Long ago people would get well over their heads in debt and could never seem to dig out of the hole. After awhile it just made sense to file for bankruptcy and start over. However, this caused a huge backlash over the next 7 years when it came to getting those much needed loans. Heck, you couldn't even apply for anything until 6 months had passed.
In today's world though, credit can take a toll on your daily life. If you file for bankruptcy now rules and regulations have changed to make things worse. In fact, we know a few people who have filed for chapter 7 or 13 and been dealt with costly blows. So before you jump on this bandwagon we recommend taking a look at debt settlement.
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It's a way for you to get rid of your debt over a period of time without having the big red "bankruptcy" flag on your credit. How does it work? It's as easy as hiring a company to do all the work for you. You can give them the entire list of your creditors, have them negotiate deals, and end up getting a settlement for each one.
The reason most companies will settle with you is because they know you can just file for bankruptcy. If you take that route they get nothing, so taking a debt settlement for a lesser amount actually sounds like a pretty good deal. Then again, there are a couple of things to consider when you utilize a debt settlement company.
When you file bankruptcy and rid yourself of just about every bill you have, it costs a fee. We've seen anywhere from $500-$2000 depending on the size, where you live, and what type of attorney you utilize. If you go with a debt settlement they could reduce your debt by thousands of dollars, but the cost could be $5,000 to get it done.
There are several different scenarios and it's really going to depend on the company you choose, but the point is you need to do the research. Don't be happy with just a debt settlement company because of their name. If you take the time to find the best deal and look for a reputable company you will be able to avoid bankruptcy all together.
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