Debt consolidation makes paying down your debt much more simple and effective, since debtors don’t have to face a huge number of calculations to determine their future. Once your debt is written off, it can never be recovered. However, it does take some effort and a fair amount of time to get to that point. The time and effort required can make the process more complicated for some consumers than it should be. There are also some consumers who can’t do this, because they are chronically ill or disabled, or are dead, or are in prison.
By contrast, the debt consolidation process is quick and easy, and is a straightforward way for people who want to cut their debts off and avoid paying further installments on those debts. If your creditors want to take your debts for any reason after you’ve exhausted other debt consolidation options, you have to go through a process of collection and filing an administrative claim with the court.
The process of debt consolidation is fast and easy because, in many cases, you don’t have to make any decisions that are difficult or time-consuming, check https://www.sofi.com/personal-loans/credit-card-consolidation-loans/ to learn about the entire process. The entire process whether it’s debt consolidation or other debt relief strategies has several benefits: 1. You don’t have to go through the stress of dealing with your creditors. Unlike with bankruptcy, you don’t have to choose between your creditors and yourself; the court can go after any one or all of your creditors at any time. 2. You don’t have to wait months, years, or even a lifetime for your debts to be resolved. You can move at the speed of light, once your case is called. 3. You may be able to have more money available to you to help pay off debt. After your case is heard, you may be able to receive more of your money to pay off your debts faster than you could under a normal Chapter 13 bankruptcy.