Over the 10 years since our company was established, we have received thousands of calls from people considering bankruptcy. Each client's situation has differed, but there are a few questions that are commonly asked by everyone. These include:

  • Is Bankruptcy the best decision for me?
  • Once I file for bankruptcy, how long will it take before my credit rating is back to normal, or improved, for that matter?
  • If I decide to file after looking over my options, is there a way to avoid high legal fees?

Is Bankruptcy the best decision for me?
In some cases, it may be. But many people who find themselves burdened by unmanageable debt rush to declare bankruptcy before discovering that there are many options to alleviate their debts other than Chapter 7 or 13 bankruptcy. At Credit Card Debt Consolidators, we understand that debt worries can be debilitating, and can quickly cause desperation. And when desperation strikes, often there is a determination to find the easiest fix. Click here to read about quick-fixes to avoid.

You Have Options
When your debt reaches a level where you are finding it quite difficult to maintain even the minimum payments, or the loss of a job or medical emergency has put you in a dangerous financial situation, it is important to recognize that there are options outside of Chapter 7 and 13 bankruptcy.

One of the key options our clients frequently qualify for is debt settlement - a process by which your debts are professionally settled. With this option, your creditors take into account your current financial situation, and negotiate a settlement plan that allows you to obtain debt freedom and save 60-75% off the principal. Credit Card Debt Consolidators has provided this service, for over 10 years, and has helped thousands of Americans free themselves of debt without the dire effects of bankruptcy. Contact us here to find out more.

Once I file for bankruptcy, how long will it take before my credit rating is back to normal or even improved?
The sad truth about bankruptcy is that it takes at least 10 years to eliminate it from your credit report. For most of our clients, who are generally anywhere from 18-50 years of age, that can be an incredible amount of time. During this 10 year period, loans, unsecured credit cards, and often even mortgages and car loans, can be all but impossible to qualify for. This is one of the main reasons why we only recommend bankruptcy in situations where debt settlement, or another credit option does not work.

If I decide to file for bankruptcy after looking over my options, is there a way to avoid high legal fees?
In most states, it is not an absolute requirement to have a lawyer represent you in bankruptcy proceedings. Savings here can be immediate. However, approaching complex bankruptcy laws and regulations without significant legal experience is extremely risky. While lawyers may be expensive, they are completely accountable, and hiring one can keep you from losing more than you had ever considered possible. As well, lawyers do not have an emotional attachment to your case - as you undoubtedly would. This can result in incorrect filings, and can affect you for the rest of your life. Whether you do decide to file for bankruptcy or not, it is crucial that you consider all the options available to you. Our counselors can suggest numerous options - both to avoid bankruptcy, and where to turn if it is really necessary.

Contact us here for help.

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