Bankruptcy, they say, is the quickest solution to end financial troubles. But the truth is it doesn’t in almost all cases. The best way to deal with financial difficulties is to find an alternative to bankruptcy that will lessen your debts and stop debt lawsuit. But before I discuss that I will be telling you some facts about bankruptcy. In this article you will learn what bankruptcy really is and how it can have a dramatic effect on your economic state.
Bankruptcy filing is a complicated process. One has to lose his power over his finances with this procedure. The decision on what will be done with ones assets will be left up to the appointed trustee which the court chose. This can be very degrading to some and what makes it even worse is that one will be forced to agree on whatever the trustee decides to do with the possessions, like selling some assets even if one doesn’t want to. Debt lawsuits can’t be stopped and debts are not decreased either. Instead one will be forced to disclose all his assets and sell them to pay creditors, which could mean losing all the remaining ownerships.
Companies that offer debt consolidation and credit counseling can somehow lessen a person’s financial burden, however, they can’t guarantee the protection one needs for his assets and can’t stop debt lawsuits either. It is good to seek help to stop the harassment and threats of some creditors, but this can’t really resolve the main problem. Aside from that, this process involves lawful means and hard evidences that a creditor’s claims are valid. The negotiation process between a person and his creditors will be very risky also and one may need a third party to help him deal with the course of action.
The best thing to do to stop wage garnishments and stop debt lawsuits is to use a good debt relief service. There are several services that guarantee to help you achieve both but only a few can fulfill their promise. If you finally decide to use a service be sure that they can give you the maximum benefits you can get.
After all you are the one who knows what’s best for you so the right to manage your finances should not be taken away from you!
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