One of the most important debt cautions we can offer our readers is the importance of not settling for debt negotiation plans that don’t offer you the relief you really need. For people who are struggling with debt, but consider repayment to be a feasible option, debt negotiation can be a great way to get relief. However, for those who are in serious debt and are likely to experience persistent financial hardship, debt negotiation is only going to delay the inevitable (bankruptcy), and harm you in the long run.
Why You Might Need Bankruptcy
The truth is, you might need bankruptcy. Debt negotiation is a great method for some people. But, if you are facing a financial hardship in the form of debt that you know won’t ever be repaid, don’t waste your time (and money) going through the debt negotiation process. Instead, start investigating the bankruptcy process.
Bankruptcy isn’t nearly as scary as you probably think it is. You won’t lose everything you own, and you certainly won’t be viewed as a moral failure. In actuality, the bankruptcy code was created for people like you who are facing undue financial hardship.
It’s understandable that you want to get yourself out of debt. But, when that simply isn’t possible, bankruptcy is a great alternative. Remember, don’t settle for the debt negotiation route when what you need is solvency now.