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How to get out of debt

If you are suffering from debt overload, you know what it is like to have creditors calling all hours of the day and night. How many times can you tell them you don't have the money, and then sit and listen to a lecture on how serious the situation is? Creditors are trained to be aggressive and somehow convince you into coming up with the money or pledging a promise to pay. Seldom do they take your personal situation into account.

If that sounds like your situation, it may be time to take some action of your own to get out from under the pressure. You do have options -- maybe one you haven't even thought of.

How can you get out of debt?

Consider bankruptcy. It may be just the option you need. If the word scares you, talk to a bankruptcy attorney and let him or her explain just how bankruptcy can work in your situation.

What can bankruptcy do for you?

  • Stop creditors immediately from calling or harassing you
  • Stop garnishment or lawsuit proceedings.
  • Stop foreclosure proceedings
  • Have outstanding balances removed from your credit report
  • Give you a fresh start

Won't having a bankruptcy on your credit file ruin your credit for good?

That is a myth that many people, unfortunately, believe. Having unpaid debts on your credit report is much more damaging. A bankruptcy will appear on your credit report, but your creditors will have to report a $0 balance due once the process is over.

Your credit report will still show a bankruptcy was filed for up to 10 years, but when you owe no other debt, and the bankruptcy process is over, many financial institutions and creditors are happy to give you a new fresh start. Now you can begin rebuilding your credit carefully and intentionally.

Source: Protecting Consumer Rights, "Personal Bankruptcy Laws & Rules," accessed Feb. 08, 2018

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