Home Add to Favorite Contact Submit  
             23 October, 2019
 

    
Category:  Articles » Finances » Bankruptcy

 

Debt Alternative to Bankruptcy

Popularity:
         Views: 1317
2007-11-10 06:24:53     
Article by Paul Hockney

If you have serious debts and are unable to pay your bills, one of your options is to go bankrupt. It's only advisable to file for bankruptcy debt relief if you have a substantial amount of debt, or debt that will take you an unreasonable amount of time to pay off. For example if your debts are £20,000 or higher. If you've tried debt relief programs and counseling services, and they all say that there's no hope for you, then you can go the route of bankruptcy debt relief. When you file for bankruptcy debt relief, and you have that bankruptcy on your credit, it can take seven years for it to come off. However, before making a decision you should also be aware of other potential debt relief options.

Debt Consolidation

Debt consolidation is an effective strategy to paying down debts especially if you have a few high interest revolving credit card accounts. Debt consolidation is also the most popular sought after debt service before filing for bankruptcy. Debt consolidators can provide debt help in the form of debt settlement, a debt consolidation loan or a structured settlement. Debt negotiation is a means to avoid bankruptcy while still repaying a portion of your debts. Debt Elimination - A well-advertised method where you essentially do not pay your creditors. However, be aware that debt consolidation can be dangerous because you treat only the symptom.

IVA (Individual Voluntary Arrangement)

An IVA is another possible option if your debts are over £15,000. With this option you can clear up to 75% of your debts over a 5-year period. You also know precisely what your payment obligations will be for the five year life of the IVA. If an IVA or other debt help can help you avoid bankruptcy then it's probably a better debt solution. An insolvency practitioner will be appointed if an IVA is found to be more suitable and they will help stop all the creditors knocking on your door.

Creditors

Bankruptcy is a powerful procedure with serious repercussions that allows a debtor the benefit of relief from his or her creditors and the possibility of a fresh start. Remember, that bankruptcy lawyers will probably be representing your creditors to enforce their rights against you. Usually when a person becomes overwhelmed by bills, they must deal with their creditors aggressively attempting to get money from them. Your creditors only care about collecting money from you and do not care about what is best for your situation. Once you are declared bankrupt you no longer have to pay those creditors back.

Conclusion

If you've tried debt relief programs and counseling services, and they all say that there's no hope for you, then you can go the route of bankruptcy debt relief. You can fix your credit again, even if you have an enormous amount of debt, but you should know the ins and outs of bankruptcy debt relief before you take that plunge. Becoming bankrupt is the most extreme way of eliminating your debt as it has so many repercussions so the best advice is to seek the help of a recommended debt help expert.

Paul Hockney is an online loan expert who provides alternative to bankruptcy tips and advice.

Specialized in: Alternative To Bankruptcy - Bankruptcy Alternatives
URL: http://www.alternative-to-bankruptcy.co.uk
Print article      Bookmark this page
Related Articles 
Edmonton Bankruptcy Series - The Appointment of an Interim Receiver in Edmonton Alberta (Popularity: ): While the use of an Interim Receiver is not seen often when dealing with consumer bankruptcies and proposals, the Interim Receiver can play a very important role when dealing with commercial situations. There are four times that you can see this type of appointment:1. After the filing of a Notice of Intention to Enforce Security but before the mandatory 10 day waiting period has expired;2. After the filing of a ...
How To Buy A Home After Bankruptcy Or Foreclosure (Popularity: ): If you've been looking for a home and you have bad credit, you may not have had the best of luck finding financing. If banks have denied you financing for a home loan and you're starting to wonder if its possible, don't lose hope, you're merely looking in the wrong places.Bad credit doesn't mean that you cant get a loan to buy a home. It only means that your interest ...
Property Exemptions as Per Connecticut Bankruptcy Laws (Popularity: ): In comparison to the other states of the United States of America, the Connecticut bankruptcy laws are different in a sense that the property exemptions for personal insolvency have been interpreted in Connecticut in a different way. Let me give you a brief insight into the same.Homestead Exemptions The homestead exemption under the Connecticut laws includes all the real properties, no matter, whether they are mobile properties or manufactured home. ...
Bankruptcy - Getting Your Credit Back (Popularity: ): Your bankruptcy case has gone through and you're trying to put all of this behind you. You want to get a fresh start and not make the same mistakes again in the future. It's time to start thinking about rebuilding your credit.No matter what caused you to file bankruptcy, be it from doctor and hospital bills, a divorce, a loss of your job, or perhaps even your own foolishness, you're ...
The Time Line For Chapter 7 Bankruptcy (Popularity: ): If you are planning to file under chapter 7 bankruptcy it is very important for you to keep in mind the following timeline. The following timeline describes the rules at various stages before and during bankruptcy.One Year Prior To Filing Your Case-Within the last one year, if you ever tried to deceive any of your creditors by destroying, hiding, or transferring your properties, you petition under chapter 7 may be ...


Related Business 
Debt Settlement (Popularity: ): DebtSettlement is a matching service helping you find a program that meets your specific needs. Debt settlement specialists are debt and credit professionals who facilitate debt settlement programs for consumers who are overwhelmed with massive debt or who are considering bankruptcy as a last option. This process is also known as debt negotiation and debt settlement specialists are trained in this aggressive, and often successful, alternative for debt management and ...
Debt Settlement, DMB Financial (Popularity: ): DMB Financial. Get debt free! Your source for debt settlement, credit card debt help, debt consolidation services. There are alternative to bankruptcy, let our debt negotiation professionals show you how.
Negotiate Debt Settlement (Popularity: ): Negotiate Debt Settlement – Debt Settlement is a viable & effective alternative to bankruptcy. Debt Pro offers negotiating debt settlement solutions for you debt. For more info on negotiating debt settlement. you may feel like it’s impossible to ever catch up and bring these accounts back to a good standing. If this is you then you’re not alone.
Debt Relief (Popularity: ): DebtReliefEmergency was designed to provide consumers that are in credit card debt and unsecured debt advice free of charge by pairing them up with a debt negotiator, having helped countless consumers reduce their debt for a significant savings of their original balance. We are a legitimate and ethical alternative to bankruptcy and are here to answer all your questions regarding your unique financial situation. DebtReliefEmergency.com and its affiliates are not ...
Arizona Loan Modification (Popularity: ): Debt Free Bankruptcy Provides Bankruptcy Helper premier Bankruptcy Attorney Las Vegas, Bankruptcy Attorney Nevada, Bankruptcy Lawyers for Chapter 13 and Chapter 7 - provides Debt Settlement and Free Bankruptcy Evaluation and Free Bankruptcy Consultation online.
The Law Firm Of CoBen & Associates (Popularity: ): The law firm of CoBen & Associates is your bankruptcy attorney in Sacramento, we have been helping people get control of their finances and eliminate debt since 1995. We understand that filing for bankruptcy and taking advantage of this legal remedy for unaffordable debt is a difficult decision to make. Once many learn the facts about bankruptcy, those fears disappear and what’s left is a brighter, more optimistic future. Though ...
First Canadian Debt Solutions Inc. (Popularity: ): First Canadian Debt Solutions Inc. is a Canadian owned and operated, professional and knowledgeable debt consultation company specializing in debt settlement and debt reduction for Canadian consumers. Debt Settlement is an alternative to bankruptcy, consumer proposal and credit counselling and does not put a notation on the clients credit report so it does no further damage to their credit.
Settle Debt (Popularity: ): We are one of Australia’s leading debt solution providers. We have been operating for nearly 10 years and have refined our programs to be some of the best around. What makes us different is that we care about our customers. Unlike most of our competitors we don’t push you into bankruptcy or getting a debt agreement (which is also an act of bankruptcy).
Bankruptcy Lawyers (Popularity: ): The Bankruptcy Law Offices of John T. Orcutt is a debt relief agency that practices consumer debtor bankruptcy law. We assist those in debt file for federally protected bankruptcy relief. Make an appointment today for a FREE consultation.
Debt Lands (Popularity: ): Debt Lands is a debt management company based in the UK offering free debt advice and can rearrange your debts in just 24 hrs. Debt Lands offers a wide range of debt solutions, from debt management plans, individual voluntary arrangements (IVA), bankruptcy and more.