Thursday, April 26, 2012

Are You Considering Bankruptcy?

If you are struggling under a mountain of debt, and there looks to be no end in sight, no hope... Then it might be time to consider filing for bankruptcy. Bankruptcy is a form of debt relief that legally allows a debtor experiencing financial hardship to walk away from or restructure their obligations, providing a second chance to those in need. Banrkuptcy is a serious decision that can provide relief from your obligations but it comes with its own set of costs to your credit and your future that should be understood clearly before you decide if this is the right solution for you.

Bankruptcy Is A Last Resort

There are a variety of long term effecs to filing for bankruptcy that you should be fully aware of before you decide to go bankrupt. Your credit score and ability to get approval for a variety of financial instruments, including credit cards, home loans, car loans, business loans and more. In addition, a variety of other services and products use your credit as a means of evaluating risk and can be impacted. Landlords commonly check your credit when deciding on your viability as a tenant, insurance can adjust rates based on your credit and financial lenders that held balances with you that you walked away from in your bankruptcy can refuse to do business with you for life. In summary, there are far reaching consequences to declaring bankruptcy that should be fully understood before you file.

What Can Be Accomplished By Going Bankrupt

There are two types of bankruptcy, Chapter 7 and Chapter 13, each with their own advantages and disadvantages. Depending on your hardship and financial situation, there are often avenues of bankruptcy law that allow you to protect some of your assets while walking away from a number of your obligations. Recently the bankruptcy code has been changed making it more difficult than ever to navigate a successful bankruptcy, so we strongly suggest you consult a bankruptcy lawyer to discuss your situation directly.

Bankruptcy Alternatives

There are alternatives to bankruptcy even when your back is against the financial wall that you might not be aware of. Please take a look at some of the alternatives to going bankrupt that might apply to your situation and help you avoid filing.

Credit Card Debt Settlement

If you are being burdened by high interest unsecured credit card debt, you may have more leverage than you think. Credit card debt is typically not secured, meaning their are no assets tied to their repayment other than your word and credit score. Find out how you can eliminate up to 70% of your credit card debt without filing for personal bankruptcy.

Debt Consolidation Loans

You might be able to avoid going bankrupt by restructuring your debt through the use of consolidation loans. By extending the terms of your short term debt obligations, you often can reduce your monthly bills by as much as 75% providing instant relief. A new better rate loan that pays off your high interest debt can have you paying more towards reducing what you owe and put more cash in your pocket monthly to get you back on your feet.

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