As the recession hit the economy, people were gathered with huge amounts of debts and to get rid of it people were filing for bankruptcies. Thus it reached to its extreme level. People think that bankruptcy is the be-all and end-all of everything. They think that once debts have made up to their throats, auctioning their assets is the only option to get rid of it. You need to stop right there. It is not the only way; it is not the only solution. There are a lot of Americans who are suffering from the same problem and to stop people filing for bankruptcy the US government introduced new methods to eliminate debt. Bankruptcy has a lot of adverse affects on financial health of an individual, it damages the credit reports extensively and the stain remains there for a very long time causing long term economic issues. So what are the new methods which are legal to use?
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CREDIT COUNSELING:
Whenever you counter with a debt problem, it is a wise decision to get an expert advice on this. Debt problems are not easy to tackle and only professional people can understand the situation and make a way out for you. Credit counseling is provided by several experts or lawyers who educate the non payers on how to manage their debts. Most of the services provided by these consultants are for free and you can benefit yourself from using these services to know more about the other debt relief options other than bankruptcy. When the debt management program starts they require monthly fee along with the payment of debt, but before you do that ask them if they can help you reduce some amount you owe to the creditors, if they refuse to or you think they cannot handle then you can always approach other credit counselors because reduction is very much possible.
DEBT SETTLMENT:
The other way to eliminate debt is debt settlement. It is a method by which a portion of your debt is waived off by negotiating with your lenders so that you can afford to pay. Be aware that creditors suffer great losses when their clients file for bankruptcy, so they don't want you to go for bankruptcy. If you negotiate with them powerfully they will agree to get something in their accounts instead of nothing at all which happens in the case if you file for bankruptcy. Mostly people can't bargain with their lenders on themselves so it is better for them that they hire professional debt relief firm to act on their behalf. These relief firms also charge fees for their services so make sure that you have enough money to pay them also and select a top performing debt relief firm so that your debt can get a good waiver.
DEBT CONSOLIDATION LOAN:
This relief option is for those debtors who hold multiple unsecured loans from banks. Instead of immediately filing for bankruptcy try this option also. Get in touch with a debt relief firm which offers the service of debt consolidation loan. What happens in debt consolidation loan is that all the multiple loans that you owe to your lenders come under the head of a single loan with lower interest rate for which the relief firm negotiates with your lenders. You just have to pay one monthly fees to them and they will distribute it among your lenders. Here also, the relief firms will charge fees for their service provided.
These are some options which should be opted first before filing for bankruptcy. The end results are worth paying their fees. There are chances that you may save some amount of your money but the biggest advantage is that you become debt free in a very less time.
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