Many people ask me whether there is actually an alternative to bankruptcy. Well actually it might surprise you, but the answe is yes! There are many substitutes for bankruptcy and not all of these are suitable for everybody, it is necessairy to look at each method in detail before making a decision. This will allow the debtor to find out which method will best suit them. Some of the bankruptcy substitutes may put the debtor in a more dangerous position, while others might just prolong the agony. There are a few solutions to this and we’ll take a look below.
Debt Settlement
Many debtors use debt settlement and then ultimatly end up filing for insolvency. In some situations this is a reasonable substitute for bancruptcy, however many studies have shown that many of the people using this method will still end up filing for bancriptcy eventually.
There are some hidden things about debt settlements that very few people are aware about. The IRS (Internal Revenue Service) can actually tax the amount of the debt settlment as this is seen as a form of income. By law every creditor is obliged to report this debt reduction figure to the IRS. The lender will send...
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