subject: Say No To Growing Debt, Foreclosure, and Pesky Collection Agencies [print this page] It is definitely no fun having to deal with collectors every waking day. These collection agencies could be pesky and badgering in their efforts to get you to pay up. Granted that you have an obligation to settle your debt, if you really do not have the cash to cough up, you do not have the means to give these collection agencies anything towards the settlement of your debt. Credit card debt, mortgages, auto loans, and other financial indebtedness all put together could be difficult to manage especially if you have very little income to speak of. But, if you manage your finances properly, and tighten your belt a little more, you might just see the end of your debt woes. You can avoid a possible foreclosure of your property or any further badgering from collection agencies if you are properly informed and advised of your options. Even when you are deep in debt, you do not have to suffer foreclosure just to settle your financial obligations.
For real estate properties, you can avoid a foreclosure in a number of ways. You can file for a Chapter 13 bankruptcy or you can get a loan modification. Under a Chapter 13 bankruptcy, you retain most of your assets in exchange for an agreement or a plan under which you will still have to repay your loan obligations under negotiated conditions. This is preferable to filing a Chapter 7 bankruptcy that forces you to give up your assets to erase all your indebtedness. Either one of these two types of bankruptcy filings are often only recommended as a last resort as there are credit score implications involved. It is advisable that all other options to prevent foreclosure be taken before bankruptcy is even considered. In as far as non-collateralized loans are concerned, you can turn to debt settlement as an option to manage your financial indebtedness. This is, of course, under the presumption that you have a source of a lump sum amount to be directed towards paying a negotiated amount less than what you actually owe your creditors. Debt settlement and other debt management options are preferable as a way to wipe your debt record clean. These options indicate that you are taking responsibility for your accountabilities despite the difficulties you are having with managing your finances.
Say No To Growing Debt, Foreclosure, and Pesky Collection Agencies
By: Herschel Bentley
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