In 2021, household debt in the US reached $145.64 trillion. It affects everyone, and it’s not just for the poor. Not all of it is due to spending, but often, unforeseen circumstances outside of your control can cause people to fall into debt. This could include job loss, medical bills, or a disability.

The number of people who have gone into debt has increased sharply after COVID-19. Many believe that declaring bankruptcy is the only way to get out of it, but it may not be. Various personal bankruptcy alternatives are present to help individuals resolve their debts in a controlled way with decreased interest rates and larger payment intervals.

Although bankruptcy is not necessary for most people, it can still harm their credit score for up to 10 years. There are various ways to avoid it. In certain circumstances, the Bankruptcy Act of 1974 (BAPA) requires that people filing for bankruptcy attend mandatory credit counseling and financial management education.

Even if you file for bankruptcy, you may still be sued or have your driver’s license suspended due to unpaid fines. Having a poor credit rating can also result in higher interest rates.

A depiction of credit card debt

Ways To Avoid Filing For Bankruptcy

Many people who have experienced a sudden financial crisis may also have poor habits and are prone to suffering from bankruptcy. Being a bankruptcy victim can be an eye-opener for people living beyond their means. It can also serve as a reminder to improve their lifestyle.

American Debt Enders is here to help your climbing debt be reduced and resolved with ease. Suppose you feel that your debts are getting more difficult to handle every passing day. In that case, we can help you through our debt counseling services and make it possible to make a single reduced monthly payment rather than multiple ones going out to different creditors.

Get Professional Debt Consultancy Services

Looking for help can be a good idea, but there are also risks involved. For instance, many people who are desperate for quick fixes to their debts may end up being victimized by illegitimate credit counseling firms. This is why American Debt Enders provides licensed and accredited debt counseling services to Americans looking to get out of debt. Besides bankruptcy nonlegal advice, we provide our clients with a diverse range of options, such as debt consultancy, that help them get the most out of this process.

Get The Best Bankruptcy Alternatives With American Debt Enders

With over 15 years of experience, American Debt Enders provides Americans with all the tools they need to prevent bankruptcy due to debt. From debt counseling services to unsecured debt invalidation, we work to ensure that your debts are resolved in a way that doesn’t cripple you financially. Call us at +1-877-766-2465 to discuss your options and see how American Debt Enders can help you.