During this economic recession a number of people have been forced to look for ways to give them relief from their financial liabilities. Essentially, bankruptcy is very bad for the overall economic health of the country. Hence the government introduced many different methods to provide financial relief. Two of the most popular and commonly used methods are bankruptcy and debt settlement. Both these debt relief options are legal and hence closely monitored by the government.
Now the question arises which is a better option between the two which can give you financial relief in a shorter span of time. Both these methods have their own pros and cons which need to be analysed before you opt for either option. Filling for bankruptcy has a very tedious and time consuming process. It involves a lot of documents and test which makes this process very hectic. A person filing for bankruptcy also needs to pay a very hefty fee to lawyer which only adds to the financial stress. In bankruptcy the government gets a right to auction the individual's assets in order to recover the money which he could not repay.
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Settlement on the other hand is less tiresome. Unlike Bankruptcy the paperwork involved is much less. The main documentation required is an agreement paper signed by both individual as well as the settlement company. It is also financially less cumbersome, as the only fee that is to be paid by the individual to the company is a processing fee which is of minimal amount. Also unlike in bankruptcy, the auction is not involved in settlement.
But what is most important is that the credit scoring of an individual is affected in the worst manner if he or she files for bankruptcy. The credit scoring goes down even when debt settlement is opted but not as much as by bankruptcy.
Hence debt settlement is definitely a better option.
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