Debt relief or bankruptcy?
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Answer:
If you can't anticipate going back to work soon, then file for bankruptcy. If you DO anticipate returning to work soon, then I would seek debt relief instead. Some of those places advertised on TV (where they arrange lower payments and relief) may be useful, but I don't know anything about them.
While you can list everything, you will likely continue to make payments on stuff such as your car if you want to keep it. I was never in arrears on my vehicle loan, so it wasn't an issue.
I can also tell you from experience that filing bankruptcy does not destroy your credit. It may just be harder to get lower interest rates. Anyway, places started offering me all sorts of credit less than a year later, but it took 5 years to get the lower interest rates. Student loans, judgements and taxes cannot be eliminated through bankruptcy. You owe it until you are legally disabled or dead.
Also, and very important, pick one national credit card you want to keep and pay that off! Don't include it in bankruptcy. Everybody needs at least one credit card for emergencies, even if it is just to get a hotel or car rental.
*if you file for bankruptcy it will affect you getting credit for the next 6 years.if you can afford debt relief and pay your bills then this would be the best way forward.otherwise go or bankruptcy and get rid of all your debit.good luck.
keep your pride. don't go bankrupt and take the easy way out.
I had a student loan hanging over my head for years and finally wanted to make it right, set up a payment plan. I feel more confident in my business practices because of this and my student loan is paid off now, it's taken several years but, I'm now free of it. (I don't think bankruptcy would free me of a student loan anyway but.)
Talk to your debtors and work something out with them, you will feel better about yourself and they will feel better about you. Your credit score will also benefit BIG TIME.
In the end this is your decision and you have to do what you feel is right so send a prayer and ask for a little guidance.
With a debt relief program, you will have to pay back your debt interest free for the next 5 years. Most creditors will charge you no interest; some just reduce your interest rate. You would still have to pay service charge to the credit counselor each month until your debt is completely pay off. If you declare bankruptcy, you will have a fresh start. No more payment to worry about. After 7 to 10 years, your bankruptcy record will be removed. If you are not making very much money, I think you should choose bankruptcy. Good luck.
Credit relief is your best bet. Some companies see this as a type of bankruptcy when you try to get a loan but it is still batter than actually filling.
Debt relief.
Bankrupcy will screw you in ways you have no idea in the future when you apply for a home mortgage etc by charging you massive interest rates.
Also, it will effect your chances of employment, many employers now check credit history and if you are a bankrupcy filer, no way they will hire you in any position of power.
For your Bankruptcy issue, Try the following link -
http://www.911-legalhelp.com/bankrupt...
You will not only get full information about bankruptcy but also get expert advice of affordable lawyers.
Best of Luck
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