Almost everyone these days is under the debt that to the unsecured debt. The unsecured debt is not easy to clear as the interest rate on it is very high. This type of debt grows very fast with the time. The unsecured debt is high profit deal for your creditor but this involves risk from their side as well. They may lose all their money which you hold as the debt. When it comes to clearing the unsecured debt completely then we have two handy options available with us that are the debt settlement programs or filing the bankruptcy. You should know the pros and cons for the both before opting for any of these options. The rest of the text will be on the settlement programs vs. filing bankruptcy.
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The bankruptcy looks very easy and straight forward in the first sight. For bankruptcy you have to pay the attorney's fees and court's fees. In case of the settlements program you do not have to pay any fees in the literal sense. You have to pay small amount to the debt relief firm if you are choosing to hire them.
The outcome of the bankruptcy is not known. It is dependent on the court's verdict. In case of the settlement programs at least this for sure that you will get debt reduction at any cost. This will surely reduce your debt amount. The process of settlement only involves the two parties that is you and your creditor which makes it easy and this is not the case with the bankruptcy.
Credit score gets the major hit when it comes to the bankruptcy. The credit score is reduced in case of settlement as well but it is still better than the bankruptcy. Due to the damage in the credit score and the bankruptcy details are shown in your credit report for seven years make you non potential customers for the creditor. You will not get the loan or any money on credit after bankruptcy.
Debt settlement programs vs. filing bankruptcy now you are in surely in better position to decide. The debt settlement programs are surely above par when compared to the bankruptcy. You get 60% of debt reduction with the help of settlement firms.
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