Bankruptcy is not for everyone, but it is an alternative when everything else fails. It is a legal way to come to terms between you and the person you owe. There are alternatives that will help you avoid bankruptcy. These alternatives should be investigated thoroughly before you decide on any action.
What is a bankruptcy?
What is debt?
A debt is anything you owe anyone. It may be secured by collateral or it may be assigned purely by your name. Collateral could be in the form of a car or a home. A bankruptcy should only be used when all other lines of choice have been exhausted.
A debt is anything you owe anyone. It may be secured by collateral or it may be assigned purely by your name. Collateral could be in the form of a car or a home. A bankruptcy should only be used when all other lines of choice have been exhausted.
Characteristics
If you are unable to pay off your debt, then you may contact an attorney to handle your bankruptcy. A bankruptcy is not free and sometimes the cost is quite high. You must pay for the paperwork, attorney and court costs. The bankruptcy will remain on your credit for 10 years. It is best to look for bankruptcy advice before taking any decision.
If you are unable to pay off your debt, then you may contact an attorney to handle your bankruptcy. A bankruptcy is not free and sometimes the cost is quite high. You must pay for the paperwork, attorney and court costs. The bankruptcy will remain on your credit for 10 years. It is best to look for bankruptcy advice before taking any decision.
The reasons people file bankruptcy are:
- Medical bills
- Divorce and cannot pay debts
- Credit card debt
- Mortgage problems and potential foreclosure
Alternative to bankruptcy - foreclosure options
Foreclosure
One of the main reasons people file bankruptcy is to avoid foreclosure. An alternative to bankruptcy may be to handle your foreclosure, thus saving your credit and potential renting problems again.
One of the main reasons people file bankruptcy is to avoid foreclosure. An alternative to bankruptcy may be to handle your foreclosure, thus saving your credit and potential renting problems again.
Deed in lieu of foreclosure
There are many options when it comes to your mortgage problems. The first options is deed in lieu of foreclosure. This option allows you, as the seller to negotiate with the bank to simply turn the keys over to them and walk away.
There are many options when it comes to your mortgage problems. The first options is deed in lieu of foreclosure. This option allows you, as the seller to negotiate with the bank to simply turn the keys over to them and walk away.
Short sale
Another alternative to bankruptcy is to do a short sale. A short sale is where you sell your home for less than what is owed with permission of the bank.
Another alternative to bankruptcy is to do a short sale. A short sale is where you sell your home for less than what is owed with permission of the bank.
Refinancing
Other alternatives may include doing a refinance with a new co-borrower, applying for the government program to help borrowers and to negotiate with the bank for delayed payments.
Other alternatives may include doing a refinance with a new co-borrower, applying for the government program to help borrowers and to negotiate with the bank for delayed payments.
Alternatives to bankruptcy - credit card debt and collections
Threats
There is nothing more irritating than to have collectors call your home. You may threaten that you have signed a bankruptcy order and if they don't stop harassing you, you will proceed to the bankruptcy courts. These idle threats will save you only for a few weeks. After that, the collectors will realize that these threats were just that.
There is nothing more irritating than to have collectors call your home. You may threaten that you have signed a bankruptcy order and if they don't stop harassing you, you will proceed to the bankruptcy courts. These idle threats will save you only for a few weeks. After that, the collectors will realize that these threats were just that.
Negotiate
When collectors start calling you, try to negotiate a reduction in the amount owed and to be paid over a term you can handle. Also negotiate to have the bad debt removed from your credit. All collectors will work with you to avoid bankruptcy, where they end up with nothing.
When collectors start calling you, try to negotiate a reduction in the amount owed and to be paid over a term you can handle. Also negotiate to have the bad debt removed from your credit. All collectors will work with you to avoid bankruptcy, where they end up with nothing.
Source: Debtworkout.com
No comments:
Post a Comment