Bankruptcy Or Credit Settlement - What You Should Know Before It's Too Late

For the past two years, our economy has been in turmoil. Many people have lost their jobs or gotten pay cuts or unpaid leave of absence from their workplace. A lot of people also lost their health insurance and sadly, were faced with a medical condition that has left them with a huge medical bill to be re paid. These hard working Americans are stuck between the rock and a hard place because on the one hand they want to do what is right and pay back their debts but on the other hand they simply can't afford to do so. Faced with such dire situation they consider their options and wonder what is best, bankruptcy or debt settlement.

Getting Good Bankruptcy Lawyer, Bankruptcy Lawyer, File Bankruptcy,

Let me tell you something, never, never get involved with a credit settlement place. They are a scam and will not protect you if you get sued by one of your creditors. They basically take your money and will deal with your creditors trying to settle on cents per every dollar that you owe. In most cases, the creditor would rather get paid something rather than nothing but, in the event that they do not want to settle, you would still be liable for that debt. At which point they can file a lawsuit against you and that can lead to repossession of your assets, garnish your wages and other nasty stuff.

Filing for bankruptcy on the other hand will afford you the protection of a federal court and by law, all credit harassment and lawsuits has to stop. With bankruptcy you have two choices, chapter 7 and chapter 13. Which one is right for you depends on your individual situation which is why is highly recommended to retain the services of lawyer that deals with this type of law to guide you along the way.

Chapter 13 Bankruptcy Rules

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Rating of Chapter 13 Bankruptcy Rules

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