If your debt has become overwhelming, you may have considered either filing for bankruptcy or consolidating your liabilities. Though these two options may seem similar, the end result varies greatly. Bankruptcy leaves you free of financial obligations. However, it also stays on your credit for up to seven year, making it difficult to rebuild a solid credit history for quite sometime. Credit card debt consolidation works differently. You and your representative work directly with creditors to negotiate a fair monthly payment plan.
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The Truth Behind Bankruptcy
Many people opt to file for bankruptcy when they owe far more than they can pay. Bankruptcy may require you to completely liquidate all assets, forcing you to turn in items such as cars and watercrafts. You essentially give back all that you have and start your credit history over. It is a very difficult process and new laws make bankruptcy even harder to file than years past. You are also obligated to pay large fees to your lawyer and spend time in court.
Consolidating Debt
Credit counseling services take all of your current liabilities and combine them into one negotiated monthly payment. You send the payment to your representative, who, in turn, disperses the agreed-upon amount to each lender. You are financially obligated to repay your loans, but at a lower cost than what was initially paid to each individual debtor.
Negotiating with debtors also stops all late payment fees and sky-rocketing interest rates. As long as you pay your monthly bill on time, your interest rate and fees will ceases to go up. Making one payment a month frees up some of your capital and allows you to start rebuilding your credit.
How Do I Know Credit Card Debt Consolidation is Right for Me?
Are you behind on your bills? Have your credit card loans been turned over to collection agencies? Do you owe thousands of dollars? If you answered yes to these questions, then contacting a debt relief organization will benefit you greatly. From your initial contact with a debt relief advocate, you no longer need to contact creditors. Harassing phone calls will stop, and your finances will be handles directly by your representative.
Even if you feel over-burdened with debt and don't know where to begin, your initial phone call will set your mind at ease. Each credit counselor has been highly trained to handle your situation and most have backgrounds in finance or counseling.
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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