Are you buried neck-deep in debt? Do you have debts that add up to more than $100,000? Have you been turned down by debt relief services over and over again? If so, don't give up hope. You still have one last option, which is to file for bankruptcy.
Thousands of people who don't know how to get out of the financial hole they dug for themselves don't know what else to do but file for bankruptcy. Some people have even declared bankruptcy more than once in their lives.
But before you join them and file for bankruptcy to get rid of your debt, you need to make sure that you really have no other choice.
When you file for bankruptcy, you will be free of all your debts right away. This may sound like a good idea, especially to someone who already has a lot of financial responsibilities. But you must fully understand how the bankruptcy debt relief system works before you sign the bankruptcy papers.
The biggest problem with bankruptcy debt relief is that once you are officially declared bankrupt, the word "bankruptcy" will be written in big, bold letters on your credit report. When lending companies look at your record and see this, you can be sure they won't send you any credit card offers.
Most of the time, your credit report won't be clean until seven years have passed. This means that you will have to live on whatever cash you have because no creditor will be crazy enough to give you money when it's clear you can't pay it back. You can always borrow money from kind family members and friends, but that probably won't make you their favourite person in town.
Seven years can be a long time, and the freedom you get at first when you file for bankruptcy may not be worth it. Before filing for bankruptcy, you should make sure you've tried everything else. There are thousands of places in the United States that can help with debt counselling.
Before you choose bankruptcy debt relief, it would be a good idea to talk to some of these financial experts and bankruptcy lawyers. This will help you figure out if bankruptcy debt relief is the best choice.
When you go to a website that says it can help you get out of debt, the first thing you should do is check to see if the company's address and phone number are on the site. If there's no way to get in touch and all you get is a P.O. Box number, it's a scam and you shouldn't waste your time on that site.
If a phone number is given, you should try calling the company that runs the debt relief programme. Talking on the phone with a real person is always better than writing emails back and forth.
