Simple ways to avoid bankruptcy, ensuring security and protection of credit card

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » Simple ways to avoid bankruptcy, ensuring security and protection of credit card

Simple ways to avoid bankruptcy, ensuring security and protection of credit card


Updated: December 26, 2012

The content is accurate at the time of publication and is subject to change.

When an organization or even individual for that matter officially declares their failure in being able to repay their creditors, it is called as bankruptcy. In many cases, even creditors can file for bankruptcy against and debtor or business. This is known as involuntary bankruptcy and is mainly done to empower the creditor the ability to gain back at least a part of the amount owed to them. It also helps borrowers start restructuring their pending funds. More often than not, it is debtors who admit to a bankruptcy better known as voluntary bankruptcy. Though bankruptcy was introduced initially so that creditors could benefit from them, modern laws try to maintain a balance.

Currently, the main intent of most business debt restructuring procedures does not depend on the complete removal of insolvent items. They are based on the revamping of the organizational and economic makeup of debtors that are undergoing financial anxiety. This is done so that itáïs easier to not just renovate but also help them continue operations minus any problems. As far as personal households are concerned, bankruptcy laws suggest it is important to determine the governing problems and the ways in which monetary distress can be reduced to a minimum. In the rehabilitation when individuals have filed for bankruptcy, they must be provided with enough advice on how to cover debts while also being able to manage their finances efficiently in the long run.

There are rare chances of an individual bankruptcy being filed against an individual who does not operate a business. There are a number of steps that can be adopted to avoid bankruptcy in general. When a debtor has low or no assets and money, he/she can employ the áîTake No Actionáï method while negotiating with creditors and assuring them of appropriate payments in the future is also an option. A public or private company can also remodel the debts so that the financial distress is lowered.

On the face of it, it may seem that debts and payments are the only things revolving around a credit card. Delving deeper credit card holders may want to keep security and protection of their account high up on their list. Credit card providers too find it most difficult to avoid credit card fraud. For consumers itáïs important to conduct password protected transactions always especially when they are online. Being a tad bit careful on both the provider and consumer part can help maintain security and protection of credit cards.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Top 5 Cards for Travel from Our Partners: Summer 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Summer 2018 – Expert’s Choice

Posted: February 12, 2018

The sun shines more and more each day, flowers are in bloom and you already feel how hot it is getting - summer is here. Summer holidays are almost here, and you are in need of dire preparation. You can lift in spirits and let CreditLand ... Continue reading
Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Posted: February 10, 2018

If you're trying to find the perfect rewards credit card, you might feel like you're drowning in options. There are just so many out there, and many of them look similar. This can make it tough to decide on a card. One thing people often ... Continue reading
Price Protection: Credit Cards That Will Refund a Price Drop

Price Protection: Credit Cards That Will Refund a Price Drop

Posted: February 8, 2018

Those who often find themselves buying stuff and then discovering that they could pay less for the same item they've just bought, will appreciate this credit card benefit – price protection. This is the least known and the most neglected ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!