First, all of your assets remain in your possession. This may appear to be a minor advantage, but it is actually a tremendous boon. If you possess your assets, you are free to utilize them as you see fit. Aside from sentimental attachment, your assets will have monetary value, and it is crucial to maximize this.
When assets are auctioned off in court, it is impossible to predict whether you will obtain a fair price. On the other hand, it is preferable to sell the assets when you are in dire need of cash.
Second, your credit history's public record remains unblemished. If you file for bankruptcy, the decision will remain on your public record for eight to ten years. This means that the fact that you have previously filed for bankruptcy will be disclosed on every loan application and employment application you submit.
There are numerous instances in which individuals with a bankruptcy on their public record have been denied favorable loans or employment. Thirdly, you still have the option of declaring bankruptcy if you choose debt settlement. This means that if you find yourself in another financial emergency in three or four years, you can always declare bankruptcy to resolve your debt issues.
However, once you have filed for bankruptcy, you cannot file again. The 2005 amendment made this change, which has a negative impact on the way your finances will function.
If you use debt settlement, you have the option of repairing your credit history much more quickly. This is due to the absence of legal intervention. The settlement agreement is simply a contract between you and your lender. You will have complete freedom to create any terms and conditions, just as parties have complete freedom to contract.
If you maintain your benevolence, you may even be able to persuade the lender not to indicate that the debt has been paid off. Obviously, such an option does not exist when filing for bankruptcy.""
" - https://www.affordablecebu.com/
