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By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
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Why Bankruptcy Is Bad

If you’re like most Americans, you’ve probably heard a great deal about the bankruptcy process. Bankruptcy is actually a complex legal framework that permits consumers and businesses to refinance their debt obligations or liquidate their assets in an orderly fashion.

Every year, many thousands of American consumers are forced to declare bankruptcy. Many small and large businesses are drawn into insolvency as well. Although this process has some benefits, it also has many drawbacks. First, it might be helpful to review the two basic types of consumer bankruptcy.is bankruptcy bad news

“Chapter 13” bankruptcy is also known as “reorganization.” When you file for reorganization, you’ll be required to present a realistic repayment plan to your creditors. In most cases, this process will be arbitrated by a licensed bankruptcy judge. He or she will ensure that you reach an amicable agreement with your creditors in a short period of time.

Unless you specifically “reaffirm” your mortgage, auto loan and other secured debts, you’re likely to lose the underlying assets during reorganization. For instance, your mortgage lender will almost certainly initiate foreclosure proceedings on your home. Your auto lender may repossess your car as well. If you demonstrate that you’re willing and able to repay these obligations, you may be able to keep the secured assets. However, your lender will retain complete control over the process.

Even if you’re able to keep your home during the reorganization process, you’ll be forced to use most of your liquid assets to pay off your current creditors. What’s more, your bankruptcy declaration will dramatically affect your credit score. After your reorganization process has ended, your credit score may have dropped by 200 points or more.

Under these circumstances, the fact that you may be able to keep your home and car during reorganization will be cold comfort. With a depressed credit score, you’ll be unable to procure new credit cards or personal loans. If you need cash badly, you may be forced to use a payday lending agency that charges exorbitant interest rates on its short-term loans.

Unlike reorganization, “Chapter 7” bankruptcy involves the partial liquidation of a bankrupt individual’s assets. This is a serious step that should only be taken in dire circumstances. In fact, it’s even frowned upon by proponents of reorganization. When you declare Chapter 7 bankruptcy, you’ll quickly wipe away your unsecured debts. Depending upon the laws in your state, you’ll be permitted to keep a small cache of personal items to ensure your comfort and well-being. However, your life will undergo drastic changes that may last for years to come. These are liable to be even more serious than the aftereffects of the bankruptcy reorganization process.

Fortunately, there are several viable alternatives to either kind of bankruptcy. For starters, many debt-ridden borrowers who face the prospect of bankruptcy choose to make tremendous sacrifices in the name of continued solvency. Depending upon the amount of slack in your budget, you might be able to rework your household’s finances without enrolling in a program of debt relief or borrowing money from a disreputable payday lender.

This will require discipline and perseverance. If you’re serious about reworking your household’s budget, start by cutting out discretionary expenses like impulse purchases of big-ticket consumer goods and expensive restaurant meals. Instead of eating three meals per week at fine-dining establishments, resolve to treat your family to one night out per month. Likewise, slim down your cable package so that you’re only receiving the channels that you actually watch.

Next, reduce your home’s overhead expenses by making it more efficient. This is easy to do: Make sure that you turn off unnecessary lights and appliances, minimize your climate-control system’s workload, and refrain from taking long showers or running excessive loads of laundry. Over time, these little steps will add up to produce big savings.

apply now for debt relief helpThere are also several methods of managed debt relief at your disposal. These include credit counseling, debt consolidation loans and debt settlement. You can find more information about these forms of debt relief elsewhere on our site.

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By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
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"National Debt Relief has taken care of any issues I've had..."

Easy National Debt Relief Caller: Austin Transcribed WE 1/17/2021 Austin: Reminder, our call may be recorded. What led you to National Debt Relief and why did you go with National Debt Relief over another company? DEBORAH: To be honest with you, just saw the commercial on TV. Austin: Could you maybe walk me through any ways that National Debt Relief, the services they've helped you with and maybe your thoughts on the enrollment process, the ease or difficulty of that process? DEBORAH: No, it wasn't difficult. It was good. I mean, it was smooth. Everything's went well, so far. Austin: And are there any ways that the program has worked for you? DEBORAH: I have a little more extra money. Austin: And do you remember the name of-- I know you probably worked with multiple people, but do you remember the name of any of the negotiators you've worked with? DEBORAH: No, I sure don’t. Austin: But is there anything about them that has impressed you or anything your negotiators could have improved? DEBORAH: No. I mean honestly, they've all been great. With any issues I've had, they've taken care of it. It's smooth sailing so far. Austin: How would you rate your experience with National Debt Relief on a scale of one to five, where five means you would recommend and one means very dissatisfied? DEBORAH: 5. Austin: What would you tell others or friends if they were to ask about National Debt Relief? DEBORAH: I would tell them the same thing that I've been telling you. Austin: Is there anything else you wanted to share on the experience or any other highlights you'd like to mention? DEBORAH: No, I appreciate it. Austin: And would it be okay if we shared your comments, with the first name and city only, as a review on our public site for National Debt Relief? DEBORAH: Yeah, I'd rather you didn't, if you don't mind. Austin: Oh, well I can definitely respect that. And I'll tell you, if it's like a privacy thing, we can remove the name and or the city, whatever you'd prefer. It’s mainly just the comments around if National Debt Relief has worked, and the customer service, ease of the process. We could do like a Deborah from USA, if you’d prefer that or even remove the name, like a D from the USA. Whatever you feel comfortable with, that would be okay. DEBORAH: So long as there's no name and face attached, I'm fine. Austin: Of course. Okay. So like a D from the USA? DEBORAH: That works. Austin: All right. We’ll do that, Deborah. Would you like us to email you a link to that review when it's published so you could see it? DEBORAH: Yes. Austin: Reminder, our call may have been recorded.

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