There are several debt relief options available. Some are traditional and some have developed or came to popularity recently. This is because of the fact that the recession which took over the US economy ate up the jobs of thousands of people. These people could not manage their finances and then filed for bankruptcy to get rid of their debts. They are now facing a number of financial troubles because of this. It is because of this reason that people are now looking for alternative debt relief options.
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Debt settlement has become the main weapon at their disposal and thousands of people are now eliminating their debts with the help of this method. This method has overthrown the method of bankruptcy filing because of several reasons. There are still some people who think that bankruptcy is a better option and if you are one among them, this article is worth reading!
Debt settlement vs. personal bankruptcy:
Personal bankruptcy ensures that the entire amount of the debt is eliminated. However, there are several problems which creep in upon successful bankruptcy filing. Once a person files for bankruptcy successfully, the credit score of the person goes down and the credibility is lost. The person fails to get any further credit from any creditor for 7-10 years because of the fact that the report of bankruptcy filing continues to show up on the credit history for that period of time. This is not the case with debt settlement. Settlement can eliminate at least 50% and up to 70% of the debt but the credibility of the consumer remains intact. People need to go for credit counseling session with the counselors selected by law. In case the counselors think that the person is in a situation to repay the debt with a little modification of the budget, person will not be allowed to file for bankruptcy. On the other hand, the consumers are not required to go for credit counseling in case of settlement. Bankruptcy has a number of legal hassles and the consumers are required to stay in touch with the attorneys. This is not the case with debt settlement. There are no legal hassles in debt settlement.
It is because of these reasons that debt settlement is considered to the better than personal bankruptcy.
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