Debt settlement is a better option than bankruptcy, says many a report. Indeed it is so, if we can consider the pros and cons of both. In the recent economic scenario, almost more than half of the population is sinking under huge piles of dues. People are finding it extremely difficult to maintain a decent living with such scanty funds. Many people have lost their jobs and many have suffered pay cuts. Thus, it is nothing very abnormal that they are resorting to external source of crediting. Loans and credit cards rule the racks. People have almost become obsessed with these plastic cards. Be it any occasion, they intensively utilize the cards to get their target fulfilled. But they fail to realize that these cards are immense problem posers. They increase the chances of accumulation of colossal amount of liabilities.
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If the total amount of arrears increases to a great extent, the chances of repayment decrease. There can be instances when you may feel that it is not at all possible for you to repay the loans at all. At that point of time, you may feel that you are in the state of liquidation. You may want to declare yourself insolvent. But it is always advisable that you think twice and analyze your problems properly before declaring yourself bankrupt. There are many disadvantages that are associated with liquidation. The most problematic matter with bankruptcy is the immense costs involved with it. The cost of attorney, the costs of services all increases the chances of more expenditure. The aftereffects of it are quite difficult to recover from. It shatters your moral support and entire financial life or rather failure is revealed to the world. As a result, it becomes difficult to recover from the situation.
Debt settlement is a better and more lucrative alternative compared to insolvency. It involves reduction in the total amount of dues through the process of mutual negotiation between you and your lender. In the recent times, some new laws have been introduced that is making debt settlement more effective. The new laws are reducing the chances of fraud. Relief companies will not be able to cheat you anymore. You get tax exemptions as well. Thus, dues are reduced, aids are availed at a cheaper cost and you do not have to pay tax as well. Considering all these, settlement, is indeed, becoming cheap and more viable.
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