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You'll Find Lots Of Advantages Of Utilizing Debt Consolidation Companies
Many people who find themselves in debt use one of the professional debt consolidation companies to rid themselves of the worry of working out the issues out themselves.
While a few simply give up and file for bankruptcy, others still feel there is a stigma attached to filing a personal bankruptcy and it is they who will be likely to check out the debt consolidation companies.
Today's sporadic economy has caused many people to have debts that they never expected to have. They were going along very well with two incomes, when unexpectedly the bottom fell out and either one or both revenues were lost due to outsourcing or downsizing; in certain instances to actual company failure due to no new business, or not sufficient money with which to buy supplies, consequently salaries cannot be met.
Thanks to the many specialized debt consolidation companies, individuals can now see a way out of the misery.
As a result of this economic climate, both individuals and companies have been forced into a brand new way of life. The alternatives are usually Bankruptcy or debt consolidation. Let's look at this from the perspective of the individual rather than a company.
If the individual takes the Bankruptcy route, there are two options; a Chapter 7 filing which will clean out all of the unsecured debt. Secured debts would, however, have to be reaffirmed; a Chapter 13 happens to be a debt consolidation.
Some people feel that they do not wish to wipe out the debts because they may want to do business with these creditors when things get back to normal. In that case, they can file a Chapter 13 which allows them to pay the creditor a percentage, calculated according to the amount of the debt, over a time period of three to five years.
All through this time the individual is in the protection of the Federal Bankruptcy Court and cannot be harassed by the debtor.
The debt consolidation company provides the same service as the Chapter 13 bankruptcy does. The difference between the two is that with a Chapter 13 you are under the protection of the Federal Court System. Using a private debt consolidation company you are not protected, and you creditors can continue to harass you even if they are procuring payment each month. Unfortunately, since the payment is, in both cases, calculated on the balance because of the creditor, the payment may be smaller than the creditor would like it to be. This is exactly where the harassment generally comes into effect.
If there is a foreclosure along with the debts there is not much that can be done unless the individual gets there quickly. In a Chapter 13, the house payments could be lowered and a reaffirmation is proposed. In a private debt consolidation there is very little chance of saving your home from foreclosure unless it is still very early and then the house payments can become a part of the consolidation but lowered..
If you are an individual that is facing the debt dilemma that is striking many today, then calculate your current income (worker's compensation, social security, retirement fund, savings, investments, etc.) and consider which of the alternatives will best suit your present state of finances. You may desire to talk to an attorney that will steer you in the direction of bankruptcy or debt consolidation. There are attorneys that will assist you pro bono (free) if you will call your local Bar Association.
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