According to me, bankruptcy is not a solution for unpaid liability problems. It creates immense financial damage and seals your monetary success for ever. If there are so many problems, why are people filing applications to show that they are bankrupt. Most people do not know that unemployment and debt relief are related to each other because they do not have sufficient understanding. Unemployment and debt relief increase or decrease at the same time. Commonly, people are in favor of bankruptcy because all their liabilities are wiped out without paying a single dollar. This is the only advantage. If bankruptcy is not the right option, which other options should be considered.
Looking at better alternatives to cater unemployment and debt relief
Several people are losing jobs at a rapid rate. This is increasing the tension and stress on their heads. If you have not paid your credit card bills, the telephone calls and emails from the money granting firm would take away your sleep. Once the recovery teams begin their home visits, the situation will worsen. On the other hand, people are not in as situation to pay all their dues. This is not financially possible at the moment. Which other solutions can help you?
You can select one solution from the three legal options.
- Reduction of liabilities through settlement with the creditor
Is it really possible to eliminate liabilities in a legal manner? This is the first question asked from relief consultants by their customers. The answer is yes. It is very much legal to erase half of your dues for ever. You don't have to pay this amount ever. Now let's come to the difficult part. You can talk to your creditor and convince him for a settlement. This is called self negotiation. However, this is a very tough task. You need a professional expert to study your monetary condition and talk to the creditor. Getting counterfeited by illegitimate organizations is very common.
Consolidation of liabilities by communicating with the creditor
There is no comparison between liability settlement and liability consolidation. Both the options are completely different. Liability consolidation reduced your payable sum by adding all the individual liabilities and eliminating interest charges.
Personal arbitration or internal bank agreements to handle unemployment and debt relief
Losing a job is not a big issue but finding another one is. In the United States, several people are losing their jobs. However, only a few of them are finding another one. This option favors credit card companies a lot more than loan takers. All the three solutions mentioned above are better than bankruptcy. You can use any one of them to deal with unemployment and debt relief.
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