What do you mean-if you can't file for bankruptcy-? Is it even possible that your decision to go in for bankruptcy maybe refused by the court? Well, if you are desperately in need of assistance for overcoming your debt, you may decide to go in for chapter seven bankruptcy.
However, the court will conclude that your case fits chapter thirteen bankruptcy better. That is nothing but the debt management plan. You will have to negotiate with your lenders and you will have to find out via media where you can repay the amount of debt that the court has instructed you to repay.
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Needless to say, this will put a big spoke in your plans. Once you advised by a bankruptcy attorney not to go in for chapter seven bankruptcy, your options come down drastically. If you do not file for this form of bankruptcy, the lenders will clearly come to know that their position is secure because the court is not going to allow your request.
In such a scenario, they may initiate legal action and try to recover the maximum amount possible. Or, they may continue levying high interest on your account and try to recover more money from you.
In such a scenario, you should try to find an alternative that will help you overcome your debt complications without facing any stress of pressure from your creditors. Just log onto the World Wide Web and make use of debt settlement deals. A settlement deal is a good idea because it is considered as an alternative for bankruptcy.
Hence, your decision to go in for settlement negotiations may be considered as a precursor for bankruptcy. This will help you prevent the creditors from knowing how precarious your condition really is.
Secondly, you can convince the lenders that a bankruptcy is only going to result in 5%-10% repayment while you are ready to offer 30% to 40% repayment. After negotiations, you may be asked to repay 50% of the debt and maybe given an installment facility to repay the balance.
If this solution is not available, then you should consider converting your assets into cash to repay the loan. Or, you can approach your creditor and offer the property as a security in exchange of conversion of the loan into an unsecured loan.
However, these solutions are not popular because these are considered high risk transactions by the credit card issuers. It is advisable to stick to a settlement deal to the maximum extent possible while playing the bankruptcy card again and again.
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