What initially seems quite logical and starts innocently enough becomes a literal tragedy over time. Refinancing a loan, offering a new loan, offering another new loan, offering another new loan. Incidentally, we are in a closed loop as we try to pay off another loan with our previous loan, and there seems to be no way out. It is not easy to fall into a financial trap and get out of it. This time, it looks like we will have to declare bankruptcy . The thin rope has turned into a tight rope, tightening on us more and more. There is no need to panic that there is no way out of what appears to be an unsolvable situation. But it comes at a cost. Certainly we cannot take out new loans, but we need solutions in the form of debt relief , and only experts can help us with that.
Self-help
First of all, we need to forget that we can\’t do it because of what people say about us. It is not for them, it is for us. No one is going to pay our debts for us. Nor can anyone help us get out of our debt spiral. When one declares bankruptcy, three basic conditions must be met.
2. the debtor must be unable to repay the debt for an extended period of time. One or a few delays do not affect long-term payments. In such cases, it is better not to unnecessarily delay or wait for a demand, but to first agree with the creditor to postpone or adjust payments. Rather, it is more likely that you will not be able to pay at all.
3. This amount, of course, includes interest and fees incurred prior to the declaration of bankruptcy. In addition, various contractual penalties, court costs and bailiff\’s fees may be incurred.
Declaring bankruptcy is neither a tragedy nor a disgrace, but a possible path to financial freedom.
