The decision to file for bankruptcy or start the process of debt settlement is both difficult and confusing. The stress of getting behind on your bills and being put in the situation, only escalates your confusion. However, in the long run, the bankruptcy versus debt settlement debate, has only one winner.
When you file for bankruptcy, you must go through an experienced bankruptcy attorney. The cost of filing is minimal, but the cost of a good attorney to handle your bankruptcy could be as much as $3,000 or more. The cost of a debt settlement company can be just a small portion of what you owe to your creditors.
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Debt settlement can actually help to get your credit back on track, but it does take time. Late payments and settled debts may not allow you to ability to get an unsecured loan for as many as two or three years. On the other hand, when you go bankrupt, it can stay on your credit report for as long as ten years.
The total time it takes to go through bankruptcy can be as long as three months or more. Within thirty days of filing, you should meet with the attorney and creditors, but the discharge can take as many as sixty days or more afterwards. Debt consolidation may take time, as you may be working to pay off a portion of your debt, but in the end, it looks much better on your credit report to have it state "Settled-Paid", than it does to have a bankruptcy.
While many people often feel they have no other choice but bankruptcy, you will find the benefits of debt settlement far outweigh bankruptcy. Not only will the process be less expensive for you, you will find it does less damage to your credit report, and it is a much simpler process to go through.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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