A lot of people who find themselves in debt make use of one of the professional debt consolidation companies to rid themselves of the worry of working out the issues out themselves.

While a few simply give up and file for bankruptcy, others continue to feel there is a stigma attached to filing a personal bankruptcy and it is they who will be likely to take a look at the debt consolidation companies.

Today's patchy economy has caused a lot of people to have debts that they by no means expected to have. They were going along very well with two incomes, when abruptly the bottom fell out and either one or both revenues were lost because of outsourcing or downsizing; in certain instances to actual company failure because of no new business, or not ample money with which to obtain supplies, consequently salaries cannot be met.

Thanks to the numerous specialized debt consolidation companies, individuals can now see a way out of the misery.

As a result of this economic climate, both individuals as well as companies have been forced into a completely new way of life. The options are usually Bankruptcy or debt consolidation. Let's consider this from the perspective of the individual instead of a company.

If the individual takes the Bankruptcy route, there are two alternatives; a Chapter 7 filing which will clean out all of the unsecured debt. Secured debts would, needless to say, have to be reaffirmed; a Chapter 13 happens to be a debt consolidation.

Many people feel that they do not wish to wipe out the debts since they may want to do business with these lenders when things get back to normal. In that case, they could file a Chapter 13 which allows them to pay the creditor a percentage, calculated in accordance with the amount of the debt, over a time period of three to five years.

Throughout this time the individual is in the protection of the Federal Bankruptcy Court and just cannot be harassed by the debtor.

The debt consolidation company provides the same service as the Chapter 13 bankruptcy does. The difference in between the two is that with a Chapter 13 you are in the protection of the Federal Court System. Utilizing a private debt consolidation company you are not protected, and you creditors could continue to harass you even if they are procuring payment each month. Unfortunately, since the payment is, in both cases, calculated on the balance because of the creditor, the payment may be much smaller than the creditor would like it to be. This is exactly where the harassment commonly comes into effect.

In the event that there is a foreclosure along with the outstanding debts there is not much that can be done unless the individual gets there immediately. In a Chapter 13, the house payments could be lowered and a reaffirmation is proposed. In a private debt consolidation there is very little chance of saving your home from foreclosure except if it is still very early and then the house payments can become a part of the consolidation but lowered..

In case you are an individual that is facing the debt predicament that is striking many these days, then calculate your current income (worker's compensation, social security, retirement fund, personal savings, investments, etc.) and consider which of the choices will best suit your present state of finances. You may desire to talk to an attorney that will steer you in the course of bankruptcy or debt consolidation. There are attorneys that will assist you pro bono (free) in the event that you will call your local Bar Association.

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