You might be asking yourself why you would want to prevent bankruptcy. Bankruptcy is one of the ways people generally use to clear their debt. The only good thing about bankruptcy is the fact that it clears your debt, but this only happens if you are lucky enough to be eligible for Chapter 7. Chapter 7 is has very harsh laws especially because many people want to opt for it. The other option when you choose bankruptcy is Chapter 13, which doesn't clear your debt immediately, but makes you in accordance with a well thought plan on 4-5 years. The bad thing about it is the fact that your credit score will also be reduced like when you file for Chapter 7. So, what's the point of filing for Chapter 13 anyway?
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The general idea is that you shouldn't file for bankruptcy at all; bankruptcy is not good for your finances, for your emotions, for you family etc. It really harms all of them especially your morale which can be very low during bankruptcy because of the whole hassle you have to go through. It can also be a very tiring person and for a person who already suffered a great deal of stress bankruptcy could be harmful. So why choose bankruptcy? You might be thinking that there are no other ways. You are wrong, there are many ways that can be used instead of bankruptcy. You can choose debt settlement, if you have problem with the debt on your credit card. If that debt on your credit card is over ten thousand dollars, then you are the perfect candidate for debt settlement.
You don't need to use bankruptcy since you are eligible for debt settlement. But what exactly does debt settlement mean anyway? Well, it actually means that you will hire a company or a lawyer to negotiate to your credit card issuer. Is that simple and they don't charge much either. Well, it means nothing compared to the sum they can deduct. Some deductions are 60-70%, so imagine having that erased from your debt. A good debt settlement company will get the best deal there is, so don't be cheap when it comes to choosing your company.
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