When a person is burdened with a massive amount of debts on his shoulders and has no financial support to get out of the crisis, bankruptcy is often considered as the easiest way out. However, it is always better to consider opting for debt settlement rather than filing bankruptcy.
Bankruptcy is not advised by the financial consultants as it is a costly and time consuming process. You may have to hire an attorney to file your case and may often need to visit the court as well as take many tests before you can actually apply for bankruptcy. Once you file bankruptcy, it will stay in your credit history for more than 7 years and you cannot declare bankruptcy again for another 5 to 6 years..This means you cannot take any new loan in the future nor you can reapply again for bankruptcy for another 5 to 6 years.
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Due to bankruptcy on your credit card your future application for any new loans may be declined or charged with much higher interest rates. You may have to deal with many other issues as well like a bankruptcy may make it difficult for you to apply for a new job since a person has to declare any bankruptcies in his job application form which may create a negative image for the potential employer and he may not want to hire an employee who has a bad credit report in the past.
In order to avoid all the disadvantages related to bankruptcy, it is usually beneficial for any consumer to opt for debt relief through debt settlement.. A consumer who has a massive loan amount of $10,000 or more should consider a financial settlement to reduce his liabilities by 50 % or more. Once the debt settlement consultant negotiates a reduced amount with the creditors, the consumers can either pay lump sum or pay in easy installments whichever is convenient for them. Thus debt settlement is more flexible and economical alternative to bankruptcy and the consumer has to repay an affordable amount to the creditors in order to close his loan account as fully settled without any negative consequences on his credit history as well.
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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