You may have read about debt settlement on the World Wide Web and may have concluded that bankruptcy is a better option. On the face of it, bankruptcy may offer better cosmetic benefits. Bankruptcy will help you get rid of all your debts. You may have to lose your assets but that is a small price to pay for a zero debt life. Your credit score and credit history will take a hit but you are not worried because you already have a poor credit score. Further, there's no risk of dealing with a fraudulent service provider as bankruptcy is completely related to the court and the law.
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However, have you taken the cost of filing bankruptcy into consideration? If you think that you can simply walk into the court and declare that you're not in a position to repay your debts, then you are mistaken. Filing for bankruptcy is a complicated legal procedure and you will have to follow the rules and regulations to the last word. The Government has introduced laws and made amendments that have made it more complicated for the individual to file for bankruptcy.
For starters, you should be prepared to pay for the attorney fees. If you do not have money for the fees, then you cannot opt for bankruptcy. This can put a significant spoke in your plans. Further, there are many procedural aspects to be considered and completed before you can get down to the actual settlement of debt. Of course, collection of debt will come to an end the moment you file for bankruptcy. However, liquidation of all your assets and settlement of the liabilities will take a lot of time.
Debt settlement, with all its disadvantages, is a very convenient option. This is because it is a contract between you and the settlement company and there are no other legal aspects involved. All you have to do is to choose the right settlement company, sign on the dotted line and your job will be done. However, the law and court will operate its own speed and you will have no option but to work along. Hence, do not be surprised if you are ask to land up at court on a working day when you have an important meeting with your client. If you do not come, then your bankruptcy settlement proceedings will get delayed.
Hence, when you consider the convenience and the cost factor involved, you will realize that debt settlement is better than bankruptcy. As far as the problem of fraudulent service providers is concerned, there are various resources that will help you find the right service provider. It is surely not a sensible decision to opt for bankruptcy just because you could not find the right debt settlement company.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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