Bankruptcy is used by a lot of people and it's considered one of the traditional debt relief methods. With bankruptcy people know that they will remain with no debt and they have a fresh start. But most people don't know or refuse to realize that bankruptcy comes with a lot of disadvantages and many of them can lead to an even worse financial situation.
Fortunately, the government managed to replace bankruptcy with what is now called debt settlement; this method replaces debt settlement because it offers a new opportunity to any client. The client is allowed to negotiate the debt to an amount they can pay. This way the creditor is paid by the government and the client gets to still pay a part of his loan. If the client uses bankruptcy, the creditor gets nothing so debt settlement is a good method for both of them. This is why your creditor will always want you to go for debt settlement rather than any other debt relief method.
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Bankruptcy has a very big disadvantage, it can get your assets sold, so even if get your whole debt cleared, it's not for nothing. The amount of money you will have to pay to replace that is probably very big. So, think twice before choosing bankruptcy.
A big difference between bankruptcy and debt settlement is the fact that debt settlement doesn't let you wait 7 years before you are able to get another loan. Bankrupt people are not allowed to get another loan because their credit is too low, so they need to wait a lot until it becomes normal. So, if you ever have an emergency after you file for bankruptcy you won't be able to get a loan from anywhere.
Bankruptcy is also a costly process, since the lawyer fees can be really high. So, imagine the amount of money you will have to invest to see your assets taken and not being allowed to get another loan for a long period of time. It's simply useless and if you think about it debt settlement is a much better option. Even if you pay the rest of your debt, the installments are not that big and you can finish it in a few years.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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