When people find themselves in debt they usually think about solving their problem by filing for bankruptcy. This is definitely not a good solution, especially because it can affect your long term credit and it can get you in more debt than you are now.
Debt settlement will make your life easier because you can make sure that you don't jeopardize your financial situation even more. With debt settlement you can negotiate your debt and you can make sure that you get a big enough discount to continue paying the installments. This way you won't have to face a court decision and you don't need to change your credit score too much. Bankruptcy would be very stressful and you would smash your credit score completely, making you unable to be eligible for another loan.
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Bankruptcy will not only make you lose more money by paying a lawyer but it can also make you lose all your assets. If the court decides that they should take your assets to pay for the amount you owe you can lose your house, your car and practically everything on your name. If you choose settlement the whole thing is pretty simple: you hire a debt settlement company, you make sure that you are eligible for a settlement and you have the minimum amount of debt and you start the negotiations. When the negotiations are done, you start paying the amount you owe. It's very simple and it doesn't require you having a lawyer and going to court hearings for your bankruptcy trial. The only effort you have to make when choosing debt settlement is hiring the company and letting it do the job for you. Also, you can get another loan much faster because with bankruptcy you will have to wait 7-8 years before having your credit score cleared.
Debt settlement has many more advantages than bankruptcy and if you aren't eligible for debt settlement you can find better options than bankruptcy like consolidation or debt management. Bankruptcy should only be your last option if you care about your financial situation because choosing it might destroy your financials more than you expect.
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