Personal bankruptcy is the most effective way to cut big debt

On behalf of The Rollins Law Firm posted in Debt Relief on Thursday, March 17, 2016.

The idea of simply cutting down on expenses and tightening the budget to get debt relief seems like a tidy solution to one's problem of inflated debt. However, if the newly revised monthly budget, even at its bare-bones level, cannot do anything to reduce total debt load, then the problem is bigger than contemplated. Some experts in Mississippi and elsewhere suggest that if you cannot make a significant dent in your unsecured debt by making payments over the next five years, then a more serious option such as bankruptcy is appropriate.

There are only a few ways of looking at the possibility of debt relief. There is debt management, which is discredited above except for minor debt. There are debt consolidation and debt settlement, both of which involve maneuvering finances around to pay off some debt and then trying to live with what debt remains. The fallacy there is that the debt that remains always seems to be way beyond one's means to pay it off.

Thus, the circle continues, round and round, but when the debt load is too fat, it can't be contained or eliminated, no matter how reasonable and sacrificial one is willing to try and solve the problem. This leaves just one surgical remedy that goes in and cuts out the source of the problem: personal bankruptcy. Credit card debt, medical bills, and unsecured personal loans of all kinds are discharged swiftly, totally, legally and appropriately in a personal bankruptcy filing.

Those who are tied to credit card companies and other sources of big credit, and those who are trained to repeat the mantras of that economic tier, are fond of advising consumers that their credit will be ruined if they file bankruptcy. However, even agencies of the federal government make new mortgage money available to consumers within 24 to 36 months after the final bankruptcy discharge is issued. The task of re-building a respectable credit rating in Mississippi or elsewhere may be daunting after a bankruptcy, but it is quite feasible for those who are focused on the goal and who apply a consistent program of credit repair.

Source:, "4 Ways to Find Debt Relief", Bev O'Shea, Mar. 4, 2016

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