Bankruptcy is something people usually choose when they find themselves in financial distress but it shouldn't be the first option because it can make your situation even worse. Debt settlement is a debt relief option that people tend to forget about when they seem to be getting in financial difficulty. This option is what people should pick when they have too much debt. Here are some reasons why people should choose debt settlement over bankruptcy.
Bankruptcy involves a lot of stress with the paperwork, the lawyer and the fact that you have to go to the court. If you choose debt settlement all the problems are over because the debt settlement company will do all everything for you. You don't have to stress about anything else.
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Another reason why people should pick debt settlement over bankruptcy is the fact that debt settlement doesn't make you lose any assets. Of course, bankruptcy will lead to a debt free person but the price is usually your car or your house, it depends if those are on your name. If the amount you owe it's too big the court can decide to take your assets to cover for it. The assets are then auctioned and the amount of money they receive will cover the costs. The problem is that the amount of money is never enough because the items are sold for a much smaller price.
Your third problem with bankruptcy is the fact that you will have to hire a lawyer and everybody knows how expensive they can be. On long term you might lose more money with bankruptcy than with other debt relief options available.
Your credit score will also be influenced by bankruptcy. When choosing bankruptcy your credit score is getting so small you won't be able to get another loan in years. So make sure that you think about this before choosing the option to file for bankruptcy. Your reputation might also suffer because every time a person chooses bankruptcy their name appears in the paper.
Bankruptcy might seem as a good option now because you get rid of all your debt but on long term it is definitely a bad option and it might make things even worse.
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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