Entry

how can I avoid bankruptcy

Feb 11th, 2007 13:06
Mark Gomelli, http://www.breadmarket.co.uk/debt-consolidation/

If you're facing the prospect of bankruptcy and are maybe considering 
seeing it through, take a minute to reflect on the consequences of a 
bankruptcy: 
Not only will you loose most of your posessions, it will affect your 
future job prospects and can also devastate the relationship with the 
people closest to you.
So what can you do about it:
Debt consolidation is the wise alternative to bankruptcy; while you 
won't get your debt written off like a bankruptcy, you will keep your 
house, your credit rating will recover much quicker etc..
Speak to your creditors and let them know that you're having 
difficulties with the debt, some creditors may be willing to extend 
deadlines, rearrange the payments or even lower the interest rate on 
the debt.
Seek advice from debt counsellors; you might be able to get debt 
counselling free of charge if you consult charitable organisations or 
local government organisations. 
Do some reseach and see if there are any government innitiatives set 
up in your local area to help people out of debt. Your debt counsellor 
might be able to advice you on this. 
If you live in the UK, an IVA is another alternative to bankruptcy, an 
IVA can help you write off up to 75% of your debt. For more 
information on IVA see: 
http://www.breadmarket.co.uk/debt-consolidation/iva-advice.php 
Do not be quick to decide that bankruptcy is your only way out, 
bankruptcy should be considered only when all other options have 
failed. Get as much advice as you can, remember that it is always 
better to rely on professionals in such cases.