Purnendu - realyy useful info.

tenchi18ph - Thanks for sharing this article.

tazar - thank for sharing it's good article, i like it

- Fresh financial start is good advantage......It is a good article........Thanks for the article

- when is the right time to decide that you should file an bankruptcy

- Thank you. It's really very good sharing

Cfrance - I think there is some great ideas in here and maybe things others didn't know. I will be using what i read here for future refrence to help others decide what to do. Thanks or your article.

HelpMePayOffMyDebt - This article seems to be promoting bankruptcy a little to much for my liking.  You need to remember that, declaring bankruptcy means someone who should have, and was expecting money, will not receive it. 

Please do not take it lightly, or think, I just want them off of my back!  It effects a lot of people, and should only be used by those who have no way of climbing out from their debt load's burdens.

tbates - Fact is, as a Texas consumer your rights under the homestead exemptions statutes, protects your primary dwelling, "Your Home" from collectors or attorney from taking it for unsecured debt. Collectors and banks alike would love nothing more than for you to believe them when they tell you they are going to bring action to secure their debt by way of your home. In most cases they will go so far as to tell you to take out a loan on your home to pay their credit card debt. STOP, do not do this. You can not borrow your way out of debt. It is not in your best interest "EVER" to use the equity in your home to pay off an unsecured credit card or signature loan.

When considering bankruptcy as an option to fix your debt problem, as a Texas consumer, there are things to consider and options you should know. First, is the debt secured or unsecured. If it is secured, your stand a chance of loosing it if you file bankruptcy or not. If it is credit card debt or medical bills or this type of debt, there is nothing the bank can take to repay the debt. This makes it an unsecured debt. AS a Texas consumer, in most ever issue your wages and home are protected from garnishment or seizure.

According to a Harvard Study from February 3,2005, Illness and medical bills caused half of the 1,458,000 personal bankruptcies. The study estimates that medical bankruptcies affect about 2 million Americans annually -- counting debtors and their dependents, including about 700,000 children. As Texas consumers, we are protected from aggressive collection efforts in most cases. Most of the medical bankruptcy filers were middle class; 56 percent owned a home and the same number had attended college. In many cases, illness forced breadwinners to take time off from work -- losing income and job-based health insurance precisely when families needed it most. Do not count on your employer to be there for you, you have to take charge yourself.

Should you go to a bankruptcy attorney for advice, he or she will give you the advice they are trained to provide. That is to file bankruptcy, after all, that's why you went to them.

Keep in mind, if you don't file, they don't get paid. You must weigh your options and look at the entire picture to make a well thought out decision.

Do you want a Federal Court Case attached to your name for the rest of your life? Or perhaps debt settlement is in your best interest.

bankruptcy attorneys are trained and well educated in the law, and how to file bankruptcy. It is unlikely they will have contacts at the banks they would be able to settle your debt with for pennies of what your owe. Settling your debt avoids the long term affect and pain of going through with a bankruptcy. And now that there are new rules in the bankruptcy court, life has become even more stressful.

When looking into your options, I can say with confidence, that an IAPDA Certified Debt Arbitrator will know more about your best interest than any bankruptcy attorney. While in the search make sure you use only an expert with a perfect BBB report, and make sure they are in fact certified.

Ask all the questions you feel you need to ask, and if they do not offer full disclosure into all your options, they are most likely not certified with IAPDA.

Tom Bates CEO, President Absolute Debt Solutions, Inc. http://www.absolutedebtsolutions.com