Due to recession people are unable to live financially stabled life and that is the root cause for the increasing ratio of debt suffering people in the economy. In order to get out of this situation of massive debt the federal government introduces the option of debt settlement and bankruptcy in the market. Both options are legal and work proper under the supervision of state administration. In this given article you will come to learn about the pros and cons of each method
• Debt Settlement:
this is the new and modern approach for the elimination of debts. Debt settlement deals can be best performed by professional negotiators. They negotiate with the lenders and bring up to 50 % reduction in the amount of debt easily. Credit resolution deals bring negative impact on the person's credit report but, this impact is for very short period of time and once the person pays back all dues the bad impact will get vanished. Best thing about settlement process is that it is not expensive at all. The negotiation companies charge minimum amount of fees against their services. It is less time consuming as not many legal tests and other official documentations are involved in it. The process is also beneficial from credit card lender's aspect because due to this method they are able to get their money back. The new laws of settlement are making this process more reliable and legitimate and that is the reason why the demand of settlement process is increasing day by day.
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• Bankruptcy:
this is the traditional way for the elimination of debts. Though it brings fast reduction in the amount of debt but still it is not considered as the viable option. The biggest drawback of bankruptcy is that it damages the financial life of a person, as it brings bad impact on person's credit report which stays for the next many years. The process of bankruptcy is expensive as the legal attorneys charge high fees in return of their services. Apart from this a person has to pass many legal tests and other official paper work in order to get himself declared as bankrupt. The process of insolvency is also bad from lender's aspect because in this way they are not able to get their money at all. New laws of bankruptcy are making this process more expensive and complicated.
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