For most people the thought of bankruptcy is devastating enough having it become a reality is very painful and comes accompanied with an overwhelming sense of failure. If you are feeling trapped and like you have no options, because you are crippled by debts you don’t have to be. Can you imagine a future free from creditors phone calls and looking forward to the mail again. There are a few things you must know before you make that very difficult decision. Firstly, the sooner you act the more options you will have. Secondly, you may not have to declare bankruptcy, you do have options. In most cases when bankruptcy is the best step forward, it may only take a few days before you are debt free. There are always going to be other concerns, but First Start solutions is here to help make everything clear for you. For more information send us your details or call 1300 818 575.
Is bankruptcy my only option?
No! There are several options available to you. This will give you a brief overview of the pros and cons of each of the options.
Avoid creditors – you have probably already had a taste of how this is really not an option. The obvious downside to this is that the problem is never resolved; you live with the burden until the debt is paid. Creditors generally have a vast number of resources available to them one of which is debt collection agencies to find you and re-coop their money, this is a multi-million dollar industry; they don’t get paid until they get you to pay.
There are informal ways around this though; arrangements can be made. Some of these options include refinancing, advice from financial planners, consolidation of loans, and informal agreements. Don’t forget, they are human too, and they may surprise you with these alternatives. But don’t forget, it is best not to step forward without financial advice.