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Legally Eliminate Your Debt When You Can't Pay - Pros & Cons of Filing Bankruptcy

Legally Eliminate Your Debt When You Can't Pay - Pros & Cons of Filing Bankruptcy
"""Each year, millions of Americans must make exceedingly difficult financial choices. Americans who experience a divorce, a sudden loss of income, or a medical emergency are forced into bankruptcy when they cannot afford to pay their credit card balances each month in addition to their monthly living expenditures.

When it comes down to paying a creditor or providing a shelter over your children's heads, the answer is clear: your children, your wife, and the welfare of your family must take precedence. When faced with the reality that you are destitute and in desperate need of assistance to get back on your feet, it's a genuine drag. Confronting the truth is disagreeable, but it is the first step required to embark on the path to financial independence.

Insolvency Pros and Cons

Now, you must realize that declaring bankruptcy is not a method for scofflaws to avoid paying their debts by accumulating a large amount of debt and then filing. Bankruptcy is a legal protection for those who are in dire straits and must choose between paying their bills and not being able to support their families or defaulting on credit card payments in order to barely stay afloat.

Bankruptcy is a protection for you and your family, but there are pros and cons to consider.

Pros:

1 Almost all of your debts will be eliminated. 2 You will be able to start over with a clear slate. 3 You will no longer receive harassing phone calls from creditors and debt collectors.
4 There will be no more litigation or wage garnishments.
All the money you were paying to credit cards for minimum payments can now be used to open a savings account, pay rent or buy groceries without having to fret about where the money will come from.

Cons:

1 It will remain on your credit file for seven years.
It will impact your ability to obtain a mortgage or auto loan, but it's likely that your credit was already poor before you filed for bankruptcy. At least you can now begin to rebuild your credit.
3 You must navigate a difficult and complex procedure.

Eliminate all of your debts properly. Avoid Fraudulent Credit Settlements!

The only legal method to eliminate debt is by filing for bankruptcy. Credit settlement agreements and debt consolidation schemes can land you in serious difficulty. These alternatives will not protect you from legal action or wage garnishment. With a Debt Free Life, you can start over and provide yourself and your family with tranquility and serenity. You only need to schedule a free consultation with a local attorney who will clarify your options.""

" - https://www.affordablecebu.com/
 

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"Legally Eliminate Your Debt When You Can't Pay - Pros & Cons of Filing Bankruptcy" was written by Mary under the Finance / Wealth category. It has been read 186 times and generated 1 comments. The article was created on and updated on 02 June 2023.
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