Preventing Bankruptcy

Many people who are in what we call the “debt trap” are so full of stress they think that bankruptcy is their only alternative. Then, they talk to a bankruptcy attorney only to find out they do not qualify for bankruptcy, due to the new laws that the credit cards companies helped force through a few years ago. The good news is there are now multiple alternatives to filing for bankruptcy. One of the most popular options is a debt settlement program.

When first looking at bankruptcy, many people think, “I can get rid of all this debt and start my life anew.” Well, to begin with, are you being completely truly with yourself in the creditor. Did you in fact purchase the items you are being charged for. Were they your expenses? If so, and you do file for bankruptcy, what will happen to your credit report for the next 10 years. How much will the cost of credit be now? What about your insurance? Did you know that filing for bankruptcy puts you in the highest risk factor with your insurance company. Therefore, your rates will go up. What about applying for a job. That is certainly going to come up as well. So an employer has two qualified candidates. One has a bankruptcy on his/her credit report the other one does not. Who will he/she hire?

There are way too many variables when bankruptcy is involved. However, what about the alternative. A debt relief program, that acts as a third party for you. That negotiates and settles your debt for a fraction of what you owe. That can have you out of debt in 1-3 years, depending upon your debt level and how much you can afford to pay back.

Finally, you must be prepared to defend yourself from having to handle the bankruptcy "stigma" that will follow you for the next 10 years. Would it not be better to look into a debt settlement program that can literally "take over" your accounts and get them negotiated and settled in your best interest?

We do belief that bankruptcy can be right for some people. In addition, there are several different types of bankruptcy which are outlined on anther page on this site. Before "jumping the gun" we suggest you educate yourself about the positives and negatives of filing for bankruptcy. Our debt counselors can answer most of your questions as well as provide you with a free quote on what a debt settlement program would cost you.

Contact Nationwide Debt Reduction toll free at 800-890-6658 and discuss your personal situation with a debt counselor. We think you will happy that you did.