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Debt Relief – Insolvency – Bankruptcy Information » Uncategorized » Debt Relief Bankruptcy? Don’t Do It!…Yet

Debt Relief Bankruptcy? Don’t Do It!…Yet

If you are one of those that have huge monthly credit card payments, that don’t even chip at the principal amount, just the interest rate, and if you have gotten it in your head to file bankruptcy to get rid of it all–this article is asking you to, “think again!”

-Credit card debts fall under the unsecured debt type, meaning they are not tied to a collateral, and therefore you don’t stand to lose any major property, if you default on your payments.

-Although bankruptcy can discharge most, if not all, unsecured debt types, the work needed to mount a bankruptcy case can be very tedious,  and if you really don’t have qualified secured debts to go with your unsecured debts, filing bankruptcy may be a bit of an overkill, as your primary form of debt relief.


-There is a debt relief industry that can deal with your credit card debt, economically. Depending on your debt amount and account status, instead of filing bankruptcy, you can do either debt settlement or credit counseling.

-For your secured debt and unsecured debt combination, if your credit is relatively okay, you can even do a debt consolidation loan–instead of bankruptcy.

-Banrkuptcy should be the last debt relief option and there is a host of reasons for it. One, it’s a court procedure. Meaning, that it has a strict time line, and requirements, that to make a mistake can make or break the case. Anything that has to pass through the court requires a lawyer (although you can also do-it-yourself) and that would cost.

-On your credit report, a bankruptcy Chapter 7 would last for 1o years, and a Chapter 13 for 7 years, and there is no legal way to remove those; not to mention that both appears on your public records too for 20 years.

-Debt relief debt settlement or credit counseling do not need to pass through the courts to help you rid of your debt. Debt settlement requires for you to have a $10,000 or more total debt amount and past due accounts and you are in. The program runs for three years or less. Although, like a Chapter 13 bankruptcy, it stays on your report for 7 years, it would not at all appear on your public records. Credit counseling, on the other hand, are for current accounts and debt amounts that are less than $10,000.



Summer Quinne is a debt consultant at


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