Bankruptcy Pros and Cons
I owe money to many creditors. What should I do?
The problem of dealing with many creditors is that some of them might not want to give you more time to pay without knowing what the other creditors are willing to do. You can seek the help of a lawyer to negotiate an arrangement with your creditors. Or you can seek the help of a consumer credit counseling service (CCCS). You can find the nearest CCCS by calling 1-800-388-2227. These centers charge a small monthly service fee. However, creditors provide most of the support for financial counseling services.
The repayment plans arranged through credit counseling centers enable you to make monthly payments which are then re-distributed by the program among creditors until all your debts are paid in full.
Under a repayment plan through a financial counseling service, you still might have to pay interest charges on your debts. However, many creditors will waive interest charges and delinquency fees.
>>What exactly is bankruptcy?
>>What is the process of filing for bankruptcy?
>>Right now, I cannot pay my debts. Besides bankruptcy, do I have any options?
>>Is there anybody in particular I should contact about these options?
>>I owe money to many creditors. What should I do?
>>What are the advantages of filing for bankruptcy?
>>What are the disadvantages?