Bankruptcy,Are,There,Other,Opt business, insurance Bankruptcy: Are There Other Options?
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When the bills become overwhelming, many people start to look towards bankruptcy. While this is a tough blow to their credit score, it does take away some of the pressure that comes along with unpaid debts and the constant call from creditors. There are other options to consider while making plans to become debt free. Each one should be seriously considered before making the final decision as each one has both positive and negative consequences.Debt Settlement:Debt settlement is exactly what it sounds like. The individual and the creditor make a deal that the balance of the account will be paid off with a certain amount of money (usually not the entire balance). For example, if a person owes $5000 on a credit card, it may be possible to settle the debt for $2500. The settlements vary from person to person and account to account.There are companies that will settle debt for consumers however they often cost money and do not negotiate to make sure that their client's credit score is not poorly reflected. With bankruptcy, the credit score is poorly reflected no matter what type of settlement has been reached with the creditors. It is possible for a person to pursue his or her own debt settlement with a creditor if the account is still active or if it has gone into collections.Debt Consolidation:Different from a settlement, debt consolidation puts all of the debt into one place and a person is only required to make one payment per month instead of to multiple creditors. This can be done with or without the help of a professional company. In some cases, the credit score is negatively affected if payments are overdue before the consolidation.Some forms of bankruptcy are similar in that instead of the debt going away, it is reorganized to make sure that some creditors are paid. Assets can be liquidated in order to pay off debts and the remaining balance is put into a payment plan that the client agrees to pay over the next several years. Consumers often look to set up their own payment plan by reorganizing their finances. Some credit card companies offer zero percent interest deals on balance transfers. A person can move all of their debt to one card and them attempt to pay it off while the interest rate is zero or low. A second mortgage is another popular concept for financial reorganization. A person pays off the debt with the money from the second mortgage and then begins to pay the one payment.In some cases, bankruptcy is the best and only option. Other times, it helps to look at other possibilities and make an informed decision. Research and talk to professionals in the field to get advice on how best to proceed. Article Tags: Other Options, Credit Score
Bankruptcy,Are,There,Other,Opt