Debt can be the cause of many things including stress, anxiety, depression, and even some physical maladies such as ulcers. It is important to get out of debt as soon as possible so that the worst of these conditions do not happen. Though, when in the deep holes that bankruptcy creates, sometimes people think that going through bankruptcy would be a better plan.
Basically speaking, bankruptcy is a legally declared financial statement for the inability of an organization or individual to pay off other businesses or individual creditors. Many people view bankruptcy as a means to get out of debt. And, in fact it is. When one declares bankruptcy, all debts and credits against that individual are wiped clean, with several exceptions. However, there are many adverse and harmful side effects that take place when someone declares bankruptcy.
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It is not just a "get out of jail free" card as some people view it; it can be heavily debilitating and even more stress causing than simply getting out of debt. First of all, with new laws being placed in effect, it is now required for an individual to go through credit counseling and investigation to make sure that person or company qualifies for the new terms of bankruptcy, then the person has to go through his or her assets and price them for use in court and financial records to decide what amount can be disputed in the bankruptcy.
Credit cards, home loans and auto loans can be kept by the person in debt, however, the credit score of said individual or business is reduced to nothing and the interest rates and penalties of home and auto loans skyrocket as a result. With court fees, costs of lawyers cost of filing bankruptcy, and other legal fees along with the repercussions of credit card agencies and financial institutions such as banks or loan institutions.
Ultimately it is a good idea to avoid bankruptcy as much as possible. Though it does delete a fair amount of debt, it also causes the person or company that is in debt to go through a long drawn out series of fees and legal formalities. So debt settlement would be the better choice by far.
By the way, by researching and comparing the best debt settlement services in the market, you will be able to determine the one that meet your specific financial situation. Nonetheless, it is advisable going with a trusted and reputable debt counselor before making any decision, this way you will save time through specialized advise coming from a seasoned debt advisor and money by getting better results in a shorter span of time.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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