Eliminating debt is not all about clearing it the fastest but also how you do it and how it may cost you. It also involves different future possibilities and you should also think about your credit score when you are looking to clear your debt. While time is an important factor, the way you spend it also as important.
Bankruptcy can be over within a year but during this year you are stressed and running from court to court with a lot of paperwork. Not to mention that you have to pay a lawyer for this entire time so that you are presented in a legal manner. This process is not so secure and during it you will constantly receive harassing phone calls from collection agencies, reminding you about your debt. You can also risk a lawsuit from the creditors in which they might make you sell some belongings to cover your debt plus the extra fees. Even if you do manage to be declared bankrupt, you will still be left with the problem of a low credit score. Although you might not think much of this now, a low credit score can mean no loan for a long period and you might never know when you need more money.
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Debt negotiation can clear debt in 2-3 years. Although this is longer than bankruptcy, at least you don't spend the period dealing with collection agencies or gathering paperwork. The negotiations are done very fast and half of your debt can disappear within a few months, time by which you pay the debt settlement company for their services, but the time it takes for you to pay the rest of your debt can be different depending on your financial situation. Your credit score will improve once you pay the creditor and you won't have to worry about not getting a loan.
A small comparison can easily show which option is the best and you can select it to clear your debt. Don't just think about the period in which your debt goes away but think about your financial future as well.
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