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These days it has become a juggling act for most of us to balance and manage our personal budgets. Somehow, the little bills keep on piling up until we reach the point when we realize that we can no longer cope with the mounting costs, and that our budgeting for payments had fizzled out somewhere along the way.

At times, this can be attributed to our lack of knowledge when it comes to managing money and expenses. But most of the times it can be attributed to a sudden change in your financial situation and you then need help from federal debt relief help programs to eliminate your debts for good.

There are several options that can help eliminate our debts and assist in improving our credit scores. The most widely known and accepted choices are debt relief and bankruptcy. But what are these two alternatives about and how can they help us achieve better financial management and stability?

First we go to bankruptcy. In earlier years, when people found that they were sunk in debts a popular option to take was to declare bankruptcy. In a nutshell, this means that you are declaring an incapacity to pay up on your debts. As a bankrupt person, you will not be expected to honor your debts but at the same time, you will also have a bad credit rating that will affect present and future credit standing for ten years.