Numbers and figures and due dates and phone calls and threatening letters can overwhelm and the next thing you know your are out of control and find yourself petitioning for personal bankruptcy. Doing so involves serious and long-term ramifications. You need to understand exactly what you are doing and why. When faced with this conundrum, examine the laws within the jurisdiction of your residence. It could very well be time to employ a bankruptcy lawyer. But wait, continue reading...
Consider the Alternatives
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Before declaring bankruptcy, you must methodically research and consider all the opportunities available to you short of bankruptcy. Often, just looking at the alternatives can provide you with enough fortitude to start confidently looking around the bankruptcy ultimatum. After all, bankruptcy is a last resort. It is not a decision to toss off. The onus of bankruptcy is so great, be sure you sniff out every alternative, scour every work around.
Settling Your Obligations
One alternative would be an attempt to settle the debts. Even if you do not have the wherewithal to fork over the cash, at least contact the creditors to see if there is the possibility of a mutually agreeable denouement or repayment plan. Indeed, ignoring those to whom you owe can make a bad situation worse. However, direct confrontation, while possible hazardous, could give both you and your creditor some peace of mind. Of course, you already know that creditors and their representatives can be unbearable in their zeal to collect a debt. Your bent ear is evidence enough.
Think About Adding Another Debt
It may sound foolish, but perhaps you could seek another lender to supply the funds to assuage your other present creditors. Of course, adding another debt to what is fast becoming an intolerable financial situation, could be the last straw - a roundabout way to bankruptcy. But, debt consolidation might be a viable solution. Since your credit history is already shady, you may need to post some sort of real-value collateral. This is usually real estate or stocks and bonds. You are asking for a loan that will entail considerable risk to the lender. Because of the precarious situation, interest rates may be rather high. But with one loan, you would have one payment, of one amount, due on one day of the month, all at one interest payment. Sounds manageable.
Credit Counseling
Non-profit credit counseling agencies exist to help you devise repayment plans acceptable to you and your creditors. These agencies can give you some breathing room as things are put on hold and exigencies worked out. It should also put an end to harassing calls. The counselors may even be able to negotiate lower total debt amounts.
Of Course...
If you have tried all the options listed above and found no satisfaction for yourself or your creditors, your next step may very well be bankruptcy. If it comes to that, get a a hold of a competent attorney who handles cases such as yours. The should know the bankruptcy and debt laws in and out for your jurisdiction and be capable of presenting an adequate show to your best advantage while in court.
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