You should only declare bankruptcy if you absolutely have to

Written by Jakob Jelling


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Luckily, there are a few different things that you can do in order to avoid bankruptcy. One thing that is used by many people every day is debt consolidation. Essentially, debt consolidation allows you to contact all of your creditors and ask them to make your monthly payments and interest rates easier to deal with. The reason that this works is that your creditors would much rather alleviate part of your debt and get most ofrepparttar money they are owed.

Consolidating and paying your debts is also good for your credit rating. Instead of hurting it, paying off your debts will actually help your credit rating, since every time you pay your debts, it improves. Therefore, debt consolidation and other payment strategies are very preferable to declaring bankruptcy.

Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.


Life after Filing Bankruptcy

Written by Sam Argon


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4. This one can be trick, but see if you have a friend or relative that will cosign on a credit card or small loan with you and then be sure to make allrepparttar payments on time. This will help to reestablish good credit and an on time payment history.

5. When applying for new credit, try to start with a gas card or store credit card – these are items you would normally pay for in cash but now you can payrepparttar 100488 bill monthly to reestablish credit. This may be a wise choice as to not give yourself extra credit on items you may not need right now!

6. Payday loans should always be a last resort and avoided at all costs if at all possible! The interest rates are extremely high and they can easily become a bad credit trap after all your hard work.

7. Lastly, pay all your credit card and utility bills on time!

These few small tips will help you to reestablish your credit history after surviving your bankruptcy. Don’t give up hope, it is possible but it will take time, effort and a lot of hard work and determination.




Sam Argon is a retired banker who loves to contribute to financial message boards in his spare time. In addition, Sam has written information about www.filingforbankruptcyonline.com - a website offering information and resources for people who are thinking about declaring bankruptcy.


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