Other Option for Getting Rid of Debts Than Filling Bankruptcy Forms

May 16, 2012 by  Filed under: Bankruptcy 

If you are not able to fill the bankruptcy forms on your own, then you should take help from the many financial helpers in the market. However, let me tell you one thing straight. It is a good sign that you are not able to fill the forms. The best way to reduce debts is not to go for the bankruptcy filing.

You have to make sure that you know everything about the finding of the bankruptcy petition. Else, you will be in trouble. Apart from that, you will also have to find out information on the many other alternatives for the management of debts on your head. So much can be said on how to look for the best alternatives, but you now already know it because you are the one who is facing problems and not any other person can tell you to look for what is best for you.

However, this post can guide you towards the many alternatives and then you can decide which the best is for you. So many companies from the financial market will tell you what to do. However, it is for you to decide that what you want is what is best for you. You have to know about the many options, find information on each one of them, weigh the pros and cons, and then decide what you can go for.

Let us list down what you want to know about.

Alternatives

  • Debt management companies making good debt management plans for you
  • Debt consolidation loans
  • Debt insolvency practitioners telling you to go for IVA- Individual Voluntary Arrangement
  • Debt snowball methods
  • Debt relief orders
  • Trust deeds etc
  • Last of all options, which you do not have to go for is bankruptcy

You do know the consequences of the bankruptcy option, but I have listed it down because people usually take it as an option for a good bye to debts. However, my advice to you is to go for any other option, rather bankruptcy.

If the creditors find out that you are filing a bankruptcy petition, then you may be in trouble. They can sue you as well. This way you will have to face so much which, on the other hand will not be there if you either go for the debt management solutions from any of the above.

Debt management

The debt management companies can help you by making an effective debt management plan for you. The debt management plan is a legal plan that helps you out of trouble from debts and the binding, unfair agreements of the creditors over the default rate of interest and extra payments after the maturity date for the actual loan payment has passed.

Debt consolidation

It helps in consolidating the many loans you have taken and then you can pay them through the help of a good debt consolidation loan provider. However, this is another loan, which you have o pay back at the end. It combines all the debts, with one single interest rate to be paid to all your creditors. However, you have to pay this loan as well.

Debt management is a big issue and not everyone able to pay loans in time. To get advice on debt management you can read Azam’s articles. He has written several blogs, articles, and reviews on bankruptcy forms, accountant in bankruptcy, debt advice, etc.

Article Source:
http://EzineArticles.com/?expert=Muhammad_Azam_Gohar

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