Today is Day 9 of Day 30 Credit Tips on Alternative to Filing Bankruptcy. I have had a lot of individuals ask me whether they should file for bankruptcy so I want to provide some alternatives to filing for bankruptcy. Obtain a second job in order to pay down your credit card debt. Work directly... Continue Reading →
Chances are if you seriously considering bankruptcy your credit score may already be in bad shape. Bankruptcy will remain on your credit report up to 10 years. Bankruptcy negatively affects your credit score, here's why:
I've had several inquiries on bankruptcy and decided to give you some insight into what bankruptcy is in case you are thinking of this as an option.
If you are in credit card debt, you should consider debt management to help avoid things like bankruptcy and help you clear your debts. Good credit card debt management should give you a realistic method to deal with your spiraling debts. You have probably already noticed that your creditor’s high interest and late fees are making it impossible for you to manage your debts. You are in a serious mess, right?
Are you buried neck-deep in debt? Do you owe a total of more than a hundred thousand dollars? Have you been repeatedly turned down by debt relief services? If so, don’t lose hope because there is still one last resort for you and that is to file for bankruptcy.
If your debt situation has not yet reached a point of no return, credit counseling and debt management may be the best option for you. There may be other alternatives to going bankrupt which can also help people in serious debt to make a fresh start.
Under pressure from retailers and other companies claiming losses from increased bankruptcy filings, congress took steps a few years ago to make it more difficult for individuals to file for bankruptcy. Initially, bankruptcy laws were designed to help people, whose financial debt got out of control and were meant to be a method of giving them a new start.