What is the Deciding Line?
You know that you have a lot of debt. You know that you need to
make a lot more money to pay off that debt. But what you don’t
know is whether you should keep beating your head against the
wall or if you should file bankruptcy. This answer will depend
on your financial situation. If you do not have the money to pay
your bills, you have to do something about it. If you can pay
your bills if they were a little less you might want to look
into a debt consolidation loan. If you can pay your bills if
they were a lot less, you might want a debt consolidation loan
with a debt settlement. But if you know that all of the help in
the world is not going to enable you to pay your bills, then you
might want to look to bankruptcy.
There are a lot of great programs out there though to help you
so that you do not have to take that step. Once you file
bankruptcy you will have that on your credit for seven to ten
years depending on where you live. But a debt consolidation
could help you in the interim – as could a debt
consolidation/settlement program. In a settlement program you
get your creditors to relieve part of your debt, and you only
pay back a portion of it.
This will still hurt your credit as it is reported as “settled”
but it does not hut it as much as the bankruptcy does. If you
can afford to pay something on your bills you should at least
try to.
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