With Chapter 13 bankruptcy, you are reorganizing your debts and paying them while keeping your assets intact. There are qualifications to meet under both these options. There are four more bankruptcy options but they are specialized and not used by the general public.
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It is important to note that even under Chapter 7 bankruptcy, there are certain kinds of debt that cannot be eliminated, such as child support, tax liens, federal student loans, etc. So if your indebtedness is comprised of a lot of these types of debt, be aware that filing is not going to help you much.
Aside from bankruptcy, there are many steps you can take that are not as drastic. Your financial situation is unique, and a free bankruptcy evaluation from a trained professional can save you a lot of headaches and distress. You may not need to go bankrupt, and the evaluator can go over your debts with you and offer alternative solutions to bankruptcy.
One option is to do debt consolidation, or a debt settlement procedure. With these programs, you still pay your creditors, and try to meet your obligations. You can cut a deal with your creditors, and they may agree to drop fees, lower interest rates, or even reduce your balance in a settlement. There are many companies who provide debt consolidation services.
Under some programs, you pay the consolidation service monthly into a special account. When that account reaches an amount where a settlement offer can be made to your creditor, that company will negotiate for you to settle the debt. Other plans involve a program where you send a large amount of cash to the consolidation company each month, and they distribute your payments among your creditors. The creditors will agree to do this, and even possibly reduce fees, penalties, and balances because they know they will be paid something.
It is easier to work with a financial bankruptcy evaluator to determine if you can avoid bankruptcy. You will save in fees, and your debts will be handled in an acceptable manner without the negatives that going bankrupt will bring to your life and credit history. Bankruptcy will be on your credit record for at least ten years. Other solutions are better for you than bankruptcy.
You may not need to go bankrupt even in the worst situation. Bankruptcy has long lasting negative financial effects. Before acting, take time to get a free bankruptcy evaluation from a trained professional. You need to understand where you stand, and what options other than bankruptcy are available to you.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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