One of the most life altering things that anybody can do is file for bankruptcy. To the laymen, filing bankruptcy is a way of starting a new. To anybody who knows the facts about filing bankruptcy, this is one of the worst ideas that you can have. For some people there is no other choice. Their debt may be way too high and they might be forced to file. However, debt is usually curable by getting into a debt settlement program.
Bankruptcy is one of the most thought about subjects to any debtor, but this can be one of the most detrimental things that you can do. Bankruptcy can stay on your credit report for over eight years. Some employers will even ask you if you have ever filed bankruptcy before they hire you. Not to mention any loan applications that will need after the fact. Do not buy into the hype. Debt settlement is much more pain free and can save your credit if you do it right.
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Debt settlement is when you or your settlement counselor negotiates a payment plan for a lower balance on your debt. Most creditors will be extremely open to settlement over bankruptcy because they would rather get a part of their money back. Bankruptcy is a quick fix to a problem that will come back to haunt you for years to come. Settlement will allow you wean yourself off of charge cards and credit accounts so you never get into that situation again.
Another strong reason to avoid bankruptcy is the fact that you are going to have to pay an attorney to file for you. These costs will be insurmountable compared to the costs of settlement. With settlement your counselor will be able to negotiate a lower balance and a lower interest rate for you. Some people come out with up to fifty percent of their previous balance and no interest on their new balance.
When you weigh the options, debt settlement will save your credit and allow you to repay a portion of the debt you've rung up. Filing for bankruptcy will not only ruin your credit report, but will taint you for up to a decade after the fact. For the best possible future, settlement is the best way to get your feet back under you Get on with your life and settle your debt with the help of a qualified company.
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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