Come Out of Debt Related Myths

Come Out of Debt Related Myths

Summary:

Debt management experts help you come out of your debt related myths. Have you ever noticed, the moment you declare your debt problems, you will be bombarded with the self-imposed suggestions and tips from friends and relatives. Some of the tips are so contradictory that at times it becomes tough to decide which one to try. But now debt management experts have clarified the possible myths related to debt problems.

Here are some most talked about myths and its actual facts discussed as follows.

If you are bankrupt, you will lose your property

Most people fear of losing their property if they are declared bankrupt. Part of the fact is true, but property occupancy is always the last resort of bankruptcy process. Debt management solutions suggest some other potential alternatives like IVA or official receivers claim where your home loan is protected. Through equity claim you will be able to protect your property.

you can't sell your property after bankruptcy

Once you are declared bankrupt your trustee will have the final authority to decide the financial matter of your property. Many people even hide their property as they fear their property would be taken away. But it's a serious offence and in bankruptcy terms it's called "transaction to the detriment of creditors".

As per debt management experts' opinion, you can still sell your property share to a friend or relative. But the price shouldn't be less than the fair price. Also make sure the money should be deposited for paying off the debt.

Your employer is going to find out your bankruptcy status

Be it bankruptcy, IVA or any other debt management plans; it's a private affair between you and your debt handling agencies. Only your creditors are the legal authority and are authorized to know the process. Unless you are a public figure or business tycoon, nobody is going to know the status of your debt problem.

Even your creditors can't call or visit you in your office without your consent. You just need to give a written request before the concerned authority.

Bankruptcy involves many complex procedures. That's why its better to take professional guidance while dealing with bankruptcy. debt management solutions experts recommend debt handling agencies to be the best solution providers for bankruptcy.

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