One of the biggest myths in finance is that bankruptcy provides a blank slate. While a bankruptcy filing will be removed from a credit report in 7 (for Chapter 13) to 10 (for Chapter 7) years, it will remain easily accessible on the public record for 20 years. While a credit score is negatively impacted by the presence of a debt settlement, the effects are less far reaching and, with the help of a settlement service or attorney, even some of these effects can be mitigated.
With debt settlement, a person with an account that has been or is about to be "charged off" (or sent to a collection agency) can negotiate a lower payment amount than the balance on the account. Agreed upon amounts are often a small fraction of what would have otherwise been owed. It can be a valuable tool for anyone hoping to stave off bankruptcy, and at the hands of an expert, does not need to be the end of good credit. Another important differentiating factor is that settling debt is done on an account by account basis, so not every aspect of your financial life will suffer.
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Debt settlement services exist to help customers navigate this difficult process. Often, they are able to negotiate lower payment terms than an individual. They are also able to work with creditors to minimize the damage that will be done to your credit report. Remember that a creditor would much rather receive a lump sum settlement than nothing, and so are often willing to be flexible in noting these agreements. When choosing a service, consult with the Better Business Bureau to make sure that you are in the best hands.
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