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1 CE
What is Debt?
A debt is money one party owes to another, there are many ways to build up debt. Many people in modern nations use it to buy houses, cars, and even pay for college. However it is risky and requires good financial responsibility to pay it back. If you’re struggling with debt consider contacting a debt relief service like credit counseling or debt settlement to help you organize and get a plan -
1 CE
What is Bankruptcy
bankruptcy may be an option, although its consequences are long-lasting and far-reaching. People who follow the bankruptcy rules receive a court order that says they don’t have to repay certain debts. Bankruptcy information stay on a credit report for 10 years. Bankruptcy is a legal procedure that offers a fresh start for people who have gotten into financial difficulty and can't satisfy their debts. You’re still liable for the bill -
1 CE
Bankrupcy part 2
- You may pay higher interest rates if you are approved. Not all applications are denied because of a collection on your credit report.
- You could have a hard time getting a job. A collection on your credit report can keep you from getting hired -You could be sued collectors can sue you for a debt of any amount. -Your credit will be impacted and probably has already impacted if the collection has been listed on your credit report. -Your applications may be denied. Debts are serious