When you realize that you have acquired too much debt and that it had spiraled out of control, several things happen at once. Physically, you get nauseous and dizzy. You feel your heart pounding as your mind calculates the bleak future ahead of you. Your emotions experience the full impact of debt stress and you get anxious and distressed all at the same time.
A lot of Americans got really shaken up when the recession hit and a lot of them immediately opted to file for bankruptcy. This form of debt relief may be the fastest way to clear your debts (especially credit card debts) but in truth, it is the cowardly way out. Though you may think that you have no other choice and you are desperate to stop those collectors from calling you, bankruptcy is not your only alternative.
San Diego Bankruptcy Lawyers, Bankruptcy Attorney Dallas Texas, Seattle Bankruptcy Lawyer,
Before we can discuss how you can get rid of debt with resorting to bankruptcy, here are the reasons why it will do you more harm than good.
Your credit score takes a minimum hit of 200 points. Compared to the other debt relief options, bankruptcy will give your credit report the worst possible effect.
Financial assistance in the future will be difficult to acquire. Because your credit score got a big hit, financial assistance will be very hard to get. While it is not impossible, you will find it extremely difficult to get one - which is very stressful during emergencies.
You will not learn your lesson. Since this is considered the easy way out where most of your debt responsibility is lifted from you, you will not really have the chance to learn your lesson. If you don't experience the hardship of paying off your debts, you will not feel the real burden of your debts.
These are only some of the disadvantages of filing for bankruptcy. But if not for bankruptcy, what is your other option? For sure, if you have been contemplating this form of debt relief, you are certainly in dire financial conditions. Unless you are unable to work anymore, your only option to avoid bankruptcy is to increase your income. This is hard but you will find that all the hard work will pay off in the end.
You have two options before you - getting another job or cutting back on expenses. Most of the people who went through the difficult task of overcoming their debts oftentimes had to do both. Some had to take up to four jobs and others had to strip down to the basic necessities so they can maximize their current income.
It helps to enroll in a debt relief program like debt settlement or debt management. It really depends on how much you can grow your income but the bottom line is, it is a lot better than filing for bankruptcy. A lot of people are already on the mend and it is easier to get back on your feet if your credit score has not gone too low. The difficult times will only stretch as far as 5 years if you stay true to the details of your debt relief program.
While it is wiser to avoid bankruptcy, you need to consult the experts to be sure that diverting from this is the right course for you. Be sure to get professional advice from a debt expert or a bankruptcy lawyer to ensure that you are not making your situation worse.
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.
Rating of Borders Bankruptcy
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment