People who face a lot of debt usually decide going for bankruptcy rather than paying a part of their debt and having debt settlement. Most of them think that because bankruptcy promises full debt clearance it is safer and better. But this is not the right thing they should do since bankruptcy has a lot of hidden disadvantages such as: losing your assets, it is a costly process, it is stressful, you cannot take another loan for a lot of time and it can mess up with your financials even more. Debt settlement, on the other hand, it's a safe way to make sure that you pay your debt and it can reduce more than half of what you owe without being too stressful, without having your assets sold and without having to take too many risks.
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Debt settlement implies negotiating your debt and you can do that by choosing a trustworthy debt settlement company that will take care of all the requirements you need during the process. Debt settlement will definitely make your situation better and if you worry about your credit score, it won't be changed too much and you will be able to get another loan in no time. Another advantage when you choose this procedure is the fact that you don't have to stress about the documentation because the company takes care of that for you. Also, with the new laws, debt settlement companies cannot ask for a fee until they have reduced your debt, so you don't risk giving them the money for nothing.
Bankruptcy might seem as a good solution when you don't want to give any of your debt back, but you should think about having your assets sold. You can spend more money on bankruptcy than if you would use debt settlement. With the lawyer fee, documentation, and assets that will be taken from you, you can put yourself and your family in a worst situation than before. Another factor that you need to consider is your reputation and the fact that it will be announced in the local newspaper if you choose bankruptcy. So think twice before choosing bankruptcy.
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