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Wednesday, May 25, 2011

Take Refuge in Debt Consolidation not Bankruptcy

Debt consolidation and bankruptcy are not uncommon these days. But before we are accustomed with the debt consolidation options in, which we may take refuge, a simple understanding of the terms is necessary.
What is bankruptcy?
Bankruptcy is a legal procedure, wherein a debtor who is unable to pay back the money he had borrowed is allowed to “refresh” his financial position. Filing for bankruptcy is as per rules of the Federal Law.
Bankruptcy damages credit history and causes financial injuries:
Whenever a borrower files for bankruptcy, no creditor is allowed to demand for the unpaid amount from the debtor. However, this process looks simple but is governed by stringent policies of the Federal Court. It also damages ones credit report and may inflict long term financial injuries to a person.
Bankruptcy is not a cure for all your financial problems!
It is a proven fact that bankruptcy has caused more harm than good. The following facts support the same.

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