Bankruptcy alternatives
Posted on March 21, 2007
Filed Under Iklan |
My uncle is in financial difficulties and nearly filed for bankruptcy. If we didnt hear about it from our cousin, he would have gone ahead with it. Not being able to meet with monthly repayments isnt the end of the road for everyone. There are in fact many other bankruptcy alternatives to explore, like debt consolidation, balance transfers and getting credit assistance.
We suggest to him that he first see a credit counsellor. He did as told and he was more than happy when the credit counsellor helped him manage his all his unsecured debt through a debt management program. He didnt know that through a Debt Management program, his creditors are able to offer benefits that can help him avoid bankruptcy for his unsecured debts, such as Lowered monthly payments, Reduced or eliminated interest rates and Eliminated late fees.
Of course we would have loaned him some money to help him out. But he didnt want to inconvenience us and instead, wanted to get his finance back on track by himself is possible. He was very glad he did as advised.
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