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Credit Counseling or Bankruptcy Which is Right for You?

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Credit Counseling or Bankruptcy Which is Right for You?

By: William Hauselberg
Posted: Aug 26, 2010

You?re in debt and your creditors won?t stop calling. Do you seek credit counseling or file for bankruptcy? Here are some things to consider. One of the benefits of credit counseling is that the agency will try to get your debtors to work with you and reduce or waive your interest and late fees. You then make a lump sum payment to the agency every month, and the agency pays your creditors. Sounds simple, right? Unfortunately not all cases are this straightforward and go according to plan.

A Breakdown of the Percentages

According to the National Foundation for Credit Counseling, about one-third of the people who sought credit counseling were able to manage their finances on their own afterward. That means that two-thirds were NOT able to manage their finances on their own. If your debt is too high or income too low or you suffer from an addiction such as gambling or alcoholism, then you will again fall behind on debts, being no better off after counseling than before.

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If you are too far in debt for credit counseling to help you, then bankruptcy is another option. Although credit counseling is confidential and bankruptcy is not, Chapter 13 (which is an adjustment of debts) still may be a better choice for many people. In Chapter 13, the interest on your debts is stopped, and a court-appointed trustee will collect a monthly payment from you to pay your creditors. The plan lasts for 3-5 years, at which time, your debts will be paid. If for some reason you are unable to complete all payments to the Trustee, you can convert to Chapter 7 (which is a liquidation of assets).

In the end, you need to pick the option that you can stick to and that will help you get back on track and stay there.

Both Options Available at Many Locations

Fortunately, many credit counseling agencies offer bankruptcy counseling in addition in credit counseling services. Some recommend taking a bankruptcy counseling session if you?re interested in credit counseling so you understand all your options. If you?re in a situation where you?re considering your options, it is probably a good idea to consider all your options.

William Hauselberg ? About the Author:

Advantage CCCS counselors are certified credit counseling professionals that provide personalized debt consolidation counseling and budget analysis. Advantage Credit Counseling is able to provide bankruptcy counseling and issue certificates in 22 states.

Source: http://www.articlesbase.com/personal-finance-articles/credit-counseling-or-bankruptcy-which-is-right-for-you-3131646.html

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credit counseling, bankruptcy counseling

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