If your ship is sinking with all your debts, you are probably thinking of bankruptcy. It is legal and better than hiding from your creditors. That way, you are legally given a debt settlement program where you are to pay in monthly installments. Yes, you do not have to pay them in lump sum at once. In return, however, you have a negative credit rating for seven to ten years. Quite cumbersome. It is certainly not a choice, if you can help it. Being on the brink of filing bankruptcy must mean that you are out of alternatives: friends who are hiding, amnesty programs that are not granted by your creditors, or debt consolidation loans that do actually change your debt amount. Bankruptcy seems to be the only way, but before you file it, drop by a debt management office to find real solutions.
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Sometimes, it is the creditor that files a bankruptcy petition against you so that they are able to recover a little amount of what they lost from lending you money. Whoever the initiator is, bankruptcy is bankruptcy. And as the debtor, you absolutely have to take such obligation, even if it means getting a bad name. However, with credit elimination services, you do not have to undergo such a burdensome and upsetting process in your life. Depending on your case, they can help you lower the total amount of your debt and monthly payments by giving you a quotation that fits your needs and situation. Your creditor might have offered you something like it, but no matter how you look at it, it does not reduce your total debt. Other alternatives include consumer credit counseling, which takes 6 years to complete. Do not be fooled by the period, because you still have to pay 100% of your debt, including the interests. Moreover, missing one payment might discontinue your program.
Third party debt reduction agencies cut to the chase and clearly give you an evident reduction on your debt. It will undoubtedly make filing for bankruptcy go out of your mind. Credit elimination services usually rip off 40% - 60% of your total debt. In addition, they divide payments which last for only 12-30 months. Your debt reduction agency then handles payments to your creditor. After this, you are certainly free of debt. This seems to be the easiest and the quickest way to get out of debt. Your credit performance even stays as it is. Furthermore, they do not include consumer credit counseling as one of their choices. It only proves that they exist to provide real and easy solutions.
After paying off your debts, you are then ready for home ownership and other credit needs. However, with your experiences of distress and misery from your sinking ship of debts, you probably want to stay away from credit card debts, loans, and other kinds of debt. Although this is ideal, you might just have to borrow money again in the future. When that time comes, you know that bankruptcy is not a choice. It only becomes an option when debt reduction programs cease to exist.
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