Home » Articles » Finance / Wealth

Why Declaring Bankruptcy is an Error

Why Declaring Bankruptcy is an Error
"""Are you contemplating bankruptcy to eliminate your debts and start over?"" The attorneys on television always make it sound so appealing, but they never provide an authentic depiction of the actual process. There is a reason why the government is making bankruptcy filing more difficult. Here is the pertinent information.

First, if you are not so deeply in debt that you cannot pay it off with your annual salary, you must consider alternative options. For those who are so deeply in debt that it would take a lifetime to escape, bankruptcy is an option. In addition, credit card debt and numerous other debts are simple to resolve and pay off for a fraction of what is owed.

Second, filing for bankruptcy will cost you nearly $1,500 with a competent attorney and will ruin your credit for seven to ten years. After a couple of years, you will be able to get a loan and finance a car, but only at a terrible interest rate or through a lender that employs very aggressive collection methods. In addition, your bankruptcy attorney will not instruct you on how to avoid falling back into debt.

Lastly, you have superior alternatives available. You can receive credit counseling or employ a debt consolidation service for assistance with debts. You could also visit your pastor or priest and seek for assistance. No matter which option you choose, declaring bankruptcy is an error because you have other, preferable options for consolidating your debt.

Why endure the consequences of bankruptcy for 7 to 10 years when you can pay off all your debts in 2 to 3 years? In addition, if you pay off your obligations instead of declaring bankruptcy, you will end up with an excellent credit score, which will open many doors for you. You will also learn how to avoid falling back into debt.""

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

Please support us in writing articles like this by sharing this post

Share this post to your Facebook, Twitter, Blog, or any social media site. In this way, we will be motivated to write articles you like.

--- NOTICE ---
If you want to use this article or any of the content of this website, please credit our website (www.affordablecebu.com) and mention the source link (URL) of the content, images, videos or other media of our website.

"Why Declaring Bankruptcy is an Error" was written by Mary under the Finance / Wealth category. It has been read 119 times and generated 0 comments. The article was created on and updated on 02 June 2023.
Total comments : 0