It is difficult to find an absolute answer to this question. There are numerous factors and variables that must be considered. However, if you qualify for bankruptcy as well as a debt settlement, it makes more sense to go in for the latter option.
On the other hand, if settlement is simply not working out for you and if your lenders have bluntly rejected any talk of settlement, then bankruptcy is the only option left.
Since settlement offers many more advantages, you should try your level best to achieve this target before you think of bankruptcy. A debt settlement gives you a chance to repay at least a portion of your debt. This is very essential for your financial recovery.
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If you do not repay your debts, chances are high that you will never learn what it is to plan your finances and repay your money on time. Let's get it straight. Each and every task that you do today has been acquired and perfected with lots of practice. From wearing cloths to behaving in society, we have been doing this for a very long time and that is the reason why we are experts.
The same applies to debt repayment as well. If you know how to use your credit card but if you never have the experience of making regular repayment for six months at a stretch, it is obvious that you have not learnt anything about financial management. Settlement gives you the right lesson at the right time.
Apart from this long term benefit, debt settlement offers many advantages over bankruptcy. For starters, settlement helps you avoid bankruptcy. It helps you avoid the negative impact on your credit score. You can manage your finances better as your debts come down by 50% without any repayment. There are no court formalities involved. You just have to negotiate with your lenders and convince the lender that you mean business.
There is no permanent recommendation of the debt settlement on your credit score for 8-10 years. Debt settlement service providers can be paid as a percentage of the total money saved. This option is not available if you go in for bankruptcy.
Further, the money that you pay to your attorney for the formalities will be lost forever. On the other hand, the settlement money can be treated as an investment and can be used to extract more returns for years at a stretch.
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