When debt becomes so big and you need desperate help to ease the burden you can easily make mistakes that push you further into debt. A debt settlement program and declaration of bankruptcy are the remedies for you to be relieved from your financial predicament.
Bankruptcy requires you to undergo a qualifying session. You are required to go through a credit counseling session. The session is made to be intense and stressing. The counselors will really dig in into your capability to repay your debts and your financial resources. If they think you are capable of repaying you cannot use of the benefits of bankruptcy and you cannot make any declaration of bankruptcy. This is not the case with debt settlement. If your total debt amounts to $10,000 or more you can get help to eliminate credit card debt fast.
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In bankruptcy, as a legal remedy, you are required to appear before the court and you have to secure the assistance of a counsel. This is not what happens in debt settlement. It is also a legal remedy but you can dispense of the assistance of any lawyer.
Settlement usually will take you 1 to 3 years at most. This is shorter than being bankrupt and having a ruined credit score for ten years.
After having declared bankruptcy, your credit standing is ruined and you cannot future applications for credit or loans for ten long years. With debt settlement you will soon be able to rebound. As soon as you are able to repay your bills your credit score and credibility will bounce back.
Bankruptcy threatens the liquidity and profitability of your creditor. After having declared yourself qualified for bankruptcy, your creditor will not get a single dime. This is the one of the reasons why the government imposes strict qualifying sessions on this. This way, innocent creditors are also protected. In debt settlement, both you and your creditor benefit.
Debt settlement is therefore more advantageous than bankruptcy. However, when dealing with any company offering this program go through a debt relief network to find the right one and find the best solution to eliminate credit card debt fast.
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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