Are you seriously thinking to file credit card bankruptcy? If yes then It is suggestible that you should think thousand times before you actually act upon your this decision. There is No doubt that it is a legal way for the elimination of unsecured liabilities and it brings fast reduction in the amount of debt, but the long run consequences of filing credit card bankruptcy are not good. It will make you financially paralyzed. It brings extreme devastating impacts on your credit report and because of this you will become unable to borrow loans from bank for the next seven to eight years. The process of bankruptcy is not cheap because the legal attorneys take high amount of fees against their services. Apart from this, many legal tests and other formalities are involved in it due to which this process is getting time consuming and lengthy. In fact the process of bankruptcy is also not good from lenders' point of view because if any of their client files for credit card bankruptcy then they are not able to recover their money from him.
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To protect people from the bad impacts of bankruptcy, the federal government has established some other ways for the elimination of debts. By reading this article you will get a clear idea that what are the legal ways for the elimination of debts.
Credit consolidation is that process for elimination of unsecured debts in which you will get the opportunity of merging all your liabilities in one single loan. This process is best for if you are facing problems in paying to many lenders at the same time. The consolidated loan is issued for a short period of time at a low markup rate. The process of consolidation does not bring any bad impact on your credit report. The only drawback of the consolidation deal is that it is time consuming and you have to wait for 4 years to completely get rid of your debts.
Debt settlement is the process in which you will easily get 50% reduction in the amount of your debts. Professional experts negotiate with lenders and bring this much reduction in the amount of your debts. The best point of the settlement process is that it brings fast reduction in the amount of debts and the negative point is that it brings bad impression on the your credit report. This impact is only for a short period of time and as soon as you pay back all the dues you will again get the chance of using the bank facilities.
With the help of these methods you will get rid of your debts in no time.
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