First, bankruptcy is a lengthy procedure in which the court requires time to reach a decision. There is no assurance that the court will accept your bankruptcy petition. In addition, bankruptcy will remain on your credit report for seven years. In addition, filing for bankruptcy will cause your credit score to plummet, and it will take years to reestablish. The standards for declaring bankruptcy are constantly changing, which can make it difficult for individuals to declare bankruptcy.
Instead of filing for bankruptcy, you should investigate credit counseling or contact a debt settlement company. Numerous organizations offer debt relief services for a nominal fee. On behalf of the debtor, the companies negotiate with the creditors to reduce the monthly payments. After obtaining an agreement from the creditors, the companies return to the debtor and present the new repayment schedule. After that, you only need to submit the funds to the company, and they will distribute them to your creditors.
On the contrary, credit counseling is somewhat distinct. Here, creditors receive assistance with financial planning. Counselors instruct individuals on how to avoid debt and better manage their finances. Individuals are taught the necessary skills to better manage their finances.
Taking into account all the disadvantages of bankruptcy, it is preferable for individuals to work with debt settlement or credit counseling companies to assist them out of their financial mess.""
" - https://www.affordablecebu.com/
