Bankruptcy Debt – Why Debt Settlement Has Made Declaring Bankruptcy Less Attractive

December 31, 2009 by  Filed under: Bankruptcy 

You tried very hard to succeed in your business. Unfortunately things just did not work out. And then came the recession like one huge dark cloud. It has been showering miseries on you since then. This is the typical story for most small businesses all over the United States. The Internet had ushered in an era of small businesses. The wonderful small business story had just taken off. But the financial turmoil in the country has brought this fairy tale to an abrupt end. Most small businesses were unincorporated and had borrowed very heavily, being start ups. Now the owners are at grave risk; at stake is most of the personal property of the owners and in some cases even the house in which they have been living.

Now you consider how to get out of this Bankruptcy Debt. You are at crossroads with one road taking you the bankruptcy way and the other towards debt settlement. The road to be taken by you will be determined by how fast you can get out of debt and return back to a debt free life. Let us consider the pros and cons of taking the bankruptcy route.

You are sure to eliminate your debt, but at the cost of your assets. The idea of loosing your personal assets does not sound good at all. You will also not have the option of filing bankruptcy under chapter 7 if you have some assets. You will be offered chapter 13 instead.

If you take the debt settlement route to clear your Bankruptcy Debt you have a genuine chance of legally eliminating Bankruptcy Debt. Your creditors too are keen on recovering at least some part of their money rather than loosing everything should you gain bankruptcy protection. They will offer you a waiver on your Bankruptcy Debt. Thus you can legally eliminate up to 60 percent of your debt. Doesn’t that sound good?

There has really never been a more advantageous time for consumers to try and eliminate unsecured debt. Creditors are very concerned about collecting and most have government money to make eliminating some of your debt financially feasible.

Check out the link below to locate legitimate debt relief companies in your area:

Free Debt Advice.

Article Source:

http://EzineArticles.com/?expert=Morgan_Laronte

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!


You must be logged in to post a comment.

Prev Post:
Next Post: