How to Avoid Filing Bankruptcy

Have you ever felt helpless concerning your financial
problems? Are you looking for ways to get out of your
current financial situation? You are not alone! Millions
of people all around the globe are experiencing the same
thing. Others might say the best and easiest way to be
free from debt is filing bankruptcy. But what is the real
truth regarding bankruptcy? Here are some truths you
should be aware of.

Chapter 7 bankruptcy is one type of bankruptcy available
today. It offers some benefits like clearing out your
unsecured debts. However, you are required to sell your
assets to pay any remaining balances. This is a
tremendous disadvantage of chapter 7 bankruptcy because
you are not allowed to decide what to do with your
remaining assets. Instead, the court will seize control
and make decisions they think are best to resolve any
debts. This process usually does not work in favor of the
debtor. Filing for Chapter 7 bankruptcy is also very
difficult because of the new laws implemented in 2005. In
most cases, it is impossible to even qualify for because
of the complexity of the process. To avoid wasting your
time, and money, it is best to look for other effective
options.

Chapter 13 bankruptcy, on the other hand, has simple
qualifying guidelines so there is a big chance you can
qualify for this option. However, like Chapter 7
bankruptcy, you can't retain control of your finances or
any decisions related to them. There will be trustees
assigned to your case and its upon the trustee's
discretion to do whatever they think necessary to resolve
your financial problems, even if you don't agree with
them. Another thing you must consider before filing for
this is the payment fees. You will be forced to pay the
trustee for their efforts in trying to resolve your case
which, in reality, has not been resolved at all. So, just
like the other type of bankruptcy mentioned, this is not
a good choice either.

To really resolve your financial crisis, you must look
for means that will give you the freedom to choose what
you want to do with your finances and assets, while
guiding out of your financial difficulties. Choosing to
utilize professional services to assist you is ideal in
situations like this. Contrary to popular belief,
bankruptcy is not the only solution. There are
specialized, professional services available that can
guide you to decrease your debts, helping you recover any
financial crisis.