The bankruptcy process isn't an easy decision to enter into, but it can be a great choice for the financially insolvent. The good thing about the process is that it offers a fresh start from overwhelming debt burdens. While most people are set to greatly benefit from the bankruptcy process, some don't recognize the need until things are really bad. In order to prevent asset loss or further financial strain, knowing when the choice is right can be helpful in your debt relief mission.
Alternatives
Debt negotiation is one option many people never pursue when it comes to finding relief from their debts. You might be surprised to learn that many creditors are willing to negotiate with you, especially if they think bankruptcy may be in your future. Why? Because they stand to lose more money if you enter bankruptcy and they want to minimize risk. That isn't to say you should ever threaten a creditor, rather understand that your debts are your responsibility and a creditor negotiating with you is a favor.
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It is important to remember that debt negotiation is really only best for those who is not already defaulted on their account or just recently missed a payment. Severely delinquent accounts generally do not receive assistance from creditors. Further, if you are experiencing a prolonged financial hardship, debt negotiation may not be for you as creditors would expect you to keep up a modified payment schedule.
Choosing Bankruptcy
While the majority of bankruptcy cases are not brought about due to mismanagement of funds, financial hardships can cause even the most financially savvy to acquire bad habits. Paying only minimum payments on your accounts out of necessity is a sign of a bigger financial problem. Generally, paying only minimums on some accounts is recommended if you are paying extra on a few other accounts to pay them off faster. If you are having to use credit cards to pay for essential living expenses like food and gas, you may need to evaluate your budget. Similarly, if you have missed one or more payments on any number of your debt accounts, it may be time to take action.
Bankruptcy is an option best sought after all others have been considered. However, there are instances in which waiting to review options could be a bad idea. If your home is at risk of foreclosure, or you have other assets at risk of repossession, negotiating may not be possible. It is important to get in contact with a bankruptcy attorney right away if you are experiencing financial hardship and are worried about your asses being liquidated in the immediate future. Filing for bankruptcy can place an immediate halt to foreclosure and repossession actions, giving you the time to develop a plan for debt repayment.
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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