Bankruptcy
Filing for bankruptcy is a potential way to eliminate your debts. Unfortunately, it leaves a deep scar, and comes at a high price, financially, emotionally, and socially. The bankruptcy process is long and painful and the consequences of filing can last for over a decade. The financial impact can be devastating; a bankruptcy will stay on your credit report for up to ten years. Every time you apply for credit, whether it is a mortgage, auto loan, credit card, or insurance, you will be negatively affected. The long term effects of increased interest rates and insurance premiums may greatly outweigh the short term benefits that you may experience from filing a bankruptcy.
Additionally a bankruptcy can remain on your court record for up to 20 years, which means it could follow someone for the rest of their life. Anytime you apply for a job, a loan, rent an apartment, or purchase insurance your bankruptcy filing is easily uncovered.
Bankruptcy also carries with it a significant social stigma and can be emotionally difficult to deal with. Most people will do anything they can to avoid having to file a bankruptcy. Many of our clients find Liberty Debt Relief's "Debt Reduction Program" an excellent alternative to the pain and stress of filing a bankruptcy.
Over the years filing for bankruptcy has become more expensive and some attorneys can charge as much as $2500.00 to file. Also the new bankruptcy laws that were enacted in 2005 make it much more difficult to have all of your debts discharged. If you do not meet certain criteria you may be forced into a Chapter 13 Bankruptcy and end up having to pay 75 – 100% of your debts back. Bankruptcy is not an easy or quick fix. It is a very serious decision with serious consequences and should not be taken lightly. If you are considering bankruptcy, you should contact a qualified attorney to discuss your options.
LDR's "Debt Reduction Program" is an excellent alternative to bankruptcy. You are shielded from the negative effects of a bankruptcy and your debts are greatly reduced. The best part is that with LDR your creditors will accept our negotiated amounts as payments in full, allowing you to become debt free without having to suffer the long term financial, social, and emotional effects of bankruptcy. Debt settlement is the only alternative to bankruptcy that allows you to attain financial freedom while reducing the amount of money you will pay to become debt free.
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