Struggling with an overwhelming amount of debt is incredibly stressful and leads many consumers to make hasty decisions in an effort to find relief. Bankruptcy filings are at an all time high and the unfortunate truth is that few individuals truly understand the negative effects of bankruptcies. Many consumers simply do not need to take such drastic measures, and most people that file have not been adequately advised or informed. In fact, the majority of consumers don't realize that there are other options that may be better.
Bankruptcy Lawyer Help, Bankruptcy Protection, San Antonio Bankruptcy Lawyer,
A debt consolidation loan is perhaps the best way to control a difficult financial picture and involves refinancing all existing balances with a low interest rate product to lower monthly expenses. The process also is heavily focused on developing a repayment plan that will help a person pay off their balances quicker than the original loans.
Future lenders find debt consolidation much more favorable because they see it as a responsible financial decision. Individuals that seek bankruptcy protection often discover that is in very difficult to obtain loans in the future and the negative impact can last up to 10 years or longer. In many cases, the indebtedness would often not last nearly as long as the ill effects of a court filing.
An individual's credit score is important and plays a role in everything from obtaining a new job to affecting insurance premiums. Consumers must understand that a bankruptcy can destroy a rating for an extended period of time, but a debt consolidation loan will actually help improve a score over time. Lenders that provide such loans will report the payment history to the bureaus and the result can be proof of an account kept in excellent standing. Although most people fear that closing older accounts may have a negative effect on a rating, the truth is that delinquencies or charge-offs will destroy a score much quicker.
While there are certainly some cases in which seeking assistance from an attorney is the only viable option, the truth is that these circumstances are very rare and the majority of consumers are best served by some type of debt consolidation loan. There are many different programs available and a qualified professional can help provide additional advice and listen to all of the necessary particulars. A debt-free lifestyle should be the goal of any wise budgeter and help is much more readily available than most people think.
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.
Rating of Chapter 13 Bankruptcy
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment