I had a friend recently ask me, "should I file for Bankruptcy or Debt Settlement?" To begin with it was alarming to know that he'd come so far in his life to now have to consider bankruptcy or debt settlement services. Ironically, I was in his boat not but 3 months earlier with the same story. I lost my job. I tried to keep up with our monthly credit cards, the mortgage and the every day costs of living life with 2 kids.
With this said, I became quite well versed in the question of "is Bankruptcy or Debt Settlement right for me" because I was one of them. At one time my wife and I felt so overwhelmed with how to fix credit card debt that we began to fight amongst each other, each blaming the another for what we should have done with the money when we had it, etc. http://bankruptcyordebtsettlement.com
The reason I chose debt settlement over bankruptcy was because I still had saved money that I could afford to make these monthly payments to as well, it looked good that I was going to be gainfully employed within an affordable period of time.
Declaring bankruptcy was my first thought. I was ready to throw in the towel, but another friend referred me to these debt settlement companies that had recently been reviewed for fraud or scams. So I read the comments and feedback of a company that explained if debt settlement was right for me. http://debtsettlementalternatives.com. Settling my debt for about 45% of what I owed sounded pretty good to me considering that I could make one payment vs. 14 while knowing that within 24-48 months we could be debt free.
Overall, the American public on a whole is feeling greater than the average pinch on their wallet and for those that can't keep up any longer debt settlement should be the preferred method of dealing with your creditors. Once you file bankruptcy you have got to live with the fact that you're not going to have any credit for some say 7-10 years, but your average credit repair company can usually get your scores up enough so that you can start getting store cards, etc. You are able to get a debit card.
For my friend who had asked me if Bankruptcy or Debt Settlement was right for him, it seemed obvious that bankruptcy was his only option left. He was unemployed, the credit card bills were piling up in his new favorite color red of course. The only calls he said he was getting was from bill collectors. His head was wrecked and he didn't have enough to catch up in any reasonable amount of time.
"Why should I choose bankruptcy over debt settlement," he asked. I explained to him that if there was any way he could enroll in a debt settlement program he'd be much better off. The challenge for my friend was that he only had a little bit saved and needed immediate debt relief. He couldn't take the calls any longer and when you file for chapter 7 or chapter 13 bankruptcy all the creditors are contacted by the courts stating that this person is filing for bankruptcy, so stop sending the credit card bills and stop the harassing credit collection calls that may be for credit cards, medical bills and whatever other debt that the court allows you to wipe out.
Which is right for you; Bankruptcy Or Debt Settlement? Filing for Chapter 7, 13 Bankruptcy has its advantages and disadvantages. Enrolling in a debt settlement program that is attorney based will solve your debt problems once and for all. http://clear-your-debt.com