Almost half of the American citizens are finding the ways that will lead them towards the credit card debt relief. The last fiscal year did not leave any good impact over the economic condition of United States and that is the main reason why there has been a remarkable rise in the ratio of credit card non payers. Bankruptcy and debt settlement are the two remedies that are present in market for reduction in the amount of debt. Usually people face a lot of confusion when it comes to make the selection between any of these methods. This article can help you out in evaluating the pros and cons of each option in detail.
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The process of debt relief and bankruptcy are the legal methods and work under the full support of financial institutions. The process of debt settlement is less risky while on the other hand the process of bankruptcy is more risky and complicated. In debt settlement very little paper work and other official documentation are involved, where as in bankruptcy many legal tests and a lot of paper work is required. The method of debt settlement is not time consuming at all whereas the process of bankruptcy is time taking. Credit resolution companies charge minimum and reasonable amount of fees. This fee is so low that it does not create any burden over the pockets of people. The process of bankruptcy is expensive as the legal attorneys take high amount of fess for lending their services. The impact of debt relief over credit report is not bad while on the other side the bankruptcy brings very devastating impacts over the credit report of a person and this impact stays on the report for the next few years.
Bankruptcy is a total loss from the lender's point of view because if their debtor files insolvency then they are not able to recover their money from him. While in case of debt settlement, the lenders are able to get their money back easily. New rules and regulation of settlement are making this process more legitimate, whereas the laws of bankruptcy are making this process more complicated.
Above discussion shows that the debt settlement is better option for the elimination of debts rather than bankruptcy.
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