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Debt Consolidation
Joined: 05 Jun 2009
DebtConsolidation's page
Posts: 9
480 Magic Points
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Subject: Debt consolidation is a solution over bankruptcy?
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Mon Sep 14, 2009 5:28 am
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Hello All,
Bankruptcy is impressive so as to people think essential at what time they start to suffer that they are incapable to pay the late payments on their unusual loans or credit cards.
So my question is Debt consolidation is a solution over bankruptcy?
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debt consolidation |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Mon Sep 14, 2009 10:26 am
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Hi Debt Consolidation
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| So my question is Debt consolidation is a solution over bankruptcy? |
Yes. Although both of these have a negative impact on your credit report, bankruptcy has a worse effect than debt consolidation. At least debt consolidation reflects your desire to pay back the debts instead of not paying a penny. However, by the new bankruptcy laws, if you want to file BR, you will first have to go for a debt counseling where it will be determined whether you really need to file bankruptcy or may do with a payment plan only. If you may file BR then you need to decide what chapter you will file.
Filing bankruptcy is not as easy as it used to be earlier. Today by the new BR laws you need to find a means to repay your loans rather than wipe your hands off them. I would always suggest debt consolidation over BR anytime.
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Keep in touch
Carol |
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MrsCasanova
Joined: 29 Oct 2009
MrsCasanova's page
Posts: 2
26 Magic Points
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Thu Oct 29, 2009 2:45 am
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| I agree. Anything is better than bankruptcy. If you are concerned about Debt Consolidation try going to a profession, such as a non-profit credit counselling agency for advice. |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 605
89 Magic Points
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Thu Oct 29, 2009 3:06 am
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| Of course anything is better than bankruptcy but that all depends on your ability to pay. With me my chapter 13 payment alone was over $600 a month not counting other bills. Even the trustee told me to file chapter 7. So you might go into it wanting to do the right thing but remember in dealing with bankruptcy it's not always up to you. So yes if you can afford debt consolidation that is your best move. |
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