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Option 5 - Bankruptcy
Bankruptcy should be the last choice for everyone. This is a choice that
can be avoided by utilizing Option 3 or 4 instead depending on your financial situation.
Unfortunately, the new bankruptcy law in 2005,
has made it harder for those with legitimate needs to file for
Bankruptcy Chapter 7. Some of the new requirements include pre-filing consultations with an approved consumer credit counseling service in an attempt to force
consumers to pay their obligations outside of bankruptcy. Additionally, in order to file
for bankruptcy, a consumer needs certification from a credit counseling agency before they are able to move forward.
The new law also includes an income-based qualification that determines which debtors possess the ability to repay some of their debts. Those who don't pass this qualification will be forced into a Chapter 13 bankruptcy rather than a
Chapter 7. Bankruptcy Chapter 13 will keep you in bankruptcy much longer
than Chapter 7 and will have a higher payment than you might expect.
Additionally, even if you do qualify, a bankruptcy will remain on your credit
report for up to 10 years from the discharge date. With a
bankruptcy on your credit report it will be much harder to obtain
new credit and possibly even employment (as some employers will not
hire an individual with bankruptcy on their record). This is not a decision to be taken lightly.
Bankruptcy is an option that should only be explored as an absolute
last resort to solve your financial problems.
Note: NationsCredit Solutions, Inc. is not a law firm nor can we provide legal advice. For bankruptcy related questions concerning your situation, we encourage you to speak with a licensed attorney in your state.
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Fact #1
Our 5 Step Certified Plan will help you to payoff your credit faster with a lower monthly payment than your current situation.
Fact #2
Bankruptcy is not the only choice you have. You actually have 5 choices that we would be happy to share with you.
Fact #3
As a consumer, you have rights! Do not let the collection agencies push you around. Take control of your debts with NationsCredit's 5 Step Certified Plan.
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NationsCredit Solutions, Inc.
5868 Owens Ave, Ste 250
Carlsbad, CA 92008
800-261-1211
Customer Service
866-234-1774
Hours of Operation
Monday - Friday
7:00 a.m. - 6:00 p.m. PST
Saturday
9:30 a.m. - 1:00 p.m. PST
Closed on Sunday
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