Multiple Options To Prevent Filing Corporate Or Individual Bankruptcy
There's just no straightforward way to pay off your debt, so you have to face up to the consequences. Going through corporate or individual bankruptcy is not always the answer, as the effects are long lasting.
If your credit is not in terrible shape, can you reduce your other expenses, even if that means making challenging choices or just change your way of life to fit your income? Some ways to do this are:
-Selling your extra car.
-Pulling equity out of your home.
-Applying for a non-secured signature loan.
-Obtaining a loan from a relative.
-Selling your household and paying off your debts using the proceeds and then renting.
-Cashing out your 401K/retirement benefits.
-Selling family members heirlooms, jewelry, etc.
-Contact a business specialist about restructure management if you own a company. Search, "restructure business" for extra information.
-Filing Bankruptcy - Final Remedy.
If your credit has already been gone or one of the above isn't an option, go through CCCS Services. Check your yellow pages for the local telephone number. In this way you're paying off your debts as if you had been in a Chapter 13 bankruptcy, but you don't file a bankruptcy.
If CCCS will not take you, you might wish to look at bankruptcy. Filing a Chapter 13 takes longer, but your credit is in just a little better standing than if you file a Chapter 7.
In Chapter 13 you are given as much as 5 years to pay off your debts. The problem is that you are in bankruptcy for up to five years plus your credit report shows your bankruptcy for seven more years after you have completed paying off your debts.
If you are so far in debt that you can never ever repay it, then the ideal answer might be a Chapter 7 bankruptcy. Chapter 7 is the least desirable, credit wise, but you're typically out of bankruptcy in 6 months and you do not have to repay any debt.
Down sides of Filing Bankruptcy
The negative aspect is that this shows on your credit history for ten years from the date of filing your bankruptcy, and creditors are beginning to tighten their credit requirements, and you may have a tough time acquiring future financing.
Depending upon how complex your monetary situation is you may choose to consult a specialized restructure company before proceeding.
There's no magic solution. Don't believe any individual who tells you otherwise.
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