Ever since the real estate and credit meltdown there have been many Americans facing the dreaded bankruptcy and foreclosure.
With the huge numbers of individuals filing bankruptcy and facing foreclosure there have been many types of businesses that eliminate debt coming out of the woodwork.
Just pick up a newspaper or turn on the TV and you'll see something every day about the how experts feel the best way for struggling consumers to get out of debt.
There have been many controversial ideas that have come out of the alternative to bankruptcy boom.
There are many so-called financial professionals that come on TV spouting inaccurate assumptions about filing bankruptcy and how the process works.
Recently, a TV financial guru was speaking about filing bankruptcy over simplifying the entire process.
This showed their obvious lack of knowledge when it comes to the subject of bankruptcy.
With all this fear of bankruptcy being debated by financial experts on the TV makes debtors question whether they should pursue debt consolidation options over filing bankruptcy.
This advice should be solely left to an expert like a bankruptcy attorney who can advise a debtor on the benefits and negative aspects of bankruptcy filing.
After speaking with a bankruptcy attorney a debtor will find out that the truth is, neither of the options is really perfect.
Having to pay back a portion of your debt through debt consolidation can really cramp your lifestyle, as well as, filing bankruptcy will temporarily slow you down also.
As many people can testify your focus should be directed toward your financial problems and not getting caught up in a possible scam trying to reduce your amount of debt.
A bankruptcy attorney will tell you that filing bankruptcy is not easy and is a long complicated process.
A good attorney will also tell you that bankruptcy does not guarantee that all your debts will be discharged when filing.
On the downside, there have been a number of attorneys that have decided to jump into the filing bankruptcy boom.
People should beware of a lawyer claiming to be a bankruptcy attorney but has very little experience to back it up.
Debt management and debt consolidation companies have many of their own issues.
Generally, the terms of the debt management program is dictated by the creditors.
The creditors will press every nickel that they can out of a debtor.
Becoming debt-free is usually not the focus with these debt consolidation companies.
If you had to choose between the two debt management services, they don't work very well and the person ends up filing bankruptcy anyways.
So the bottom line is, debtor should cut to the chase and find a good bankruptcy attorney to help them get their lives out of financial turmoil.
Getting beat up by creditors every day is no fun and the only thing that makes sense is filing bankruptcy.
The automatic stay of a bankruptcy filing will immediately stop all collection activity against the debtor.
No more phone calls, e-mails and threatening letters.
In a short period of time the individual will get the peace of mind that they haven't had for a long time.
Always do your diligence when searching for your way out of debt.
Speak with a bankruptcy attorney to get the pros and cons of your personal situation and help you get on the road to becoming debt-free.