Now when you face such situations, this is not appropriate that you go for the filing of a petition for bankruptcy. Bankruptcy should be the last option to avail if you have to look for the best solutions. The best of all solutions can be anything but, bankruptcy. The other alternatives are much cheaper in cost to avail as well. For example, a DRO may cost you only 90 pounds, but the bankruptcy filing can cause you to pay around 700-1000 pounds.
So many other ways of rendering you the ease of debt help are as follows:
1) Debt management companies offering debt management plans
2) Debt consolidation
3) Trust deeds, in case you have borrowed a huge amount of debt and you need collateral
5) Snowball debt management etc
The accountant can help you in avoiding bankruptcy and can tell you all you need to know about the trust deeds. The trust deeds help when you want to buy property or land on the basis loan. The trustor, the debtor or the person who wants to buy the property will get the loan through the trustee who offers the trust deed and the lender or the beneficiary holds the interest over it. You can be a trustor if you have to get a property or land for good reasons. If however, it is just a want, do not borrow loans for wants. The loans borrowed for wants are never paid and you are never in a condition to pay them either.
The snowball technique is a useful way of paying back the credit card debts. It is the easiest way of managing debts by the debtor on one’s own behalf. If you are such a person, and you want to manage all your debts in time without any help, you can just follow this technique. All you have to do is to list all the debt amounts in ascending order and then add up the extra amounts to be paid with the rate of interest with each.
Start paying with the lowest amount, and add the extra charges with the other amounts when you are done with one amount. By this, the overall amount will decrease and the effect will be naturally visible, as the whole amount of the debts will decrease instantly.
You can also look for the details on other methods and the techniques on how to lower the debt amounts, manage hem and then pay them off easily, without letting yourself fall for the short-term benefit based bankruptcy. Log on to many blogs and informatory websites for details online.
Muhammad Azam is an expert financial writer and avid financial blogger having experience in the field of debt relief. He has written posts on accountant in bankruptcy, bankruptcy register, IVA, Debt relief orders and on other financial topics as well.