Bankruptcy is better than debt settlement because it helps you get rid of your debts very quickly. On the other hand, debt settlement involves deposit of the money in the escrow account for years at a stretch. Well, this sort of analysis misses a very small but significant point. The mention of a bankruptcy will remain on your credit report compulsory for the next 8-10 years.
Secondly, if the bankruptcy court insists that you go in for a chapter thirteen bankruptcy that is nothing but a state sponsored debt management plan, you will have to spend at least a five years working on your debt problems. What is more, you will have absolutely no chance of overcoming your problem by any other person negotiations.
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Once the court has spoken, you would be guilty of violating its orders and no creditor is going to be interested in helping you after the court has ruled in his or her favor. Thirdly, bankruptcy is going to be more expensive than debt settlement. If you want, you have the option of getting in touch with service providers and creditors on your own.
You can even negotiate the debt settlement deal on your own. However, you cannot even dare to approach the court and complete the bankruptcy proceedings on your own. Specialist bankruptcy attorneys too find it difficult to complete the formalities without making mistake once or twice.
In such a scenario, going in for legal formalities without any prior experience is going to be very dangerous indeed. Finally, if you have sufficient cash in hand, you can get a 50% discount and pay the balance 50% immediately and bring your debt down to zero immediately.
It is just that most of us do not have that much cash in hand that creditors offer the installment facility. If you insist on a lump sum repayment, the creditor is not going to refuse. Hence, as far as speed of relief is concerned, debt settlement is as fast as the bankruptcy but only it is more profitable, easier to complete and less stressful.
If you are convinced of the fantastic advantages of debt settlement, you just have to log on to the World Wide Web to deal with professionals who will give you expert advice at affordable prices. You can also make use of debt relief networks to get in touch with the right expert very quickly.
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