Critics point out that those who opt for settlement will suffer from a poor credit score and will find it difficult to get affordable loans at a later date. A person who is at the brink of bankruptcy will obviously not be thinking so far ahead. The first and most important point is to avoid bankruptcy. Secondly, it is a misconception that one cannot find affordable loans if one opt for debt settlement.
A lot depends on the amount of debt owed, the difficulties that the person is facing and the total repayment made. If the person repays the balance amount very promptly, lenders will realize that sheer volume of debt was the problem. On the other hand, if you opt for bankruptcy, there is no question of any such analysis or explanation. The fact that you begged off repayment and approached the court for assistance is something that creditors will always be wary about.
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Hence, if you want to compare the benefits and disadvantages of settlement and bankruptcy, always keep in mind that the private agreement between you and your lender will cause fewer problems for you in the long run as compared to bankruptcy.
Another reason why you should avoid bankruptcy is that lenders too are not interested in pushing you towards the same. Chances are high that you would be criticized for your move. Your lenders will indicate that you at least ought to have approached them to find out whether a settlement is feasible or not. Remember that one can always cancel the settlement agreement and opt for bankruptcy.
On the other hand, once you opt for bankruptcy and feel that the settlement is a better option, you cannot simply withdraw your application and opt for a settlement. You will have to convince the court that you can indeed repay the balance amount owed. Further, the amount of attorney fees and court fees that you pay will be lost forever. There is no chance of any refund just because you are having second thoughts.
Considering all this, do not hesitate to opt for a debt settlement. If you are worried about finding the right settlement company, just log onto the World Wide Web and check out the best settlement options.
There are various networks that will help you get in touch with the right settlement company situated close to where you live. Make use of all these resources to avoid bankruptcy, which is going to definitely leave you in a bad position as far as financial stability is concerned.
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