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Paying Off Your Debt
By Philip | October 19, 2008
Often, people ask “can I file bankcruptcy?” when they are stuck with their credit debt and can’t pay their debt off.
We all know that by filing bankcruptcy, you will be relieved of your legal obligation. Still, it should only be a last resort as it would produce a long lasting catastrophic effects for your credit by either having Chapter 7 for at least 10 years or having Chapter 13 for at least seven years on your credit report. To make it worse, both can remain on your legal records for 20 years.
So, how to pay off debt aside from filing bankcruptcy?
Well, either to pay off your debt or to get out of credit card debt, both would have a similiar ways which are explained as follow:
Debt Settlement
Also known as Debt Negotiation. Using this way, you’ll negotiate with your creditors to reduce your debt by 40 to 60 percent, which would lower your monthly payments.
Credit & Financial Debt Counseling
Using this way, you’ll negotiate with your creditors to reduce your interest charges so that you can pay your debt off in a shorter time with lower payment.
Now, if you need to talk to someone about your debts, you can fill out a form at PayingPaul and they will refer you to a company that will help you get out of debt fast and affordably.
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Topics: Uncategorized | 1 Comment »
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