Debt is a terrible state of being that affects millions of American households everyday and can often put people in the dire position of choosing between paying debts and paying their monthly living expenses. With the obvious choice in front of them, they fall farther and farther in debt making the situation even more dire. Many people turn to bankruptcy as a means to an end without realizing there is another way. Debt consolidation should also be considered before entering into bankruptcy discussions with a lawyer. In fact, if you want to consider both options do it with a credit counselor instead and learn more about each methods of debt relief to find the one that's truly right for you.
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Debt consolidation is a process done through a debt consolidation company with the aid of a credit counselor that includes offering you a loan that is used to pay off all your current and past debt leaving you with one loan and one loan payment and interest rate. Aside from this form of relief, it offers you instant relief from harassing phone calls and letters allowing you to experience less financial stress and finally get back on your feet.
If you are absolutely unable to get a debt consolidation loan and have no collateral to offer on a secured debt consolidation loan or don't have the income to pay a monthly payment or continue making your current debt payments, then bankruptcy might be the path for you. The two types of bankruptcy used with individuals and families are chapter eleven and chapter thirteen. They work in different ways and regardless both stay on your credit report for seven years and essentially wipe your credit out forcing you to then rebuild your credit standing over a period of time after the bankruptcy time period has passed. This may not be the right choice for someone who is in mid-life or may not have the time or resources to rebuild their credit. This may be a good choice for a young family or individual who has the time to do that and still live a fruitful financial life.
Debt consolidation allows you to pay all your creditors through alternatives means meaning your credit report and rating will reflect a "paid" status and start to raise your credit score for more borrowing power in the future. No matter which method of debt relief you choose to use, consider both options carefully and work with an experienced, certified credit counselor to get on your way to a brighter financial future.
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