The debts are piling up. You can't see a way out. On the news they talk about record numbers of people filing for personal bankruptcy. It looks like you have no option but to join them.
In reality, however, you do have other options. Proven alternatives that have helped many people avoid personal bankruptcy at the eleventh hour.
The two most effective are:
• Debt Consolidation
• Debt settlement
Debt Consolidation
With this method all your debts are paid off by a debt consolidation company, who then work out a deal with you to pay them back. Most debt consolidation companies are non-profit, government-registered organizations. So their interest rates are much lower than those a bank would charge.
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Whereas filing for bankruptcy means you never clear your debts, with debt consolidation, you do. But inevitably, it will take a long time, typically 10-15 years. And, as with any long-term loan, the total amount you end up paying will be much more than the original debt. On the other hand, if it frees you up to start living your life without the threat of declaring personal bankruptcy having over you, it could be your best bet.
Debt Settlement
Got debts of $10,000 or more? Then debt settlement might be the way to go. With this option, you hire a specialist company to negotiate with your creditors - the people you owe money to - to find a solution that you can afford. Say you owe a supplier $5000. They may be happier knowing they will get half of their money over the next 12 months, rather than none at all, which would happen if you were unable to avoid filing for personal bankruptcy.
While at first glance it looks like debt settlement is a way to clear your debts without having to pay them off in full, caution is needed. Debt settlement companies are in it for the money. They charge fees and their employees are often paid based on commission and may not always act in your best interest. Many states see this as unethical and do not allow debt settlement companies to practice. These include: Arizona, Georgia, Hawaii, Louisiana, Maine, Mississippi, New Jersey, New Mexico, New York, North Dakota, West Virginia and Wyoming.
Find out more about these alternatives to filing for personal bankruptcy
As with anything that involves money, there's no substitute for reliable, up-to-date information. While the best person to give you information on filing for personal bankruptcy is a personal bankruptcy attorney, you may prefer to find out as much as you can before you start racking up the legal fees.
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