However, if I were to tell you that there may still be a way to avoid total defeat, would you be interested in hearing?
If you answered this question with a resounding YES, please continue reading!
I will discuss three viable alternatives to declaring bankruptcy.
1) Financial Counseling
What is credit counseling exactly?
This is a great query, and I will respond with the simplest explanation possible.
Credit Counseling requires the employment of remunerated financial experts. In other words, if you are in a financial crisis and need assistance, you should engage these individuals to help you weather the storm.
This is an excellent option to investigate prior to filing for bankruptcy, as it could potentially prevent the exponential credit damage that a BK will cause.
2) Consolidation of Debt
Debt consolidation is a similarly appealing option.
This necessitates the procurement of a single jumbo loan to cover all of your debt.
In kinder terms, you consolidate all of your debts into one large loan. This provides you with one manageable monthly payment and one (hopefully lower) interest rate to fret about. Instead of having five or six debts to worry about, you now only have one.
This is an excellent method to avoid bankruptcy.
3) Debt Settlement
Debt Settlement is the last and final option available.
Debt settlement may be the most attractive of the three options, in my opinion.
DS is a common resource that is best managed by a team of experts. This group will advocate on your behalf with your creditors. They then negotiate a reduced balance and a monthly payment that is affordable. The majority of creditors are willing to work with individuals in this manner because they want their money returned. Even if it is not the total amount owed to them, they are receiving the preponderance of it.
Last but not least
If you have not investigated any or all of the previously mentioned options, it is strongly advised that you do so immediately. It would be in your best interest to exhaust all other options prior to deciding to file for bankruptcy.
" - https://www.affordablecebu.com/
