For those people who are suffering from debts it is always difficult to find out which is the best option for the elimination of debts among the bankruptcy and debt settlement. Both options of bankruptcy and debt settlement are legal and working under full authority and supervision of the government.
By keeping the following points in mind a person will be able to evaluate easily, that is why debt settlement is considered to be the best option rather than bankruptcy.
In the process of bankruptcy the person has to hire a lawyer and also has to pay the fees they ask for their services, so it's not very affordable for a person who is already in a lot of debt. One should think sensibly that if the person is already suffering from financial problems they will not be able to give them the fees. In debt settlement, there is no amount of high fees which a person has to give; only a minimum and affordable amount of fees has to be given to the company in order to pay for their services that the company will provide to the individual in the future.
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In bankruptcy, the credit scoring of the person will be affected negatively and the person will not be able to get any financial help for the next eight to ten years. No doubts that the credit ranking will also get affected in settlement, but not as much as in case of bankruptcy. In bankruptcy the government has the right for the auction of the assets and other valuables for the individual, in order to recover the money that they are unable to pay.
The person will not lose any of their assets and other valuables if they opt for settlement. Their assets will remain with him. There are no doubts that after filing for bankruptcy, the person is able to get relief from all debt in no time, but this will create a very negative impact on his creditability at the same time.
The individual is also able to get relief from debts in no time as well by opting for debt settlement, but this thing will not create any negative impact on their creditability. So, by keeping in mind the information above it has become clearer for the individual why debt settlement is a million dollar option than that of bankruptcy.
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