Due to changes in the bankruptcy law, it's becoming more and more challenging for consumers to file and complete a bankruptcy. Is a bankruptcy really the best approach anyway? After all, it leaves a wretched financial tattoo on your credit report for 10 years beyond the discharge date. A couple of years is one thing, but 10 years is a long time. If you've found yourself to be overwhelmed by your credit card debt, consider debt settlement instead of a bankruptcy.
First of all, if you consider going this route rather than a bankruptcy, your credit report will not be scarred with a bankruptcy for the next 10 years. Yes, your credit will be damaged from the debt settlement, but it's nothing compared to a bankruptcy.
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A second reason that debt settlement is a good option is because there is no up front fee associated with debt settlement. All that is required is for you to fill out a little bit of paperwork and decide how you'd like to proceed. You'll be given several choices regarding the repayment structure. Basically, you can choose anywhere from 12 months to 48 months to be completely free of credit card debt. The longer you choose, the lower your payments. The shorter the term you choose, the sooner you'll have good credit and the sooner you'll be debt free.
Another compelling reason to consider this alternative is that the better debt settlement companies will offer a guarantee. Typically, the guarantee is that they will reduce your debt by at least 40-50%. This means that your monthly payments can be as much as 50% lower or more.
If you're thinking about bankruptcy for your overwhelming credit card debt, consider debt settlement instead. There's very little paperwork, it's done by attorneys, and you won't have the term "bankruptcy" associated with your credit report for the next ten years.
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