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In today’s precarious economy, a majority of working class consumers and even some upper income earners

have over extended themselves financially. And due to a tenuous economic climate many credit active

Americans are struggling to adequately fulfill their monthly obligations, resulting in missed payments or not

paying certain bills at all.  

If this synopsis sounds familiar there are several debt relief options to consider. However....


Despite the advice you find online, hear from a co-worker, family or friend whatever you do DON'T

discharge your debts through bankruptcy; without thoroughly reviewing ALL you options.

Attorneys will advise this alternative because they will get paid for processing the filing. And if someone

you know has filed (and wants you to join the club) tells you that after a year banks will give you a credit

cards and a mortgage, beware.

Because the truth is the repercussions will be severe!

While a chapter 7 bankruptcy will discharge or get rid of many of your debts it comes with a very high price. 

For one thing, you’ll find it actually very difficult to get new credit in the future. If you apply for a new credit

card or loan within two to three years after your bankruptcy your application will either be declined or you

will be penalized, with an extremely high interest rate; as potential lenders will see you as high risk.


Additionally, since the action will report on your credit files for 10 years you will be required to pay higher

premiums on your automobile insurance, and may not be able to rent an apartment or house; without

putting a substantial amount down.  And, as for buying a house it could be totally out of the question for at

least 5 years. Because even though FHA will accept a 640 score, many banks and federal lending institutions

still adhere (since 2009) to stringent underwriting guidelines; thus discharging your debt via a bankruptcy is

just one more easy reason to deny you a loan.



Income Based Repayment Program

As its name implies this option is based on a debtors current income and monthly expenses. And if viable

typically a 24 - 48 month repayment plan is negotiated. Yet, while this alternative may seem to be the easiest

choice, there can be several major draw backs to this type of arrangement.

1. Because these settlement agreements can typically be drawn out over a 2-4 year period, many
people have trouble making these payments long enough to get all (or even some) of their debts
settled; and eventually drop out of the program.
2. A creditor is likely to be more skeptical of such a negotiation and rightfully so. Because, if you
currently have difficulty paying your bills, what guarantee do they have you will do so after the
plan is finalized.
3. Your debt(s may continue to accrue interest, late fees and penalties that can put you even further
behind. Additionally, if you default on the outstanding balance while in a long term program you
could still be sued for the remaining balance; ultimately giving the creditor rights to garnish your
wages or attach a lien to your home.
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