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Bankruptcy Alternatives Explained

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  • Tim Renolds
    Message 1 of 1 , May 1, 2006
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      Please consider this free-reprint article written by:
      Tim Renolds

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      Article Title: Bankruptcy Alternatives Explained
      Author: Tim Renolds
      Word Count: 416
      Article URL: http://www.isnare.com/?aid=49603&ca=Finances
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      There are many steps you can take in efforts to improve your
      credit, eliminate your debt, and avoid bankruptcy. Which should
      be the ultimate goal of all people, while bankruptcy is an
      excellent method of helping you clear up your debt, it should
      only be used as a last resort. Bankruptcy remains on your
      credit for up to ten years and it could result in the inability
      to retain any other type of credit until it has been removed or
      several years has passed.

      On thing that a debtor can do, this is especially true if they
      have no income or assets, is to do nothing. Yes that is right
      nothing, if you have no assets or income that can be garnished
      bankruptcy would not benefit you in any way, your financial
      situation would not change as a result. It is likely that
      without anything of high value, credits would not attempt to
      take any court action against you because there would be
      nothing they could collect.

      Another step you could take is to undergo credit counseling,
      you would learn how to manage your money to reduce the debt.
      You could create a budget that contains your monthly income and
      expenses, thus reducing expenses. By doing this, any extra money
      you have could go towards reducing the debt you owe to
      creditors.

      You could also begin negotiation with your creditors, most of
      them realize that bankruptcy is a viable option for those who
      have more debt than they can handle. For this reason, most will
      be willing to �take what they can get� rather than get nothing
      if the debtor files bankruptcy. This option requires that the
      debtor has income or assets that can be used in efforts to
      raise money to apply towards the debt you owe. Additionally,
      this can allow you to rebuild your credit instead of applying a
      negative bankruptcy on it.

      Debt consolidation is another bankruptcy alternative that many
      could consider, by consolidating your debts into one low
      monthly payment you could easily reduce the amount of your
      debt, get the creditors off your back and avoid bankruptcy.

      Finally, another option of avoiding bankruptcy is to make a
      formal proposal directly to your creditors. This proposal or
      also knows as a deal, will allow you to create a payment plan.
      It is all dependent upon what area of the world you live in and
      the laws surrounding the area of debt compromise.


      About The Author: Tim Renolds is the owner of
      http://www.loan-source.co.uk a website providing Uk homeowners
      with a free loan quote service. Visit us today for a free no
      obligation quote.

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