Avoid Bankruptcy

As scary as bankruptcy sounds, as a process it’s not quite as scary. Bankruptcy is an attempt to make a new start, where the government and your debtors sit down with you to see how everyone can get what they’re owed. It’s painful, as a lot of the time you’ll be required to sell assets, but it’s mostly fair.

In the past, bankruptcy was a last resort, something you did when you had no other option. Today, bankruptcy is a last resort, something you do when you have no other options and the government gives you permission. There’s something to be said for the good old days.

Thankfully, you don’t have to declare bankruptcy even when things get bad.

A debt counselor can help you keep your assets by consolidating your debt. This means the debt counselor negotiates on your behalf with the creditors and comes up with a repayment schedule that makes everyone happy. It’s less painful than bankruptcy, but it’s just as fair.