What is debt and how to avoid bankruptcy?

In this Article we are introducing you a new concept Called “Debt Doctors”. Debt Doctors are very common in foreign countries like UK & US. But it is not common in India we expect this will be a reality in India very soon. Debt Doctors help individuals to solve their debt related problems such as home loans, car loans, bankruptcy, etc. In India every year thousands of people are committing suicides because of debt related issues. Proper planning and expert advice from a qualified person or institute will help to save these lives. Here in this article we are trying to educate you about Debt Doctors.

What is Debt?

Debt is the money borrowed from an outside source with a promise to repay the principal (borrowed amount) with an agreed rate of interest. There are times during that people will get into huge debt. In though time people can get into debt from personal or secured loans, mortgages etc. Many people are unable to repay monthly payments on credit cards and other types of loans. All these things happen because of miss management of money or lack of financial planning. A debt is created when a person/institution agrees to lend a sum of assets to a debtor. In modern society, debt is normally granted with expected repayment along with an interest.

The causes of debt

Who are Debt Doctors?

Debt Doctors are those people or institutions who are committed to help you in getting out of debt. They understand the power of debt and its effects such as stress, sleepless nights, distraction, destruction of family life, etc. In simple terms we can say that Debt Doctors provide expert advice on finding real financial solutions for your money problems. Many individuals have different problems related to debt in their lives. Where ever you feel difficulty related to debt, Debt Doctors can help you. But in India Debt Doctors are not in action. If Debt Doctors start their service in India it will be a great relaxation for the people who are suffering from debt problems.

What a Debt Doctor Can do for You

As we have mentioned earlier the major services provided by debt doctors are related to clearing of debts. There are different types of debts caused by a number of reasons. Getting into debt is very easy but getting out of it is not that easy. Debt Doctors are the experts in solving difficulties related to Debt. They will analyse your position and will drat detailed plan to get out of the debt. Below given are some of the major things a debt doctor can do for you.

Information to be provided for Debt Doctors

A debt doctor should have ollowing are the information that you have to provide to the debt Doctors

You have to provide detailed information about your financial position, liabilities, total debts, total assets, etc. Using all these information they will prepare a detailed plan for you that you wish to achieve in the near future. All the information you give is treated as private and confidential

Three basic things to do if facing a debt crisis

Common mistakes to avoid filing for bankruptcy

Here is a list of some of the common mistakes people make while filing for bankruptcy. Understand all the options available for you contact a lawyer at the Debt Doctors and prepare yourself for life after debt;

Tips to Avoid Bankruptcy

Following points will help you in understanding the points that will help you in controlling your spending.

We believe that this article has helped you in imparting knowledge about ‘Debt Doctors’. In future we will come out will more articles on the same topic so that you can understand more about the Debt doctors. For any queries related to this article please feel free to contact IndianMoney.com. You can write down your queries in the comment box so that we can provide you further information on your query.