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Avoid Filing Bankruptcy - What Options Exist Other Than Filing Bankruptcy to Eliminate Debt?

Avoid Filing Bankruptcy - What Options Exist Other Than Filing Bankruptcy to Eliminate Debt?
"""Why are we filing for bankruptcy protection? The number of individuals filing for bankruptcy has increased dramatically in recent years. According to the majority of loan applicants, this is the simplest method to combat liability issues. However, the majority of them are oblivious of the resulting complications. Insolvency is a source of shame. It damages your reputation and erodes your credibility. Every other individual in the United States is disturbed by liability concerns. However, there are alternatives that are less hazardous and unsafe. How can you seek for these alternatives and determine which are more productive?

What other alternatives exist to discharge debts besides bankruptcy?

Specifically, there are three alternatives to bankruptcy that can be used to address credit card issues. These alternatives are listed below.

1. Settlement and removal

According to the majority of people, this option yields the best results, so many of them favor it over the alternatives. Debt settlement does not make your payment terms simpler. It reduces your payments, so you must pay the credit card company a lesser amount. Let me give you an example. Consider that you have been delinquent on your credit card payments for six months. During this time period, your delinquent balance reaches $40,000.00. Such a large sum is nothing short of a catastrophe. Even an average settlement agreement would result in a fifty percent reduction. If fifty percent of your dues are eradicated, you will be left with 20,000 dollars.

Your settlement consultant will file for a payment plan with installments. The more time you are given to pay, the simpler it will be for you to do so.

Debt consolidation rather than bankruptcy

As a result of combining your debts, debt consolidation enables you to pay less. This means that even if you use ten credit cards, you will only receive one monthly statement. Through debt consolidation, all of your obligations are added together, and then a certain amount is deducted as a discount.

Why should you avoid declaring bankruptcy?

In addition to examining alternative relief options, you should understand why bankruptcy is not a primary solution. The straightforward explanation is that bankruptcy carries a significant disadvantage. If you declare bankruptcy, your credit rating is ruined. Therefore, avoid declaring bankruptcy.""

" - https://www.affordablecebu.com/

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"Avoid Filing Bankruptcy - What Options Exist Other Than Filing Bankruptcy to Eliminate Debt?" was written by Mary under the Finance / Wealth category. It has been read 219 times and generated 1 comments. The article was created on and updated on 03 June 2023.
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