First, you must avoid declaring bankruptcy because it will negatively impact your credit for at least seven years. In addition, it will destroy your self-esteem and cause you a great deal of anxiety. There are numerous alternatives that will cost roughly the same as hiring an attorney to file for bankruptcy.
Your first choice should be a credit counseling service. Typically, these are non-profit organizations designed to assist you manage your debts. They will charge a modest fee for their services, but they will help you get out of debt and remain debt-free. You only need the discipline to adhere to the plan that they have created for you.
Your next option is to utilize a debt consolidation service that will negotiate with your creditors and assist you in settling your debts for approximately half of what you actually owe. This can save you a substantial amount of money and get you out of debt very quickly. You must be aware that they will charge you a reasonable fee for their services, but it may be well worth the cost.
The final option is to speak with a cleric or pastor. They can help you get out of debt or refer you to a church member who has volunteered to provide financial counseling. This is a wonderful option because it is free and will incur no expenses.
Filing for bankruptcy should be a last resort and should only be considered if you are deeply in debt and have no other options. You should only declare bankruptcy if you owe more than $50,000 and earn less than $30,000 annually.
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