Debt consolidation is a process that calls for the amalgamation of all your debts into one big financial responsibility. It is also known as a debt management program. It is considered as the better alternative to bankruptcy although not many people tend to prefer it. Statistics show that large numbers of people file for insolvency as compared to going the consolidation way.
Maybe we should have a look at the advantages of debt consolidation as a way of enlightening those who may not have the slightest idea that they exist. This way, you will be in a position to weigh the options and probably save yourself a lot of agony brought about by the hassles of filing for bankruptcy.
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To begin with, it is common knowledge that for you to be successful in filing a petition in court, chances are that you will most definitely hire a lawyer. The charges that come along with their services are not always very affordable. Debt consolidation on the other hand eliminates the need for a lawyer. This is because the whole process is handled by a debt management firm that is qualified. You will find that the charges you end up paying for the services are much less compared to the quality of services you get.
Another advantage is that you retain all your assets. This is because debt management is a stipulated program which calls for repayment of creditors over a period of time. Although it works more or less in the same way as chapter 13 in terms of repayment, it saves you a lot of embarrassment because no body gets to know of your financial situation. Your name is not published in the local dailies due to bankruptcy.
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