Should You File For Bankruptcy Or Seek Credit Relief?

As many families fight to stay financially afloat while suffering through a job loss or catastrophic illness in the family, at a certain point they reach a breaking point. This is when they start to wonder if they should, perhaps, file for bankruptcy or seek the help of a debt relief agency.

A debt relief agency can do many good things for you, if it is a legitimate one. It can take you through courses that show you how to handle your finance to avoid financial trouble in the future. It can help you to find solutions to your current credit problems by teaching you how to negotiate with your current creditors for reduced interest payments, lump sum debt dischargements, and other forms of debt relief. If, however, you happen to employ a debt relief agency that takes advantage of consumers, and is only in the business for a quick buck, then you could end up worse than before. So, the key to being successful in handling your debts, is to do lots of due diligence before choosing a debt relief company.

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Bankruptcy is a more drastic solution. When you file for bankruptcy, most of the major debts that you owe to your creditors could end up being discharged. This would leave you free and clear of any debt and with a chance to start to rebuild your financial life anew. The drawback, however, is that if you have valuable possessions, you could end up losing them when your assets are sold to pay back your creditors. You also will be doomed to having an extremely poor credit rating for 8 to 10 years. And lastly, the fact that you filed for bankruptcy will show up on your credit report. So, for a few years anyway, you may have trouble renting an apartment, getting credit, and so on. But, if your financial circumstance are that dire, this may be the best option for you and your family.

The key thing is to not make a decision in haste. Before deciding on either route, make an appointment with a good bankruptcy attorney in your community and talk over your issues with him. Also, make appointments with trustworthy debt relief agencies and get their opinion. If you have friends who have gone through either bankruptcy or debt relief, talk to them as well. Whatever decision you make is going to have long lasting repercussions on your financial status. So, only make it after careful consideration of all pertinent facts.

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