The goal of the first option, credit counseling, is to pay off credit card debts within five years. This method protects individuals from imminent bankruptcy. A bankruptcy attorney can provide clients with a wider range of options for addressing their financial difficulties. In addition, even if you aspire for the best, the first option is not always the best option because it does not produce the desired results. Sometimes, we must accept the worst.
Statistical evidence from prior years supports the recommendation to consult a credit counselor. Only one-third of the millions of people who have sought counseling were able to secure their financial situation. Unfortunately, the remaining one-third of the population is too far behind on their debts. Some of these individuals have insufficient income to make the plan viable, while others have issues such as gambling, alcoholism, and substance addiction. The final one-third of the population was enrolled in such plans, but they immediately pulled out.
Let's be honest: not everyone can afford the repayment arrangements provided by credit counselors. Sometimes, repayment reveals how large your debt is and how modest your income is. When this occurs, it may be impossible to avoid bankruptcy. Accepting chapter 13 may be the most effective solution for some individuals. Individuals can be protected from creditors and establish a five-year repayment plan under Chapter 13. By the end of that period, all debts would have been eliminated.
Obviously, this does not imply that everyone who files for bankruptcy can restore their credit to its original state. This option has a high failure rate as well. As much as possible, handling your credit issues on your own is one of the most effective methods. If you can minimize all expenses and keep track of all debts and bills, you will be off to a solid start. Also, do not be afraid to pursue all possibilities. If one does not succeed, try another.""
" - https://www.affordablecebu.com/
