One of these methods is debt settlement, which promises a fifty percent reduction in your debt - many people are intimidated by this and may even believe that it is unrealistic, but a large number of individuals are currently benefiting from it. Because creditors fear going out of business, they are more willing to negotiate with their client and enable them to pay only a portion of their debt in order to ensure their survival. In addition, the government's stimulus funds have been of great assistance in granting significant reductions to individuals who can no longer afford their monthly payments.
There are many risks associated with bankruptcy, and it is not a true solution; rather, it is a sign that you have given up on paying your debts. Debt settlement allows you to pay off your debt at a manageable and convenient rate. By eliminating fees, penalties, and interest, you are left with paying back your original loan at a significantly lower rate of interest, allowing you to complete the process in approximately three years.
With bankruptcy, we frequently observe a significant decline in credit scores and prospective difficulties obtaining loans. These issues do not exist, however, if you negotiate: your credit score will be protected, and even if it drops marginally, timely payment of your installments will restore it.
As you can see, there is no practical reason to choose bankruptcy over debt settlement, given that settlement offers significantly more benefits than bankruptcy. By merely requesting for assistance, it is relatively simple to get out of debt and remain debt-free.
" - https://www.affordablecebu.com/