Help Me Find A Bankruptcy Alternative
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Wade Robins
Apr 17, 2013, 9:30:59 AM4/17/13
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Please consider this free-reprint article written by:
Wade Robins
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Article Title: Help Me Find A Bankruptcy Alternative
Author: Wade Robins
Word Count: 465
Article URL: http://www.isnare.com/?aid=157759&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=157759
Easy Publish Tool: http://www.isnare.com/html.php?aid=157759
*********************** ARTICLE START ***********************
Many people ask me whether there is actually an alternative to bankruptcy. Well actually it might surprise you, but the answe is yes! There are many substitutes for bankruptcy and not all of these are suitable for everybody, it is necessairy to look at each method in detail before making a decision. This will allow the debtor to find out which method will best suit them. Some of the bankruptcy substitutes may put the debtor in a more dangerous position, while others might just prolong the agony. There are a few solutions to this and we'll take a look below.
Debt Settlement
Many debtors use debt settlement and then ultimatly end up filing for insolvency. In some situations this is a reasonable substitute for bancruptcy, however many studies have shown that many of the people using this method will still end up filing for bancriptcy eventually.
There are some hidden things about debt settlements that very few people are aware about. The IRS (Internal Revenue Service) can actually tax the amount of the debt settlment as this is seen as a form of income. By law every creditor is obliged to report this debt reduction figure to the IRS. The lender will send you a form known as a 1099, you must complete this and include it with your personal taxes. If say you settle with a lender to reduce your debts by $1000 then the IRS sees this $1000 as a form of income, they will therefore use this as part of your taxable income. For more info see http://www.filingpersonalbankruptcyhelp.com/Bankruptcy_Attorney/ on Bankruptcy Attorney
Consolidate your debts
This is the most popular alternative to filing for bancruptcy, this is basically another loan that pays off all of your other loans. There could also be hidden factors at work when taking out a consolodation loan. You must be careful when choosing a consolodation loan, some of them are very hard to get your head around. You must make sure that this new loan is actually cheaper than what you are paying at the moment.
Normally these consolodation loans work by spreading the same amount of money out over a longer period of time. This makes it look as though you pay less money each month, which fair enough you do. But you will pay back much more interest in the long run than you would of to your original lender. Also many debt consolodation loans require a final baloon payment at the end. This is very inconvenient as the debter will have to find a large sum of money all in one go, it could well be that the lender will have to take out another loan to finance this baloon payment.
About The Author: You can also find more info on http://www.filingpersonalbankruptcyhelp.com/Bankruptcy_Code/ on Bankruptcy Code and http://www.filingpersonalbankruptcyhelp.com/Bankruptcy_Court/ on Bankruptcy Court. http://Filingpersonalbankruptcyhelp.com is a comprehensive resource to get help in Bankruptcy.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=157759
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Wade Robins
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=157759
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=157759
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Help Me Find A Bankruptcy Alternative
Author: Wade Robins
Word Count: 465
Article URL: http://www.isnare.com/?aid=157759&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=157759
Easy Publish Tool: http://www.isnare.com/html.php?aid=157759
*********************** ARTICLE START ***********************
Many people ask me whether there is actually an alternative to bankruptcy. Well actually it might surprise you, but the answe is yes! There are many substitutes for bankruptcy and not all of these are suitable for everybody, it is necessairy to look at each method in detail before making a decision. This will allow the debtor to find out which method will best suit them. Some of the bankruptcy substitutes may put the debtor in a more dangerous position, while others might just prolong the agony. There are a few solutions to this and we'll take a look below.
Debt Settlement
Many debtors use debt settlement and then ultimatly end up filing for insolvency. In some situations this is a reasonable substitute for bancruptcy, however many studies have shown that many of the people using this method will still end up filing for bancriptcy eventually.
There are some hidden things about debt settlements that very few people are aware about. The IRS (Internal Revenue Service) can actually tax the amount of the debt settlment as this is seen as a form of income. By law every creditor is obliged to report this debt reduction figure to the IRS. The lender will send you a form known as a 1099, you must complete this and include it with your personal taxes. If say you settle with a lender to reduce your debts by $1000 then the IRS sees this $1000 as a form of income, they will therefore use this as part of your taxable income. For more info see http://www.filingpersonalbankruptcyhelp.com/Bankruptcy_Attorney/ on Bankruptcy Attorney
Consolidate your debts
This is the most popular alternative to filing for bancruptcy, this is basically another loan that pays off all of your other loans. There could also be hidden factors at work when taking out a consolodation loan. You must be careful when choosing a consolodation loan, some of them are very hard to get your head around. You must make sure that this new loan is actually cheaper than what you are paying at the moment.
Normally these consolodation loans work by spreading the same amount of money out over a longer period of time. This makes it look as though you pay less money each month, which fair enough you do. But you will pay back much more interest in the long run than you would of to your original lender. Also many debt consolodation loans require a final baloon payment at the end. This is very inconvenient as the debter will have to find a large sum of money all in one go, it could well be that the lender will have to take out another loan to finance this baloon payment.
About The Author: You can also find more info on http://www.filingpersonalbankruptcyhelp.com/Bankruptcy_Code/ on Bankruptcy Code and http://www.filingpersonalbankruptcyhelp.com/Bankruptcy_Court/ on Bankruptcy Court. http://Filingpersonalbankruptcyhelp.com is a comprehensive resource to get help in Bankruptcy.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=157759
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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