These days, coming out from the pool of debt are the prime choice of every individual. The last year did not left good impression on the financial life of individuals due to which the economy is now facing the situation of bad economy. This situation occurs due to the increasing rate of debt suffering people in the economy. In order to overcome this condition, the federal government has introduced the options of debt settlement and bankruptcy. In the given article, we will do complete study about the pros and cons of both methods.
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The procedure of bankruptcy and debt relief both function under the proper guidance of the government. The process of bankruptcy is the oldest way for the elimination of debts while debt settlement is the modern approach for the reduction of liabilities. Bankruptcy no doubts bring quick and speedy relief from the stress of debt but it really hurts the credit rating of a person very badly. Due to this, the person gets ineligible of using any facility of banks and other financial institutions for the next several years. Debt settlement also brings negative impact on the credit scoring but this impact is only for the short period of time and once the person clears off all his debt then he can start availing the facility of banks again. The process of bankruptcy is expensive as the legal attorneys charge high amount of fees against their services. The settlement companies charge affordable amount of fees. Bankruptcy is lengthy and long term process as it requires many test and other official documentations. On the other hand, debt settlement is not a lengthy process and it also does not require many tests and other paper work. New changes of bankruptcy have made this process more complicated and difficult where as the new rules and regulations of debt settlement has made this method more convenient and feasible.
It is advisable that a person should go for debt settlement rather than filing for bankruptcy. The process of settlement is also beneficial from the lenders' point of view as well because via this process, they are able to recover their money easily.
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