Bankruptcy is popular among people and usually any person who wants to get rid of their debt is advised to opt for bankruptcy.
But a professional wouldn't tell you to opt for bankruptcy if they would think about your financial future first.
Not only it lowers your credit score but it can also cost more than you have and if that happens there's no point in filing for bankruptcy at all.
So now I guess you agree with me when I say that bankruptcy is not a very good option and people should seek other ways of repaying the debt.
But bankruptcy can be good in certain circumstances.
Excepting those circumstances when people don't have other solution and the only thing they can do is file for bankruptcy, this method is good in another circumstance: as a threat to your creditor.
If you think that your creditor will still be insensible to the bankruptcy threat you are wrong.
They would never want to hear that a client of theirs opts for bankruptcy and keeps them from getting back what they owe.
The government's stimulus cash that work for debt settlement are not given to the creditor when their client chooses bankruptcy, so they have no advantage when you opt for it.
Of course, we don't want you to opt for it, but using it as a threat will probably be very effective.
Seeing that you might go bankrupt, your creditor will definitely give you the reduction you expect and that's it.
The whole process is over and you can be happy that you are debt free.
Of course, you have to choose the repayment method for the rest of what you owe, but other than that there is nothing left to do.
So bankruptcy can be a very annoying thing for the creditor that is scared he might lose everything.
I bet a lot of his clients filed for bankruptcy and he really has a problem with it now.
Make sure you take advantage of that, it's your financial future we are trying to make better here.
I hope my advice about how to use the threaten of bankruptcy will prove effective during your negotiations.