Depending on who you talk to, there is an ongoing debate by financial experts regarding the easiest and most efficient way for consumers that are buried under their debt to find a way out. Speaking with a bankruptcy attorney will get you a polar opposite opinion from someone who believes in debt consolidation. Many hard-line ideas tend to get a lot of attention and it's not surprising to find people with strong opinions even though they don't have an educated understanding of the debtor's options. There are many so-called financial experts on TV that portray inaccurate assertions about filing bankruptcy. Some of these experts oversimplify the power of bankruptcy and over exaggerate the negatives. When asking the talking heads whether or not an overwhelmed by debt consumer should file for bankruptcy or look for a non-bankruptcy option, they will almost always pick the latter. They tend to always focus on the negative aspects of bankruptcy and what it does to an individual's credit report, not taking into consideration that the debtor's credit is probably already destroyed because of their inability to pay their bills for a period of time.
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Trying to not be biased, the truth is, neither one of these options is totally perfect. Owing way more money than you can afford to pay back in itself will disrupt your life. When an individual is buried under a mountain of debt all they can do is focus on their problems and not on a solution. If an individual chooses to file for bankruptcy or some sort debt consolidation, with both of them they will have to make major changes in their life. It's always best to hear both sides of the equation, the positives and negatives and make an educated decision. Consulting with a bankruptcy attorney to see if filing bankruptcy is even a possibility for your situation would be a good first start. If the amount of debt that you carry is not large enough to warrant filing bankruptcy, look into a debt consolidation company. When looking into a debt consolidation company, make sure that you get referrals from someone that has used them. This industry is known for being unscrupulous. There have been many of these businesses that have popped up on the Internet and take your money without paying your creditors. Hiring a bankruptcy attorney is generally safer because you have the state board to file a complaint with if you don't get the services that were promised.
From the perspective of a bankruptcy attorney, the bankruptcy filing process can be long and complicated, but there's a good chance that all your debts will be discharged in the end. The non-bankruptcy debt consolidation companies have their own major issues. Debt consolidation companies don't like to let their clients know that the plans are dictated by the creditors. The creditors will fight to squeeze as much money from the debtor as possible. When looking at the facts, in most cases, debt consolidation plans don't work and filing bankruptcy, many times is the best solution. The bottom line is, do your homework and spend the time to consult with a bankruptcy attorney and a debt consolidation company. Listen to the pros and cons and see which one will fit into your personal financial situation to put you on the road to being debt free.
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