There was a time when people selected the option of bankruptcy when they felt that they were not in position to pay back their debts but now in this modern time bankruptcy is not the only option left to get rid of this problem. Some useful alternatives are there to help people and along with them the government has made these alternatives more reliable and attractive.
If you are under the burden of huge payments and you are thinking to file for bankruptcy then at least once compare other possible options which are definitely in your favor and study those methods that what are their positive and negative points so that you can choose the best option for yourself. At least you should be aware of the risks and negative points of bankruptcy before thinking about choosing it. If you file a bankruptcy case then you will have to hire some lawyer and that definitely lawyer will not work for you free. Nowadays, lawyers demand very high fees for filing a case for bankruptcy. Moreover, it is not guaranteed that the case will go in your favor. Most commonly used alternatives for bankruptcy are Debt consolidation and Debt Settlement programs.
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In Debt Consolidation, simply all small loans are converted into one big loan and a new loan is provided to pay it back. Normally the interest rates offered on this loan are lower than you are already paying in your small unsecured loans. This type of loan is normally a long period loan like 5 or 10 years, depending upon your financial situation. In debt consolidation, some of your assets are mortgaged and hence the lender feels more secure so he offers less interest rates loans but the drawback of this loan is that the credit companies are very strict in installments and if they are not satisfied with your repayment dates then they may break their agreement anytime. Another drawback of this loan is that they are very long period loans.
In the debt settlement program, you have to hire a debt settlement company who first understands your financial situation and then makes a plan for you. Then that company negotiates with your creditor and persuades him to settle some middle way which is both acceptable to you and him. In debt settlement programs an experienced company can persuade your creditor to wave off up to 50 % of your actual amount and this is a very relaxing figure for those who are buried under huge burdens.
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