You might be one of the millions of people who believe that filing bankruptcy is the only way to conquer debts. But is it a fact or a myth? Here is some truths you might not know about bankruptcy.
There are several types of bankruptcy options. One of which, is Chapter 7 bankruptcy. Some people believe this is the best way to solve financial problems because it removes unsecured debts. However, this option obligates you to sell your remaining assets to pay creditors regardless if you want to or not. The sad part about Chapter 7 bankruptcy is the qualifying process. It is almost impossible to qualify since the laws were changes in 2005. Another downside of Chapter 7 bankruptcy is that someone else will be in control of your finances and assets. Overall this option is not a good choice and should definitely be avoided.
Another type of bankruptcy is Chapter 13 bankruptcy. Although it is much easier to meet criteria for this type of bankruptcy, court appointed trustees will still be in command of your assets and finances, thus endangering your privacy. You will be forced to agree to all decisions they make on your behalf. In addition, you will have to pay considerably to go through this process. This is not the best solution for your economic despair but rather an additional burden.
There is a better option to be free from debt. Use a knowledgeable, experienced service provider to guide and assist you in beating debt! This allows you full control of your finances and offers step-by-step counseling, techniques, and materials to guide you out of your financial troubles. What you really need is a long term solution for debt resolution not just a "quick fix" that will haunt you and your credit for years to come.
Now you know your options when it comes to bankruptcy. You will want to make the best decision for your personal finances with the best information available.
There are several types of bankruptcy options. One of which, is Chapter 7 bankruptcy. Some people believe this is the best way to solve financial problems because it removes unsecured debts. However, this option obligates you to sell your remaining assets to pay creditors regardless if you want to or not. The sad part about Chapter 7 bankruptcy is the qualifying process. It is almost impossible to qualify since the laws were changes in 2005. Another downside of Chapter 7 bankruptcy is that someone else will be in control of your finances and assets. Overall this option is not a good choice and should definitely be avoided.
Another type of bankruptcy is Chapter 13 bankruptcy. Although it is much easier to meet criteria for this type of bankruptcy, court appointed trustees will still be in command of your assets and finances, thus endangering your privacy. You will be forced to agree to all decisions they make on your behalf. In addition, you will have to pay considerably to go through this process. This is not the best solution for your economic despair but rather an additional burden.
There is a better option to be free from debt. Use a knowledgeable, experienced service provider to guide and assist you in beating debt! This allows you full control of your finances and offers step-by-step counseling, techniques, and materials to guide you out of your financial troubles. What you really need is a long term solution for debt resolution not just a "quick fix" that will haunt you and your credit for years to come.
Now you know your options when it comes to bankruptcy. You will want to make the best decision for your personal finances with the best information available.
About the Author:
Go to http://www.freedomfromcreditors.com and learn what the banks don't need you to know. Look beyond the typical bankruptcy or debt settlement. There are much additional powerful, fair, legal solutions than filing bankruptcy.
No comments:
Post a Comment