Do you really feel burden of your financial debt and credit card debt and in the response of these burdens or stress you are going to file Bankruptcy? If yes then stop because it is not a reliable, sensible and wise decision. It gives you a quick reduction in your debt amounts but on the other hand it financial paralyzed you such as you are not able to get any type of financial aid from your bank and other financial institutes such as you cannot borrow loan from bank for next several years. The process of Bankruptcy is much expensive due to lawyers and also a long term process due to several legal tests and other official formalities. It is also not safe because court have whole right to sell out your property and then give payback to you lenders. Bankruptcy is also not good for your lender because it is a bad impact on its credit report. Bankruptcy also effect economy of your country so federal administration introduces some alternates to Bankruptcy. Two of them and their terms are defined here which are best way to get rid of your credit debt.
One of the best is debt settlement in which you don’t contact your lender directly but you contact them with some middle person sometimes you contact your lender directly but we advice that you must contact your lender through some professional. So that you can get max from your input because they know many legal terms and they tell about your condition to the lender in financial terms and also they use the tool of Bankruptcy which is not beneficial for you and lender. Also the process of debt settlement is not need too much input and time so in lay man term all is well after debt settlement as compared to the Bankruptcy which makes you financial paralyze for several years.
Another way to get a safe way rather than Bankruptcy is Debt consolidation in which you get a chance to merge all your liabilities into a single liability. You will get a single consolidation loan from any bank or financial institute. This loan is for short time span and it gives you more time to pay back your money. The main advantage of debt consolidation process is that you get rid from many of your lenders and now you only contact a single man which is easy. With the help of this process you completely get rid of your debts for a time span of four to five years.