Bankruptcy was the only solution for people who found themselves in debt in the past. However, because most people filled for bankruptcy instead of paying their debt, the economy went in recession. The government came up with new laws to prevent that from happening in the future. Nowadays, people who want to file for bankruptcy have to go through a more difficult process than before. There's more paperwork, more stress, and a much lower credit score. In fact, if you file for bankruptcy you won't be able to get a loan for a few years.
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Although you may find this a little severe, you need to know that there are much better options than bankruptcy. One option is debt settlement. Debt settlement programs are highly recommended by the government. Actually, the government issued stimulus money to pay back creditors for the discounts they make for their consumers. Although settlement programs were available for a long time, they never were so popular as today.
Another good reason to choose debt settlement is the fact that all the paperwork is done by the debt settlement company you choose. They will also offer free financial consulting before the process. Also, if you file for bankruptcy you need to hire a lawyer. We all know that lawyers can be really expensive and you don't need other unnecessary expenses. The debt settlement company will also charge a fee, but that's not at all as big as a lawyer's fee. Also, the fee will be taken after the whole process is finished. Don't trust companies that ask for fees before starting the negotiations.
So, as you can see the new laws have definitely made settlement a better option than what people usually went for. Instead of going for bankruptcy or having terrible debt problems, people can now choose a settlement with the help of the government and many settlement companies. All you need to do is check that your debt is over 10000$ and make sure that the company you choose is a reliable one. It's very simple to get rid of your debt with the new laws so why not benefit from that?
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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