Before the recession hit the economy and debt settlement became popular, 9 out of 10 persons would have chosen bankruptcy over settlement. However, times have changed today. As on date, debt relief through settlement is the best solution in the market. Why? Why has bankruptcy become a four letter word? Why do people prefer a settlement despite the fact that bankruptcy has been around for longer?
There are many fraudulent service providers in the market as far as settlement is concern. Why then is bankruptcy not preferred? One common misconception related to bankruptcy is that it is free of technical and illegal formalities. Nothing could be farther than the truth. Bankruptcy is filled with legal procedure because it involves the court.
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On the other hand, debt settlement is a much better option because it is a mutually determined contract. There is no need to involve the court or any other official authority in the process. Dealing between two individuals is always going to be less cumbersome and problematic as compared to dealing with an institution like the judiciary.
Hence, before you are in a hurry to finalize the bankruptcy dealing, just keep the technical complexities in mind. Another reason why bankruptcy used to be preferred over a debt settlement was the fact that there was no need to rely on intermediary. Negotiating with the lender is not an easy task. Not many of us are comfortable with the same.
Dealing with professional debt settlement companies can be very expensive. If you choose the wrong settlement company and end up getting defrauded, then the settlement deal will become even more expensive. Considering all this, bankruptcy was preferred. However, it is impossible to file for bankruptcy without employing a bankruptcy attorney.
You know lawyers. Once you get fall into the clutches of a lawyer, you can be rest assured that you will lose all your money and peace of mind. Something as seemingly simple and uncomplicated as bankruptcy can become very technical issue. You will be flooded with hundreds of questions.
Which assets are exempt? Do you earn more than the median income in your state or do you earn less? Have you applied for bankruptcy in the past? Do you qualify for a debt management plan that is a chapter thirteen bankruptcy? When these questions are bombarded on you, you realize that bankruptcy is not easier and less technical as compared to debt settlement.
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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