Credit card users have been very severely hit by recession. A large number of users have accumulated debt beyond their means. They never planned out their expenditure properly. After having gone on a binge with their Credit cards they are now struggling to pay their bills. Once you have collected a debt of more than $10,000 it is very difficult to eliminate it without taking drastic measures. Bankruptcy is one such measure being advocated by all. Yet it needs to be considered with caution.
Bankruptcy is a legal procedure to help out people in financial difficulties. You may be required to hire a bankruptcy lawyer to handle your case. Bankruptcy provides protection for your current assets and future earnings. Assets like your home, furniture and personal assets are provided an exemption under bankruptcy. These are called exempt assets. The court appoints an arbitrator to take a stock of all your assets that are non-exempt. Then these assets are disposed off to meet your liabilities. Exemption laws are specified by the state governments. In most states homestead protection has been provided to protect your home. However some states have no exempt assets at all. Therefore if you happen to live in these states even your house will be put on block in bankruptcy proceedings. Another major disadvantage of bankruptcy is the massive harm it will do to your Credit Score.
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It will be more beneficial to negotiate your debt with the settlement company instead. In a out of court negotiation you settle the debt with the company. The company will be ready to waive even 50 percent of your debt. They are prepared to do this not because they are being very magnanimous but they are in deep financial trouble. If they permit most users to file bankruptcy they will break down financially. Thus you could settle your debt by making a one time payment of just 50 percent of your outstanding amount.
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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