Know Your Options Before Declaring Bankruptcy

Know Your Options Before Declaring Bankruptcy

Unfortunately, declaring bankruptcy comes with all kinds of consequences and stigmas. Before declaring, you'll want to consider all your options.

There may come a time when you are no longer able to stay on top your debts. At this point, some creditors can be very pushy and can use intimidating tactics to try and recover their money. With this ongoing financial burden, declaring bankruptcy may seem like your only option. However, you must know your options before declaring bankruptcy. Two such options are debt management and debt mediation. This is where Just Budget can help.

Debt mediation is the act of finding a debt payment option that is mutually beneficial to both the borrower and the creditor. A debt mediation company like Just Budget will take the time to get to know your situation and will help you calculate a realistic and achievable repayment budget. They will then negotiate with your creditors on your behalf so that this arrangement is agreed on by both sides. Using a company like Just Budget could help significantly lower your monthly payments and could help you avoid bankruptcy.

Just Budget also offers a proven debt management system. Debt management is a service which helps borrowers manage their debt payments. Through setting up a repayment schedule, Just Budget can help you lower your monthly payments and can simplify the payment process.

Creditors Hate Bankruptcy

While creditors may not always have your best interests in mind, they certainly want to avoid bankruptcy. For them, if a borrower declares bankruptcy, then it will be near impossible for them to recover their money. If a borrower defaults and files for bankruptcy, it would potentially mean that the creditors end up with nothing. That is why Just Budget’s proven debt management system works. Just Budget negotiates financial solutions that are beneficial to both the borrower and the lender. Just Budget can help you get out of financial hardship and regain control of your financial situation.

Bankruptcy Has Significant Consequences

Declaring bankruptcy is a very serious act; there are many severe consequences, both short term and long term. Because of this, Australian citizen’s hold many legal rights to help them get through financial hardship, which you might not know. The friendly team at Just Budget are financial experts who understand the law. Through taking the time to get to know your situation, they can tell you what procedures can be put in place to help you get out of financial hardship.

We hope now that you know your options before declaring bankruptcy, you will be able to make a more informed decision. Choosing debt management where possible is a clear winner. By opting for debt management, you can not only regain control of your finance and avoid bankruptcy but also prevent legal action against you by your creditors, as well protecting your credit score.

If your creditors are knocking at your door, then you don’t have to suffer alone. Just Budget can help stop intimidating letters and phone calls, and can help you get your finance back on track.


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