It is very tempting to go into bankruptcy proceedings to fully eliminate a heavy debt in one fell swoop. But before jumping into this major decision you need to ask yourself if you know what consequences await you at post bankruptcy. If you do not know the details, it is best that you seek out information about the matter first in order for you not to be caught flat-footed afterwards and to realise you can eliminate credit card debt without filing bankruptcy.
The first thing that you will have to go through is financial counseling where an expert will walk you through your financial situation, lifestyle and prospects. All of your assets and liabilities will be evaluated. The financial counselor will then decide if you are indeed able to bankrupt or not. They will recommend lifestyle changes to make you pay up debts if you do have the means. Then you could be denied the go signal to file for bankruptcy and if this happens you will be back to square ones with your creditors on your heels.
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If and when you do get the go ahead sign, that simply means that you will have to make regular court appearances and would need the services of a lawyer, which is costly. You would still need to make all the payments that you need to make. The only good thing that it can do you is prevent foreclosure and protect your property, but you can eliminate credit card debt without filing bankruptcy.
When the verdict finally comes out and you are under bankruptcy protection your credit score plummets to zero and you would not be able to access any loan or any form of credit any longer for the next decade or so. you would also be categorized as a subprime borrower making you disqualified for the better loan terms and would have to settle for the higher loan rates once the ten years is up. This is will be a burden for your financial recovery and it there are other solutions for you.
To avoid this, the better option is to go for debt settlement. Get the assistance of a debt settlement firm. You will be able to get out of debt in no time as long as you are willing to make some sacrifices. This means cutting down on some of your expenses, tightening your belt further in order to be able to set aside more money for pay the debts that you owe without having to go through bankruptcy proceedings. This is because your credit score will not suffer in the long term and you will be able to get back on your feet. Get help from a debt settlement company and get on your way to financial recovery. Get help and get out of debt for good.
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