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CreditGUARD of America

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Debt Management Options Before Bankruptcy

Bankruptcy can be a frightening prospect. For many, this word looks and feels like financial ruin.

Does Financial Trouble Lead to Bankruptcy?

There are several reasons people consider bankruptcy an option:

  • Inability to pay debt bills
  • Loss of income
  • Disability and inability to pay large debts and sustain lifestyle
  • Complex relationship and finance issues

If you’re worried about your finances for these or any other reasons, chances are, you’ve got an overdue bill or two. Getting too far behind on debt may lead some to choose bankruptcy, but bankruptcy is not the only option for people who are underwater with their debt situation.

Does Bankruptcy Cancel Debt?

Depending on the types of financial obligations you have, bankruptcy may not alleviate your situation effectively. Obligations like student loans, alimony, child support and tax loans aren’t forgiven during the bankruptcy process. In fact, bankruptcy may cause more harm than good in some cases — chapter 7, one of the most common types of bankruptcy, may result in the loss of your property including your home or car. Bankruptcy also has long-term effects on credit and evidence of this may stay on a credit report upwards of a decade.

What to Do When You’re Overwhelmed with Debt

If you’re currently behind on your bills and you’re considering bankruptcy, take a moment to pause.

While certain situations may only be solved through bankruptcy proceedings, many may find relief from their current money problems through seeking the help of a nonprofit credit counseling agency like CreditGUARD. At CreditGUARD, we offer financial counseling services as well as nonprofit debt consolidation.  Our service differs from standard debt consolidation services that offer new loans that essentially deepen your debt problems. With our program, we negotiate with your creditors to get you on a mutually-agreed upon payment schedule, and we may be able to reduce interest rates, late fees and penalties — potentially lessening the total amount you will have to pay back.

In some cases, we’ve seen creditors zero-out the interest owed provided that the client makes consistent payments through our program until the principal is paid. We can help you tame the financial chaos you’re currently experiencing and roll your unsecured debt payments into one manageable monthly sum that we use to pay your various credit accounts. While we can’t solve for the factors that created your money problems, our certified credit counselors can help you create and stick to a budget that really works. We’ve seen clients pay off tens of thousands in debt in a very short time frame. Call CreditGUARD Today to learn more about our nonprofit debt management services and take the next step toward financial stability!