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What Are The Advantages Of Avoiding Bankruptcy?
Shortly after the passage of the Bankruptcy
Reform Act of 2005, also known as BAPCA, Bankruptcy
filings fell to dramatic lows. Fast forward to the beginning
of 2008 and bankruptcy filings started increasing to record
levels. Business became good again for bankruptcy attorneys.
The problem with the rash of filings which continues
through today, is that for those who qualify for in particular
a Chapter 7 bankruptcy, which is, in large part, viewed as a
"debt walkaway", many consumers view a bankruptcy with far
to casual an eye. Please lets get one thing straight. No debt
walkaway is void of consequences.
The idea that a chapter 7 bankruptcy is a fresh start
is not always true. In some cases there can be a liquidation
of some assets to pay back part of the debt. Additionally, in
today’s tight credit markets, the bankruptcy will be cause for
paying much higher interest rates on a credit you may qualify for
for some time to come. Also, you may actually be frozen out of some
credit markets, not to mention, some jobs, as more and more employers
look at credit reports as a screening device. What about housing?
Possibility of being excluded from that dream apartment, especially,
if the competition is significant.
Their is no question that for some, filing a bankruptcy is
the only way out, however, it should in my opinion, always be
the measure of last resort. Seeking the services if a good
credit counselor is good as a first step, but be careful.
Non-profits which are fine, but also very limited in the options
they can point you to, as they are under legal constraints
in terms of what solutions they can offer you. You really want to
seek the advice of a credit counselor who is familiar with many
debt solutions and the advantages and disadvantages of each
potential solution. Non profits can only offer you debt management
and budgeting as a solution. Whereas, a counselor not under these
constraints may be able also to offer you
Debt Settlement, Debt Management, budget counseling, and perhaps
even an Alternative Debt Relief.
The bottom line is that it is possible, in many cases, to
avoid a bankruptcy in a debt crises, and its longer term
consequences. A debt settlement program coupled with a debt
validation program can avoid a bankruptcy and help restore
your credit report at the same time your debts are being
dispensed with.
If you are interested in exploring your additional options,
please feel free to contact us by visiting: American Debt Enders.
or by calling 877-766-2465 for a free consultation.
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Written By:
Steven Ciantro
Member National Association of Credit Counselors
American Debt Enders
help@americandebtenders.com
877-766-2465
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