I'm often asked, "Is debt settlement a better choice than bankruptcy?"
That's a good question.
Bankruptcy may allow you to eliminate most of your debts quickly, and this is typically referred to as a Chapter 7 bankruptcy.
In other cases, you may be required to pay back a percentage of your debts over time. This is typically referred to as a Chapter 13 bankruptcy.
Bankruptcy also offers legal protection under the court so that you don't have to worry about being sued or harassed by creditors while completing the bankruptcy process.
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While most reputable debt settlement firms will work to drastically and effectively minimize creditor's calls, debt settlement does not provide the guaranteed legal protection that bankruptcy does.
However, chapter 7 bankruptcy is not an option for everyone, and it has gone through some changes since the bankruptcy reforms of 2005. It has become more difficult to qualify for full liquidation or in others words, full forgiveness of your unsecured debts. Chapter 13 bankruptcies typically require five years of court ordered payments to a trustee and may require you to surrender some of your assets.
Knowing all of your options will help you make a more informed decision, and speaking to a bankruptcy attorney may be a worthwhile decision. Most reputable debt settlement firms can refer you to a trusted bankruptcy attorney in case you have detailed questions or if they determine that you might be better served by speaking to them.
Typically, if you are in such a financial state of hardship that it is determined you can't even make your minimum payments into a debt settlement program, then speaking with a bankruptcy attorney is highly recommended.
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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