Bankruptcy vs Debt Settlement
Sometimes, there's no other option than to file for bankruptcy. But before you do, make sure to assess your situation accurately.
Compare & Consider
Bankruptcy- Filing for bankruptcy relief is a significant financial decision and whether bankruptcy is right for you depends on your circumstances. Some important factors to consider before filing for bankruptcy include:
No one wants to file for bankruptcy. It’s important to weigh all of your debt relief options first, because in many cases, there may be a less extreme way to get out of debt. If your finances are spiraling out of control, find out what bankruptcy really entails and if it is the best course of action for you.
DEBT SETTLEMENT OPTION
With the option of debt settlement, your debt settlement company negotiates with the lender to agree upon a settlement balance often less than what is owed, to repay the debt. This form of relief is less harmful to your credit score than bankruptcy and can offer some immediate relief from financial pressure drastically lowering your monthly payments.
Which debt relief option is best for you? For many, the answer is debt settlement. But is that the best option for relieving credit card debt? It’s important to review all your options and make the best decision based on your financial reality. Getting a Free Debt Analysis of your financial situation is important in understand which option might be best for you.