Technically speaking both debt settlement and bankruptcy help you eliminate unsecured debt. However, while the former helps you eliminate the debt only; the latter not only eliminates the debt but also helps you overcome the problem on your own. Bankruptcy is similar to killing the patient just because the doctor wants to kill the disease.
On the other hand, debt settlement refers to an attack on the disease that will help the patient survive and flourish. If bankruptcy is a destructive option, then settlement is one of the most constructive solutions you will find as far as debt relief is concerned.
What Is Bankruptcy, American Bankruptcy Institute, Las Vegas Bankruptcy Lawyer,
In case of bankruptcy, all your financial transactions are taken over by the court. The expert appointed by law shall complete the task of finalizing the transactions. The end result is that you just have to sit back and watch the court bring your debts down to zero in the manner it deems fit.
In case of debt settlement, you will be in charge of your debt problems. You will work together with your creditors and you will try to overcome your debt problems. Needless to say, this option is far more constructive from the long term perspective. Simply asking the court to help you out and enjoying the fruits of the labor of the official liquidator does not make sense.
On the other hand, debt settlement compels you to think, analyze and identify why you fell into the debt trap and how you can avoid the same. These are small points but go a long way in overcoming the actual problem on hand.
Secondly, each and every expense involved in bankruptcy is an unproductive one. You shall be paying the bankruptcy attorneys and the court for the service rendered. However, in case of debt settlement, each and every cent that you spend will actually go towards the improvement of your financial discipline and financial management skills.
Do not underestimate the importance of this aspect. When you employ the expert, you will learn about the various ways to manage debts. You will be taught how you should take note of the warning signs as far as credit card debt is concerned.
When you consider all this, you will realize that expenditure involve in debt settlement is more like an investment. You will be enjoying the fruits of the investment for the rest of your life. Never again will you fall in a debt trap.
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