From many years bankruptcy has been anyone's best bet when debt comes calling. Although it came with its own bunch of problems but it was the only option that anyone could think of. However this mantle has been taken up by the new age debt reduction options. Using them you can get rid of our debt in a much more efficient and completely legal way. Options like settlement, debt consolidation and debt counseling have become very popular nowadays with more and more people making full use of them.
These settlement tactics have many advantages over opting for bankruptcy. Settlement is a completely legal options even encouraged by the government agencies hence the fears of it being illegal are buried. It relies on negotiations with the creditors over restructuring your debt repayment plan owing to your bad financial condition. You can ask for hefty discounts of even up to 50% from your creditors. Since your creditors fear their own losses on forcing you to take up bankruptcy they are most likely to agree to a reduced payment. Using this method you can pay off your reduced debt and get debt free in not more than 5 years. This has a huge advantage over bankruptcy from which you can take up to 10 years to recover from and devoid of any new loans and credit cards.
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Bankruptcy written on your credit report doesn't bide well with future lenders. Settlement has a much lesser negative effect on your credit score. Moreover opting for professional settlement doesn't cost as much it would to pay off your bankruptcy attorney. Debt settlement will take care of your financial troubles and bring you back to financial stability with a well thought out plan. Hence you should not just file for bankruptcy if you are heavily in debt, instead use the right option to be debt free.
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