In the past years, many people who were in debt opted for bankruptcy instead of choosing other methods for debt elimination. This was mostly because of the lack of information about debt elimination methods. Debt settlement exists since the late '80s, but it only got popular last year, when the government struggled to keep people from filing for bankruptcy.
What the government did to promote debt settlement was to give stimulus money to the credit companies and make bankruptcy laws a little harder. Nowadays, it is more difficult to go for bankruptcy than for any other method in order to eliminate debt.
Bankruptcy Lawyers, Arkansas Bankruptcy Lawyer, Bankruptcy Attorney,
Following I will give you a list of disadvantages when going for bankruptcy.
Credit card score- when choosing bankruptcy you have to expect to have your credit score lowered a lot. People with a low credit score usually get loans with a lot of effort; some of them cannot even get any loan for a couple of years.
The difficult process- bankruptcy includes going to court, spending a lot of your time dealing with paper work and a huge amount of stress.
Losing assets- one of the methods to pay for your debt, when choosing to go for bankruptcy, is usually selling your assets. You don't get to do it yourself, the court decides when it's OK to do it and starts an auction for them. You will get to see how your items are sold in order to pay for your debt.
Expensive lawyer- if you go for bankruptcy you have to hire a lawyer to represent you. We all know that lawyers can be very expensive, so you have to spend even more money and you know that your financial situation is not that good, so you don't really afford throwing money away.
As you can see, bankruptcy includes a much difficult process than any other debt elimination methods. Why struggle with bankruptcy when there are methods like debt consolidation and, even better, debt settlement. Debt settlement is a great option and is definitely less tiring than bankruptcy. Millions of people are choosing debt settlement as their primary way of debt elimination.
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.
Rating of Bankruptcy Process
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment