If your in debt, having a hard time making ends meet, or are unable to pay your bills, you are probably wondering what you can do to resolve the situation. There are many options when it comes to repaying money that you owe to credit card companies, or other types, of unsecured debt that you may owe.
If possible it's always best to adjust your spending habits and pay down the bills that you already owe. However after cutting everything you can and budgeting as much as possible to repay your bills, you still find yourself in a bind, then you may want to consider one of the following. A debt settlement or bankruptcy
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How does debt settlement compare to bankruptcy? In a debt settlement you select a company or agency to help you renegotiate what you owe, seeking to reduce, or eliminate as much of your debt as you can. This will cost you money in either fees to a settlement company or a lump sum payment, to show your creditor you are negotiating in good faith and are serious about reducing your debt. If you are unemployed, disabled, or other wise unable to make additional payments or come up with ready cash this is not for you.
In the case that you are unable to raise either a lump sum or make payments, you will want to consider bankruptcy. At one time this was, and still is to some degree, a dreaded term, but changes to the law has made it more accessible, as well as acceptable to many.
In bankruptcy, everything that you owe to creditors is laid out on the table, and a judge decides if you have assets that can be used to pay your debt. Once that is done, anything left over is wiped from the books and you can get a fresh start.
You need to know that debt settlement may eventually resolve your problems, but in the short term will do nothing to stop creditors from harassing you. On the other hand, it is not as damaging to your credit or reputation as is bankruptcy.
Bankruptcy can be a plus because it immediately stops creditors from even contacting you. Once filed, bankruptcy laws demand they speak only to your lawyer. A down side to bankruptcy is that it will affect your credit rating for a number of years, and can follow you for the rest of your life.
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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