With the most common bankruptcy, you must surrender your non-exempt property to the court for the benefit of your creditors. You will lose many of your liquid assets, such as bank accounts, investment accounts, and other investments. In addition, you probably also have to surrender personal items that have value, such as a second home, a vacation home, your boat, or a valuable collectors items. In addition, your credit will be marked and the bankruptcy will follow you for life. for credit, a home loan, renting an apartment or for employment, did it ask if you EVER filed for bankruptcy? It sure did, it doesn’t ask when, or if it is on your credit report, it asks if you have EVER filed for bankruptcy. To answer that question falsely is a Federal offense. This is why bankruptcy stays with you for life and can have a negative financial impact on your life forever.
With that said Bankruptcy can be and is the right solution for some, in general bankruptcy is right for those who have high debt and virtually no income and no prospect of income in the near future. Please consult with a local attorney or financial professional for professional advice on Bankruptcy. For millions of other consumers there is a legal and honorable alternative to bankruptcy. An option that can help you avoid filing for bankruptcy WITHOUT a loan and still become debt free.
Debt settlement services can make arrangements with creditors to assist those who are in a financial hardship, are unable to make their monthly payments, are late on their payments and are facing a possible bankruptcy. What kind of arrangements? In a legitimate financial hardship situation debt settlement companies can often work with your creditors to reduce your debts by up to 60% or more! All without a bankruptcy, or a loan. Creditors would rather reduce your debts and settle them instead of having you the consumer file for bankruptcy, where they would either lose all the money due to them, or have to wait up to 5 years to get paid. Of course the creditor must be convinced you have a legitimate hardship and if they are convinced then there are specific agreements and contracts to be negotiated and drawn up to have your debts reduced. These are just some of the services that a debt settlement/negotiation company can provide for you.
In summary, you have a way to possibly avoid bankruptcy, you can reduce your debts by up to 60% and reduce your monthly expenses by up to 50% freeing up highly needed cash. All without having to take out a loan!
