Personal Debt Bankruptcy - How to Avoid Bankruptcy and Still Get Rid of Unsecured Debt
If you want to get out of debt and protect your credit score at the same time, one of the things you don't want to do is file for bankruptcy.
Many of us mistakenly believe that bankruptcy is the best form of debt relief out there, but it isn't because there are a lot of consequences that come along with it.
On that same note, you might wonder what to do instead.
Keep reading on for how you can get out of debt without having to declare bankruptcy.
Step #1 - Do Not File for Bankruptcy Obviously you don't want to do this.
After all, this article is about getting out of debt without filing for it.
On that same note, it is important to mention again and again.
When push comes to shove, many consumers think it is a lot easier to just file for bankruptcy.
If you are having those thoughts right now, put them off at least for the time being.
Step #2 - Gather Information on All Your Debts In the next step, you will see that you should contact a debt relief program or company.
These are two types of help available; settlement or consolidation.
In these times, settlement is best because a percentage of your debt is eliminated.
Before a professional can go through and get some of your debt eliminated, you must have detailed information on those overdue bills of yours.
Step #3 - Compare Settlement Companies It can be hard to find a debt relief company.
Actually it is pretty easy because you have hundreds of companies and programs to choose from.
What can be hard is making sure that you choose the best one.
For assistance with doing so, turn to a debt relief network because they do all the research and comparisons for you.
Step #4 - Enroll in a Debt Relief Program Once you have found a good settlement program, you want to officially enroll.
Once you have done so, they will begin negotiating with your creditors.
Remember that the goal of these negotiations is to get a percentage of your debt eliminated.
You might see your debts cut in half! Step #5 - Make Payment After enrolling in a debt relief program and after getting your debts settled for less, you will get specific instructions on how much you must pay each month.
This money will go directly to your settlement company and then they will dispense it to your creditors.
Make on time payments to keep your credit score in okay standing and pretty soon you will be living a debt-free life.
Many of us mistakenly believe that bankruptcy is the best form of debt relief out there, but it isn't because there are a lot of consequences that come along with it.
On that same note, you might wonder what to do instead.
Keep reading on for how you can get out of debt without having to declare bankruptcy.
Step #1 - Do Not File for Bankruptcy Obviously you don't want to do this.
After all, this article is about getting out of debt without filing for it.
On that same note, it is important to mention again and again.
When push comes to shove, many consumers think it is a lot easier to just file for bankruptcy.
If you are having those thoughts right now, put them off at least for the time being.
Step #2 - Gather Information on All Your Debts In the next step, you will see that you should contact a debt relief program or company.
These are two types of help available; settlement or consolidation.
In these times, settlement is best because a percentage of your debt is eliminated.
Before a professional can go through and get some of your debt eliminated, you must have detailed information on those overdue bills of yours.
Step #3 - Compare Settlement Companies It can be hard to find a debt relief company.
Actually it is pretty easy because you have hundreds of companies and programs to choose from.
What can be hard is making sure that you choose the best one.
For assistance with doing so, turn to a debt relief network because they do all the research and comparisons for you.
Step #4 - Enroll in a Debt Relief Program Once you have found a good settlement program, you want to officially enroll.
Once you have done so, they will begin negotiating with your creditors.
Remember that the goal of these negotiations is to get a percentage of your debt eliminated.
You might see your debts cut in half! Step #5 - Make Payment After enrolling in a debt relief program and after getting your debts settled for less, you will get specific instructions on how much you must pay each month.
This money will go directly to your settlement company and then they will dispense it to your creditors.
Make on time payments to keep your credit score in okay standing and pretty soon you will be living a debt-free life.
