Unsecured debt can be nasty, you cannot do anything about it. You can file for bankruptcy or enroll in a debt settlement program, but you must be wondering which is right for you. I will analyze these two options for you in order to help you make the right decision.
• The time spent - during bankruptcy the time it takes depends on the Chapter you choose: if you choose Chapter 13 the time taken to eliminate the debt can be even 60 months in some cases; however; for Chapter 7 it only takes about 6 months to get the debt eliminated forever. During financial settlement the time taken is usually 24-36 months, but it can take less if you choose to pay the rest of your debt in one sum.
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• Credit score - during bankruptcy your credit score will get extremely low and you won't be able to get loans for a long time, while in debt settlement the credit score gets a bit low and this won't keep you from getting loans in the future.
• Reputation - opting for a settlement won't harm your reputation, but opting for a settlement will probably do. If you own a business you may lose all the clients and probably no other business will want to deal with you.
• Fee - if you choose Chapter 13 when filing for bankruptcy you will have to pay the lawyer throughout the process, no matter how much it takes. A debt settlement company will extract its fee from the reduction you get from the creditor and because Chapter 13 and a settlement process look the same I guess there's no need to file for Chapter 13 if you can get a debt settlement deal.
• Effort - during the bankruptcy process you will have to be in court every time a decision is made while debt settlement lets you free because the company will take care of everything that is required.
• Assets - you won't have any assets sold if you opt for financial settlement, but the court might decide to sell some of your assets if you go for Chapter 7. This can be very traumatizing for you and your family.
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