Are you in a position to apply for a bankruptcy? Is it due to the use of credit card? If this is your situation, it is time for you to look out for a better option than filing a bankruptcy deal.
Why you should avoid bankruptcy is a matter of personal as well as business concern.
If you pronounce yourself as a bankrupt, chances are that you will miss the whole package of advantages that comes with your financial career.
This is a more detailed account of the disadvantages of bankruptcy.
Bankruptcy is a state, legally declared by the government to make you free from all your existing debts.
The one and only advantage of this program is that it stops all the current actions against you.
In simple terms, you will no longer receive pestering collection calls, warning bills or notices.
You will be free as a bird.
But on the other hand, your financial reputation will be associated with a black spot and you will no longer be a recognized person in your society.
It gravely affects your credit worthiness; so you will be kept out of all the financial transactions and prevents you from applying for any kind of loan.
If it is so, what can you do for yourself? Well, the solution is debt settlement program.
These programs are specially designed to help the consumers who are unable to manage their minimum monthly payments.
They call themselves as non for profit organizations as they provide the consumers with free credit counseling and self money management.
According to the new legislation of Federal Trade Commission, the companies cannot charge an upfront fee from the debtors.
They are given the chance to collect their money only after they have successfully accomplished the task of reducing consumer debts.
So, no need to worry about money.
What you should do is to move towards a debt settlement company.
But, you need to fulfill one small requirement to get selected to the above program- that is you should have a minimum amount of $10000 in debt.
So are you ready?