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Filing Bankruptcy - Consider the Alternatives



Filing bankruptcy seems to be the best option when you are under heavy debt burdens and there is no way out. Even at such crisis moments it is ideal for you to seek advice from a good financial expert. Bankruptcy does not eliminate all the financial obligations. It's just a temporary halt in your debt burdened life or one can say that filing a bankruptcy is a shortcut to get rid of debt. In reality, this is not true; it doesn't cancel all your debts. We recommend you to file bankruptcy only when there is no alternative left.

Types of bankruptcy
When you decide for bankruptcy you must analyze which one suit you better, a chapter 7 bankruptcy or a chapter 13 bankruptcy. Bankruptcy is a legal way to wipe the financial slate clean or reorganize the payment schedule and start all over again. Chapter 7 is a way to legally "stiff" your creditors and start afresh. While chapter 13 is to reaffirm your commitments to repay your debts, only this time on new terms. These are the two common forms of bankruptcy.

Is there any alternative to filing bankruptcy?

The best alternative to bankruptcy is debt consolidation. Here you do not have to take a loan or renew your debt payments schedule. The procedure is

Your debt will be reduced. You will have to pay the rest of the amount in small installments and also you will be assisted with highly experienced debt counselors.

Filing bankruptcy can ruin your credit, as after filing bankruptcy your credit application will not be considered for the next 3 to 5 years. Most of the creditors will not help you financially.

We have helped many like you to consolidate their debt smoothly. We have an established company and wide network of experienced counselors. Also we have special relationship with over 4000 creditors nationwide. Be a part of our big family and get free debt consolidation and free debt counseling.


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Sub: #1 Filing Bankruptcy - Consider the Alternatives
Replied on 09-04-2007, 07:29 AM
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I put all of my information in at the beginning and it came back with my best option being bankruptcy. This is not an option for me. I know it figures this because for the next best scenario, I would have to be able to pay 55% of it off in 60 months or less. I don't care if it's 120 months as long as I can afford it monthly and there is an end in sight. Would that be considered? If I wanted to do debt settlement? Or would I be required to stick to the 60 months?


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Send message to Bossy4455
Sub: #2
Replied on 09-04-2007, 07:40 AM
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Welcome to the Community I am assuming you are talking about filling out the forms on this site.

You would have to talk with them and find out exactly what their terms are as far as how long you have to pay this off. Ask them any and all questions you can think of beore you decide which option, if any, is best for you.

Feel free to ask question, we are here to help and guide you through this process..KAren

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Send message to Johnson4485
Sub: #3
Replied on 09-04-2007, 07:54 AM
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Based on the information that you have filled in the form, bankruptcy is suggested as a suitable option. But you can go for any other plan if you are not interested in filing bankruptcy. A consultant in your area will be calling for the free counseling and discuss your options. You can inquire about the debt settlement plan and get the contract ready.




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Send message to frogpatch
Sub: #4
Replied on 09-04-2007, 08:07 AM
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You are not obligated to go with any company. Get several opinions from the rated companies on this site.

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Send message to Morningstar
Sub: #5
Replied on 09-05-2007, 03:02 AM
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While there are sure to be things we cannot account for based on the limited info you posted, I would like to offer this:

120 months = 10 years...the amount of time a BK 7 stays on your credit...

Surely, it isn't the most appealing option, but for some people, it can be the best one.

Good luck, no matter what option you go with.

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Sub: #6
Replied on 09-09-2007, 12:34 PM
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I filed bankruptcy about 3 years ago, I can buy a new car, I can buy a house, I have 2 credit cards.... If you absolutely are drowning in debt, no since in staying stressed and depressed.... Do it!!! It only affects you for about a year at least in my situation. I kept my house and my car and of course the stupid school loans which you can't file on those anyway. But you can come back!!! After your bankruptcy is discharged, and you can obtain credit (if you don't already have debts you assumed) sometime after the first year, make sure you make your payments on time every month, took me a year and I was able to get credit again. Just don't get yourself in that position again!!! I called it my relief! Good Luck!




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Send message to good.nelly
Sub: #7
Replied on 09-09-2007, 10:30 PM
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Bankruptcy should be your last resort. Try opting for debt settlement or debt management and if it does not work then I think filing for bankruptcy can give you a fresh financial start.


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Send message to pokogeo
Sub: #8
Replied on 09-10-2007, 04:24 PM
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I ended up in bankruptcy as a result of what I was told in my debt consolidation consultation. I'm not sure it was the best thing for me as I'm back in debt again (although this time it is not completely my fault). Only this time I'm forced to deal with it, learn to live frugally and go without frivolous things (which is a hard habit to break). I think I'll come out better in the end then I did with the bankruptcy. But Guest is right, you can still get credit, but most of it you don't want because the rates are so high, but if you're in debt and your credit is bad, you'll get similar rates anyway. But like with me, that easy credit after bankruptcy ruined me, you'd probably be better off working to settle your debt without it.

But again, it is your decision, and a tough one it certainly is.

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