Debt Settlement Vs Filing Bankruptcy - How They Compare


The comparison between debt settlement and bankruptcy is like a fight between a heavy weight boxing champion and a person who knows nothing about boxing. Debt settlement wins hands down. Why? Just take a look at some of the disadvantages of filing for bankruptcy.

It is impossible to file bankruptcy without employing the services of a professional attorney. You must be prepared to spend at least thousand dollars as attorney charges. This may sound unfair but that is how the dice roles. On the other hand, a debt settlement can be implemented without any external assistance whatsoever.

File Bankruptcy Online, Las Vegas Bankruptcy Lawyer, Orlando Bankruptcy Attorney,

You just have to understand the basics and try negotiating with the lenders. You can avoid use of professionals because a lot depends on the attitude of your lenders. If your lender is amenable to a settlement deal, you can easily start negotiations on your own.

There is no guarantee that bankruptcy will help you out. If the court decides that you ought to go in for chapter thirteen bankruptcy instead of a chapter eleven bankruptcy, you will have no option but to listen to what the court says. This means that you will end up with a five year debt management program instead of a debt relief option.

On the other hand, a debt settlement deal cannot be altered by an external third party who does not understand your problems. If your lender does not agree to a settlement deal, you can simply walk out of the negotiations and think of the right way to move ahead.

Bankruptcy does not teach you how to manage your finances. It simply pardons you for your mistakes. On the other hand, a settlement deal will not only pardon you by giving you a 50% discount but it also teaches you how to manage your finances properly. You just have to repay the balance amount on a monthly basis. This is all it takes to understand what you need to do to repay your debts on time.

Finally, bankruptcy will sit on your public record for ten years at a stretch. On the other hand, a debt settlement, although a negative point, can be whittled down and glossed over without any difficulty. This often does not exist in case of bankruptcy.

Hence, when you asked whether you should go in for a settlement or bankruptcy, always keep in mind that a settlement is the first option you should choose. If nothing else works, you always have bankruptcy as an option.


Corporate Bankruptcy

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.

Rating of Corporate Bankruptcy



Get Online Application at online Bankruptcy Lawyer.

0 comments:

Post a Comment