Bankruptcy and debt settlement are two credit debt relief options. These two credit debt relief options are an alternative to each other. People most inquire whether to go for settlement or insolvency. Insolvency once used to be the best option available to all consumers. On the other hand liability settlement has just gained popularity and it is slowly replacing insolvency. These two methods are so popular because majority of the population is eligible for these options.
When you use insolvency you end up making a huge mess. You start by hiring a bankruptcy lawyer who charges you huge amount of fees. You have to pay him whether you win the insolvency case or loose it. Next your case goes to the judge and there you have to make the judge believe that you are bankrupt. If the judge believes you; he will announce you as bankrupt and will seize all your valuable assets and will later sell those assets to compensate the lenders. If you have no assets; the lenders face a handsome amount of loss.
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Once you file insolvency; it remains on your credit ratings for the next ten years due to which you face difficulties in acquiring new loans and if you are not able to acquire new loans you will not be able to correct your credit scores. In the same way you will not be able to get a proper job and if you get employed; you will be paid low and manipulated.
Though; you can use the threat of insolvency to use liability settlement. Visit the lender and threaten him and he will provide you with the method of settlement. He knows that if you file insolvency; he suffers a loss. Next you hire a settlement agent who negotiates on your behalf and bargains a deal for you. This deal includes reduction on the actual liability total, reduction on interest rate which you have to pay while reimbursing the remaining amount. You will even gain enough time to repay the amount and after paying the amount you gain complete relief.
To use this method you do not have to pay high amount of fees to the settlement agents not your case is presented to a judge. The creditor will even allow you to use this method as he does not suffer a loss. He gets some part of the money from you and the remaining part is reimbursed to him by the government of America.
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