It is necessary to settle the debts if you have any kind of debt because it can be cause of many problems. There are many debt relief options available in the markets and you can avail them on very cheap fee because they all are legal. If we observe the past then we can easily find about those peoples who have faced bankruptcy and those who are still looking for a nice relief option. Basically, it is all due to unawareness. If people have any problem then they should know how to solve it. This article will tell you that how the changes in the laws of bankruptcy have made other relief options attractive. You must know that why these laws have been introduced.
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As you know that in the past, when people were facing the problem of liabilities, the Government introduced debt settlement and many other relief options for the help of consumers. Due to the advantages of these options, they have become very popular in the markets. Due to their popularity, some fake companies also started mocking the innocent people by charging high fees. In this condition, when they were making fraud, people started to file for bankruptcy and thus the economy started to move downwards each day. By observing these situations, the Government made new laws for bankruptcy and banned all the fake companies so that people might stop filing for bankruptcy.
According to the new laws, if a person has heavy income then he is unable to file for bankruptcy.
There is one more condition and according to it you can only file for bankruptcy when you have completed the credit counseling process. This is because only a credit counseling company can determine that whether a consumer is able to file for bankruptcy or not.
According to the new law, a consumer should hire an attorney for his paper work and these attorneys charge high fees due to which bankruptcy has become very expensive. When this process is completed, a person can not take any loan from any company for 5 to 7 years. So, the new laws have made other relief options attractive and people always look for the best and easy to settle their dues.
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