Bankruptcy and Other Options for Dealing with Creditors
A bankruptcy is the best way to discharge unsecured debts. With credit card counseling agencies they can not guarantee the results. The credit cards do not have to accept any reduction in interest or amount. They will take your money but still charge you late fees or over the limit fees. This could result in you making payments for the 4 years or so but at the end still owe money, and your credit is still bad.
Debt settlement is another method of trying to deal with the creditors. the problem comes with the creditors do not have to settle for less they might! But until you settle with every creditor your credit is still bad.
With the bankruptcy the creditors do not have a choice they have to accept your right to file the bankruptcy and discharge the debts. After the chapter 7 or 13 your credit will start rebuilding because you have dealt with all the creditor at the same time.
Please fill out our free evaluation form to determine if bankruptcy is right for you.
