If you are one of the millions of Americans faced with a mounting pile of bills and a decreasing pile of resources, you may be avoiding creditors or making partial payments - or worse - paying one bill by drawing funds from a credit card or line of credit. If you are faced with this kind of financial situation, you may be considering filing for bankruptcy as a "way out." However, you should realize that bankruptcy has a severe affect on your credit history and there are bankruptcy alternatives you may wish to try first.
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Negotiate with your creditors and arrange a payment plan. Many banks and other creditors would rather negotiate with you to get their money rather than lose out completely if you declare bankruptcy. Some folks avoid their creditors, but that's the wrong move. Turn to a professional. There are agencies and other professionals such as credit counselors and attorneys who will negotiate on your behalf, set up a payment plan that both you and the creditors find acceptable, and even take control of ensuring your monthly bills get paid. Secure more income. Sometimes, a temporary part-time job can bring in enough money to begin paying down credit card bills so your need for bankruptcy goes away. Increasing your income is an option many don't consider, but it can be a great bankruptcy alternative. Consolidate your bills with a consolidation loan. Another of the bankruptcy alternatives, a consolidation loan can simplify your budget and offer a way out of debt, if done properly.
Sometimes people think it is easier to file for bankruptcy than it is to turn to one of the above personal bankruptcy alternatives, but you should remember that showing a bankruptcy on your credit history is the most devastating credit action you can take and is likely to affect your buying power for at least ten years, and sometimes even more.
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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