The Bankruptcy Abuse and Consumer Protection Act was passed in early 2005 with the intention of reforming American bankruptcy law as we know it,carrera online. The existing laws,chanel chaussures, according to Congress and the credit card companies,carrera occhiali, allowed too many debtors who might be capable of repaying at least some of their debts to have them wiped away by the courts,polo ralph lauren outlet. The new law was intended,puma animal, rightly or wrongly,lunettes chanel, to eliminate the “bankruptcy of convenience” that allowed many consumers to run up huge debts without repaying them,chanel pas cher. Under the new law,ray ban wayfarer, filing is much more difficult,occhiali ray ban, time consuming and expensive; so much so that it has discouraged many would-be filers from seeking debt relief through the courts,bijoux chanel pas cher.

Given that debt relief through the bankruptcy courts is now so much more difficult,chaussures puma, it makes sense that consumers with mounting bills might want to seek alternatives. In order to do that, debtors need to find some other way to manage their increasing debt. Below are a few tips that might help consumers avoid filing for bankruptcy.

Negotiate with your creditors – It is generally a good idea to talk to your creditors as soon as you have a problem,ray ban wayfarer. If you are missing payments,ray ban outlet, call them and explain why,chanel pas cher. Creditors want to get paid,polo ralph lauren, but they also understand that everyone has financial problems from time to time,polo ralph lauren outlet. They may be able to work out a repayment arrangement with you that you can afford,ray ban outlet. You will receive much more cooperation from your lenders if you are honest and explain your problem than to simply stop paying without explanation.

Seek credit counseling – Credit counseling sessions are mandatory for filing for bankruptcy,sac chanel, but many people with little or no formal financial training could benefit from meeting with a counselor and explaining their financial problems. The agency can offer help with money management and repayment plans,oakley outlet. They may even be able to negotiate some better terms with your creditors if you haven’t already done so yourself,puma pas cher livraison gratuite. Many agencies are nonprofit,chaussures puma, so you will generally find their services to be quite affordable,occhiali ray ban.

Get a debt consolidation loan – A consolidation loan is one that combines several debts, often at high interest rates,spaccio oakley, into one loan at a lower rate,ray ban wayfarer. A home equity loan is ideal for this,sac chanel pas cher, and thanks to rising real estate prices,occhiali ray ban, many people now have a reasonable amount of equity in their property,puma pas cher. As a bonus,sac chanel, the interest on a home equity loan is tax deductible,carrera occhiali negozi. Other credit cards with low-interest introductory rates are also good for consolidating debt,puma pas cher.

Sell your house – If you do have a lot of equity in your property,longchamp borse, it may become necessary to sell your house to pay your bills,sac chanel pas cher. This is a drastic step,occhiali oakley, as you will have to find another place to live,polo ralph lauren, but if the alternative is losing your home to foreclosure, it may be the only sensible choice.

Bankruptcy shouldn’t be taken lightly,ray ban outlet. Having your debts removed by the courts will leave a mark on your credit report for up to ten years and will make it more difficult and expensive to borrow money or obtain credit in the future,borse longchamp. Smart consumers know that avoiding bankruptcy,longchamp outlet, if at all possible, is a smart financial move,lunettes chanel.
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