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Debt Settlement Vs Bankruptcy - Both Will Wipe Out Your Debt But Which One is Better?

Debt Settlement Vs Bankruptcy - Both Will Wipe Out Your Debt But Which One is Better?
"""Did you realize that the average credit card debt for American families is $9000?

A growing number of individuals have significantly greater debt than that. Most begin to question the advantages of debt settlement versus bankruptcy.

I had close to $150,000 in credit card debt at one point. I know it sounds absurd, but I used credit cards to launch an unsuccessful business idea. It was emotionally devastating to witness the failure of my business, but what was even worse was that I was now saddled with unpayable debt. I panicked because I didn't know what to do, so I did nothing. Soon, my phone began to ring almost continuously with credit card companies wanting to speak with me, followed by debt collection agencies. I ceased answering my phone and lived in constant dread of losing everything. At this juncture, I realized I had to take action, whether it be bankruptcy or debt settlement.

I cannot provide legal advice because I am not a bankruptcy attorney. I can only describe the answers I found and the actions I took. Your situation is unique, and I advise you to consider all options and consult with professionals. A common misconception is that you can receive a complimentary consultation from both debt settlement companies and bankruptcy attorneys. I strongly urge you to take this action. Ask them your queries and utilize the hour or so of their time to the fullest extent. Remember that they desire your business. Therefore, ask very direct inquiries and continue to do so until you are satisfied with the responses. Always seek a second opinion is the second piece of advice I have for you. Before I felt like I had the answers I needed, I spoke with three distinct debt settlement companies and two different bankruptcy attorneys.

According to my understanding, the distinction between debt settlement and bankruptcy would be the amount of debt owed and how far behind on payments you are. Another consideration is the type of debt you owe. The majority of the time, a debt settlement company can only assist with credit card debt.

There are advantages and disadvantages to both options. Again, I recommend you get expert advice. The sole purpose of this article is to assist those who have been in my position. I cannot advise you what to do or what is best for your situation in the long run. I can tell you that if you have not already done so, you should begin speaking with experts. Most debt relief companies and attorneys will discuss your situation with you at no cost. Therefore, take advantage of this and compare the advantages of debt settlement to bankruptcy for your specific situation.""

" - https://www.affordablecebu.com/

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"Debt Settlement Vs Bankruptcy - Both Will Wipe Out Your Debt But Which One is Better?" was written by Mary under the Finance / Wealth category. It has been read 101 times and generated 0 comments. The article was created on and updated on 02 June 2023.
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