Colorado Bankruptcy Attorney - Behind on bills? Bankruptcy? How to evaluate your options

17 views - Colorado Bankruptcy Attorney -Credit counseling is one option to bankruptcy. You have to complete credit counseling education before you can file bankruptcy. If you're eligible for credit counseling, you'll pay your creditors back at 6% interest over 5-7 years. If you can repay your debt under these circumstances, then seeing a credit counselor would be your best option. When aren't you eligible for credit counseling? When your debt is more than 1/3 of your annual income.

Debt negotiation is another option. Most debt negotiation companies have you make a monthly payment each month based on what you can afford -- you pay it in to the debt negotiator who holds it in escrow. They wait for creditors to sell your debt to a collection agency, hoping they can settle for more than they bought it for.

Without the right negotiator, not all creditors will negotiate, which can destroy your credit -- you go one to two years of not paying your creditors, it will sh...

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