If you're heavy in debt, you might be thinking about bankruptcy. If no one has cautioned you against this option, then it's the right time for someone to do that.
There are lots of settlement and debt relief companies out there and if you are considering bankruptcy, you would probably be much better off with some other option. The problem with bankruptcy is that it's almost a death sentence for your financial future. That, combined with the new laws restricting how much protection you get, make it pretty foolish to go that route if you have other options. So why do people declare bankruptcy?
Natalia Osorio Editor of the 'Credit Card Debt Counseling' website -- http://www.CreditCardDebtCounseling.biz -- pointed out;
“…Those individuals who are right in their decision to declare bankruptcy are the ones who have no other options. They have way too much debt to settle and they have too much of a commitment to enter into any consolidation plan. Though it might be better for them to consider something else, it just isn't realistic. These people need bankruptcy protection because they are going to lose their home or something as drastic as that. Other people think that they will declare in court so that they will have some freedom from debt. This is a poor approach, because the consequences are far too dire…”
Should you consider bankruptcy? That depends on how willing you are to put up with seven years of not being able to get any financing whatsoever. Instead of being able to start a business with a nice loan or pay for something with a new credit card, you will be shunned by the financial institutions. That is a heavy price to pay in most situations. In addition to all of that, many consumers get a nasty surprise when they apply for a new job. Their bankruptcy is precluding them from being hired and it's unfortunate.
“…The better choice is to settle your debts directly before it becomes a bankruptcy situation. This means working with a settlement company or contacting them on your own. You will be able to get out of debt without paying the full amount and your credit report will indicate that you took care of the commitment. This will have some short term effects on your credit report, but not the knockout punch that bankruptcy provides. All around, settlement is just better in about every different way. If it's at your disposal, then you owe it to yourself to consider…” N. Osorio added.
Further information about trusted and reputable companies for credit card debt settlement by visiting; http://www.CreditCardDebtCounseling.biz
Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.
Debt responsibility ?
Recently a friend of mine died, his wife discovered that her husband had a lot credit card debt, possibly more than $50.000 credit cards debt, she was not aware of her husband's credit debt, nor she was on any credit card account with her husband ,
Does this affect her credit ? do they come after their assets? can she be responsible for the debt after her husband's death?
Or what can happen ?
Answer
Yep, she can be held responsible for his debts, and they will come after anything he left to her and anything she may have. It sucks, but there is something she can do to help save herself.
Have her call the American Consumer Counseling Center immediately - unlike a lot of those "debt solution" places, this is a non-profit and won't take her money. They can give her some great counseling and advise her on the best options for her particular situation.
American Consumer Counseling Center
http://www.consumercredit.com/ or 1-800-769-3571
Also, tell her to get down to her local library tonight and start checking out personal finance books - they can be wonderfully empowering and inspiring, and most are written in simple, easy-to-understand terms.
-The Complete Idiot's Guide to Managing Your Money
-Smart Women Finish Rich, by David Bach
-any Suzy Orman books
answer? Do not hesitate to help others and answer below.
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