The easiest solution of resolving credit card debt is going for a settlement program. Nothing can be easier than this. However, there are other options in the market as well such as credit counseling and bankruptcy. But, they are certainly not as hassle-free as debt settlements. There are quite a few disadvantages associated with these methods of settlement of dues. Instead of solving your problem permanently, these methods only give temporary relief. However, the main motive of any settlement company lies in obliterating all your financial problems at one go so that you can give a new start to your life once again.
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Talking about bankruptcy, there are a number of hazards that come with it. There are different chapters of bankruptcy and you need to be aware which chapter is best suited for you. Also, each chapter comes with certain conditions. For example, in order to qualify for chapter seven bankruptcy, there is a particular income or earning requirement that you have to meet. If you do not meet the set standard, you will not be considered for chapter seven status of bankruptcy. Again, if you have more income than the states annual median, then you become eligible for chapter thirteen status of bankruptcy which also comes with a catch. The chapter thirteen helps in restructuring your debt but the main problem with it is that it does not contribute in removing it.
If you are looking forward to filing bankruptcy, you have to bear with the court costs that are necessary for it. The court cost varies depending on the particular chapter you are filing. Again, the attorney that will represent you will also charge a considerable amount. Since bankruptcy involves lots of complexities, you should be prepared to shell out a major amount to the attorney. However, debt settlements are much cheaper and reasonable compared to bankruptcy.
Losing some of your prized assets can be a point of concern if you go for bankruptcy. There is no such hazard with settlement programs. Also, it can affect your credit score to a great extent. Though conciliation programs come with the same problem, the chances of coming out of it or improving it is more in the case of a settlement company.
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