These are some of the questions you should be asking yourself to decide if you are a candidate for bankruptcy or debt consolidation.
Does your monthly obligations exceed your monthly income by at least a factor of 2?
In some cases debt consolidation can only do so much, and when you have monthly debt that is twice as much as your monthly income then you may be in a situation where bankruptcy is an option to consider.
However, you will still want to discuss your options with a professional because there still may be a way to reduce your high interest rate money owing to the point where it is feasible that you can afford it.
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Have all of your credit card accounts gone beyond the point of collection?
Even if you have credit cards with a collection agency, a professional can still work with you to find a plan that will consolidate all of that delinquent debt under one payment. You can develop a program that will help you pay off that overdue debt, and get the collection agencies off your back.
But if you have allowed indebtedness to go beyond the point of collection and into the hands of an attorney, then it may be too late for a company to help you. Your creditors still may accept a settlement that you may be able to work through a counselor, but when the lawyers start to get involved it could become difficult to reach an agreement.
There are very few situations that a debt consolidation company cannot help you out with, and the only way you will know for sure is to make an appointment and discuss your situation with a seasoned advisor. Even if you answered yes to one or more of these questions, you still may be able to avoid bankruptcy with the help of a company.
By the way, by researching and comparing the best debt consolidation companies in the market, you will be able to determine the one that meet your specific financial situation, plus the cheaper interest rates offered. Nonetheless, it is advisable going with a trusted and reputable debt counselor before making any decision, this way you will save time through specialized advise coming from a seasoned debt advisor and money by getting better results in a shorter span of time.
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