Debt relief options are tough to choose these days. Perhaps in some situations, bankruptcy would be a better option. Declaring bankruptcy will, indeed, remove your debts. If you're way in over your head, bankruptcy can get you out of debt and keep the wolf from the door. The main pitfall to bankruptcy as a debt relief option is that the wolf will eventually circle back around. When your declaration of bankruptcy is complete and the lawyers have all gone home to smoke their cigars and soak in the hot tub, you'll still be labeled as having "gone bankrupt."
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If you need credit in the future, you may be out of luck with a bankrupt sign glowing in the living room window. As a debt relief option, debt settlement may be better than bankruptcy. Debt settlement involves barter and negotiation and working toward a common debt relief solution. That solution is to get you out of debt for less than you owe and get you back to the business of living a debt-free life.
The settlement option - Take your credit card debts, add them all up, submit the amount to a legitimate settlement company and sit back. They'll take your total debt and work with the credit card companies to settle up. No declaration of bankruptcy, but a declaration of wanting to be debt free. The further advantage is that a good settlement company with practiced professionals can get the amount you owe reduced, so paying back the credit card company at a lesser amount can get you debt free faster.
Credit card companies, wanting you to avoid the bankruptcy declaration, will be more than willing to settle your account for less rather than not settling your account at all. A settlement will affect your credit score, but not as negatively as the bankruptcy option will. Your credit score will heal in a much faster time frame than if you take the bankruptcy out.
Debt settlement is a better debt relief option than bankruptcy. Check into a legitimate debt settlement company.
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