Don"t File Bankruptcy! - How New Bankruptcy Laws Make Debt Settlement a Better Option
Instead, you will be surrounded by countless troubles.
We are unable to see these problems as they are not very apparent.
Hence don't file bankruptcy.
If you problems related to credit card payments, there are much better and safer options available.
If you are so much worried about your dues, hire a settlement firm but don't file bankruptcy.
Once you portray a zero account balance, your relationship with the bank is spoiled permanently.
A money granting company takes such a step due to unreliability.
What are you losing? If you don't file bankruptcy, you will be on a much safer side.
As a customer, do not get on the bad side of banks and financial companies.
You may require their assistance at a later stage.
It is illogical to think that you will hire a settlement company for every loan taken.
A bankrupt status means that you credit score will reach extremely low levels.
What is a credit score and what difference does it make? A credit score shows how much consideration will be given to you as a customer.
Forget about getting loans and credit card extensions if you have a low credit rank.
How does it work? If you don't file bankruptcy, your credit score can be prevented from declining.
However, a credit card company will not eliminate your total score at once.
The loss in points will occur gradually.
For instance, if you do not pay your personal loan installment, a point will be deducted.
There is a minimum score required to attain each kind of loan.
For example, a score of forty will be required to take a home loan worth twenty thousand dollars.
This requirement is decided by the bank management.
For each late payment, a point will be deducted from your overall score.
However, the liability reduction company also awards a positive for each payment made in a timely manner.
If you are paying you installments on time, your credit score will be increasing.
On the other hand, if you delay your payments, your credit score will be decreased.
If you don't file bankruptcy, the credit score can be prevented from reaching very low limits.
How does a zero account balance affect your credit score? This is an interesting question.
The credit rank of a customer is affected in the worst manner if he is declared bankrupt.
The bank management may also include you in the list of banned customers.
Thus to prevent all this, it is important that you don't file bankruptcy.