Debt consolidation or bankruptcy? Which is better for you in the long run? You've accumulated high debt balance through credit card purchases, a home equity loan, a large car payment, and a mortgage with a high rate on a house that has lost value. On top of all that, you have some medical bills. Creditors and collectors are calling. You're not home. They are trying to get to you through your family. Your family is mad at you for that. You are embarrassed that you cant live up to your obligations, but you just got downsized. You don't want to lose your car and your house. That would just make things worse. So, what should you do, consolidate or declare bankruptcy? You might think that the more honorable thing to do would be to consolidate so you can pay your obligations rather than just blow them off Here's the advice of a Houston bankruptcy attorney. It is often preferable to draw the line on the debt and get a fresh start. If youre in Houston stop foreclosure by following this advice.
If you make the decision to consolidate your debt and keep paying your bills, you may end up in a bad, never-ending situation in which you pay and pay and pay, and all you're doing is paying interest. If that's all you're doing, you'll be making your debtors rich while keeping yourself in a hole with no exit. It may seem the honorable thing to do, and paying your obligations is a good thing to do. But this course of action can lead to your losing the most important things, which are your home and your car. How can you survive without these necessities? Youre on the street, but you still have your honor. The bad news is that your honor wont feed your kids.
When things seem beyond hope, the best decision might be to bite the bullet and wipe your slate clean. Nobody wants the stigma of bankruptcy, but sometimes it is a tough choice that will leave you better off sooner through a fresh start rather than later as you slog through the swamp of interest payments. Here's the main advantage of bankruptcy: During the process, you are normally allowed to keep your home and your car. These are your two most basic needs. You have to have somewhere to live, and you have to have transportation to get to work. Of course, through this bankruptcy process, you need to have a lawyer. The attorney can help you to sort out what you can keep and what you owe. He or she can also assist you in recovering your good credit rating in the shortest amount of time. Did you know that this period can be as short as two years?
So, as you can see, care must be put into the choice of whether you will consolidate your debts or declare bankruptcy. And, remember, a good Houston bankruptcy lawyer is your best friend in making this decision.
It is never a lost cause. Investigating your options today could help pave the way to a better and brighter future.
