If you are one of many people in debt due to the recession then you might have thought about different ways to clear it. There are a lot of ways to clear your debt, but the most common used are bankruptcy and debt settlement.
Bankruptcy is a legal way to clear your debt but it has a nasty side effect that you will make you regret your decision. If you file for bankruptcy your credit score will go down very much; this will make it quite difficult to get another loan in the future. Credit score tells creditors how much of a risk you represent to them, a low credit score will make it very unlikely for you to get a loan due to the high risk of not paying it back in time. There are also new government regulations that state that you need more paper work and also more time spent in courts with a lawyer proving you are unable to pay your loan and that bankruptcy is your only option.
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On the other hand, we have debt relief. This is a process in which you can get help and cut your debt by half. You will have to pay the remaining sum, but this is easy with simple monthly installments into a joint account opened by the debt settlement company. You will pay much lower interest rates and you will also observe a rising in your credit score.
You should apply for bankruptcy if you have more than 10000 dollars in unsecured debt. The thing is that you must not be paying the minimum amount; this is what the creditors want you to do so they could get more money from you with high interest rates. So stop doing that. Another good advice would be to not hurry and pick the first company you see, take your time and do your homework; most of the time some good research can make a lot of difference.
Bankruptcy is never the right call, it is just running from your problems; it's time to take control and fight against your debt, and win with the help of debt relief.
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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