Are Debt Consolidation Companies a Better Alternative to Bankruptcy?

There are much better and less problematic options available then bankruptcy. One such option is debt consolidation and believe or not, many will look towards bankruptcy as their first option and this is a tragic mistake since it will have many complexities associated with it.

Namely, bankruptcy involves legal proceedings. A bankruptcy is overseen through a bankruptcy court. That means there will be lawyers involved and they will come with many legal fees. Also, a judge may rule on the liquidation of your assets and liens could be placed on your assets in the instance that your financial situation improves in time. Moreover, your credit rating being virtually destroyed . Such information will stay on your credit rating for years. And, lenders will not lend to you even decades after you have filed for bankruptcy.

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On the other hand, debt consolidation is an orderly payment plan designed to help a person in poor financial arrears get out of debt. Usually, it involves consolidating loans to a lesser interest rate or offering partial settlements on debt as payment in full up front. Either way, the hassles and problems of bankruptcy are not part of the consolidation process. This allows for the ability to get out of debt without all the additional burdens that bankruptcy presents.

Nonetheless, far to many individuals will look to file Chapter 7 or Chapter 13 without truly understanding the consequences of such actions. As a result, they find themselves in a much worse position than they initially conceived. Debt consolidation companies are worth to try absolutely.

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