Posted on
November 20, 2009
at
4:56 am
Would you list down the options available out there to avoid bankruptcy? Also, how does bankruptcy reflect on the credit report again? Can bankruptcy really discharge most unsecured debts? Thank you!
Posted on
November 20, 2009
at
5:00 am
Options to avoid bankruptcy -'Sounds like you're considering filing bankruptcy - and let me just say that it's wise of you to put it off for now. Bankruptcy can ruin your credit, although there are many cases of consumers that have bounced back from it. Bankruptcy stays on your report for 7 (Chapter 13) to 10 (Chapter 7) years and on your public records for 20 years.What are your options?It depends on your debt type and if you are in need of the automatic stay provision.If it's mostly unsecured and you're not getting any legal threats, foreclosure, or eviction, try debt relief.
Posted on
November 20, 2009
at
5:01 am
Options to avoid bankruptcy-Unsecured debts:Credit counseling (Debt Management Plan)Debt SettlementSecured debts:Debt consolidation loan
Posted on
November 20, 2009
at
5:05 am
Options to avoid bankruptcy - Can bankruptcy really discharge most unsecured debts?I think so, but the thing is, you don't need to file bankruptcy to get rid of secured debts. If your debt amount is more than $10,000 - do debt settlement instead - as it would be less damaging to your credit. Debt settlement stays on your credit for 7 years, just like a Chapter 13 bankruptcy, but unlike bankruptcy, it doesn't reflect on your public records at all. It is cheaper too, and it doesn't require a lawyer. Lawyer or legal fees do cost a lot.
Posted on
November 20, 2009
at
5:08 am
Options to avoid bankruptcy - Can bankruptcy really discharge most unsecured debts? -- Some bankruptcy laws also vary from state to state, especially with regards to exemptions, so again, if your debts are mostly unsecured, don't concern yourself with bankruptcy just yet. If you need for your financial situation to be assessed, please feel free to fill out a form here at destroydebt.com, and speak with a debt consultant. Don't worry, it's free of charge.
