If you want to eliminate your debt in order to avoid the credit card bankruptcy you will have to do more than just paying the minimum monthly balance. It only includes the interest on your balance debt amount. In addition to finding the legal ways of either reducing this interest or the entire debt balance you also need to find out some creative ways to face the financial hardships. If you do not find out a way to get rid of it you may end up paying your creditors for as long as thirty years.
Here are some of the things that you can do to avoid credit card bankruptcy. Locate some top performing debt settlement companies operating in your area. Check their track record, legitimacy, registration, certification of the professional arbitrators and success rate of negotiations they conducted since they are in business.
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After that find out the company has membership of any reputed debt relief network or one of the various organizations that provide membership to only reliable companies. To be sure of hiring only legitimate and reliable company that complies with standards of debt settlement industry and have certified arbitrators you can check at one of the following places
• Better Business Bureau
• The Association of settlement Companies
• Office of State Attorney General
• Chamber of Commerce
• U.S. Department of Justice's U.S. Trustee Program
Your financial institution or creditors can also recommend you to a legitimate debt relief program. They do not want you to go bankrupt so they will show willingness to help. With negotiation they can recover some of their debt than losing all money if you go bankrupt. With settlement you not only avoid bankruptcy but also save yourselves from lot of embarrassment and bad credit.
Till you succeed to locate a top performing debt settlement company you can also do something on your own to avoid bankruptcy like you can save some money by making proper budget to pay more than minimum balances to your creditors. It will stop the debt balance from increasing further.
Build up a plan to systematically eliminate your debts keeping the elimination of high interest debts on top priority. Use your extra assets or saving accounts to pay as much of your debts as possible. Try to manage your expenses and deliberately cultivate a habit of living frugally. All this factors will help you to take a step in the direction of avoiding bankruptcy.
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