In the early days, keeping credit card was termed as a status symbol but, due to recent bangs of recession, this status symbol has changed into necessities. The income level and expenditure level both are going in opposite directions. The income level is decreasing while expenditure the level is increasing with a skyrocketing speed. All these conditions have forced people to use of credit cards because their limited income is not sufficient enough to help them in meeting their monthly or day to day expenses. The Utilization of credit cards is good but only when. A person knows the accurate use. If once, a person uses the card extensively, then the end results will emerge in the form of massive credit card debts. At this stage, mostly people think that filing for bankruptcy is the best way to deal with the problem of unsecured unpaid debts. Bankruptcy is never considered as the wise solution because in this way, both the lenders and borrowers will face loss in the end. The only advantage of insolvency is that a person is able to get rid of all debts in a very short span of time. The Financial institutions never encourage for bankruptcies due to which changes have been made in the laws of bankruptcy. So, in this way, e ratio of insolvency in country can be brought down.
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The new laws of bankruptcy are stricter as compared to the past ones. The new laws clearly state that a person has to pass many tests that will assess their income and expenditure. if the outgoing amount is more than the incoming amount, then a person will be able to file for bankruptcy. Apart from this, the new laws also clearly state that a person has to pay some amount to the lenders even if he/she is declared bankrupt. In order to file for bankruptcy, a person has to take the help of bankruptcy's attorney who are very expensive because they charge large amount of money in the name of their fees.
Filing for bankruptcy to get rid of all your unsecured credit card debts is never a sensible decision. it is more of like and emotional decision. That is the reason why it is an advice to hire the services of debt settlement companies in this aspect.
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