In today's world there are so many people are struggling with financial problems like unpaid debt , credit card bills , mortgage loan etc. So they think that bankruptcy is the only option which can help them in this situation but its not true because it does not gives you relief from your all debts and money problems. It is helpful in some cases but it effects lots of damages in many cases.
Here are some important and simple steps which can saves you from bankruptcy : -
1. Bankruptcy can't save you from your all debts , after filing bankruptcy you have to pay some of your dues whatever chapter to choose it doesn't matter.
2. If you file bankruptcy you to solve your financial problem , it can get you out of your financial problems for sometime but it will stick to your financial status for so many years. After filing bankruptcy you will not be able to apply for a credit card , mortgage loan etc.
3. You need to determine yourself before filing bankruptcy because if you are filing bankruptcy due to some of mental or emotional issues , it will gives you relief for sometime but after bankruptcy you will realize that you you have done a mistake .
4. Credit counseling is a way which can help in such a condition. If you are not able to plan or manage your finances and if you are not able to maintain your budget or expenses then this program will help to get out of the mess of bankruptcy.
5. There is one more place which can help is is your bank because your bank knows everything about your present and previous financial condition. So if you will convince your bank they will surely give you some time or some beneficial plan to payoff your dues.
6. Debt settlement is also an important option for you to avoid bankruptcy because if you will go for this program , your creditors will get atleast half of the amount of your total dues instantly and you need to pay them according to your financial condition . You no need to negotiate with anyone . Your debt settlement company will negotiate with your creditors on your behalf and give you relief from your financial mess.
That was some useful tips to avoid bankruptcy ,I will try my best to give you some more important and updated information on bankruptcy and other financial matters in future.