When you are dealing with debt, there are number of actions that can be taken. Few of the decisions that you can make are filing for bankruptcy, disregarding your debt, negotiating with your creditors or maybe deciding to payback the money to the creditors over a certain period of time. Each on of the above [...]
When you are dealing with debt, there are number of actions that can be taken. Few of the decisions that you can make are filing for bankruptcy, disregarding your debt, negotiating with your creditors or maybe deciding to payback the money to the creditors over a certain period of time. Each on of the above stated decision will have different set of consequences.
You cannot remain hidden from your creditors for a longer period of time. If you have crossed your time frame to pay, creditors will trouble you day and night. Generally after 7-8 weeks of your default they approach a collection agency which will leave no stone unturned to take money from you. If this measure also fails then the creditor will file lawsuit against you and for sure the judgment will not be in your favor.
You can also file bankruptcy, but you have to carefully analyze the situation before doing so. Bankruptcy attorneys cost thousands of dollars. Creditors will highlight the fact that you are doing this to avoid paying them, even if it is not so.
No matter whatever decision you take you will definitely face the challenge of getting back your credit worthiness.
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