In todays world it is not difficult to obtain enough unsecured debt in a very short time to make bankruptcy look like an appealing option. But is this the best option for you? Before you decide to file for bankruptcy protection, you should really take a close look at a debt management program.
A debt management agency will generally assign a debt consultant to you to help you work out how much you owe, how much you can afford to pay and then help you to manage you budget and also pay off your debts.
This can help you in a number of ways. First of all it keeps the creditors off your back. They will call all of the people you owe money to on your behalf and talk to them about your particular situation. They will negotiate with each creditor to reduce the amount of the monthly payment that you owe them and they may even be able to help you get a reduced interest rate so that more of your payment actually goes towards paying off the debt, rather than paying more and more interest.
Secondly, your debt management counselor can help you buy going over all your household and living expenses and helping you to come up with a realistic budget. This way you...
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