These days getting rid of the debt is the main concern of almost every individual. The recent hit of inflation has really disturbed the financial conditions of almost everyone. Due to this inflation impact, people are experiencing many problems to pay back their debts. Bankruptcy and debt settlement are the two ways which are termed as method for bringing reduction in payable amount. Majority of people get confused when it comes to selection between these two methods.
Both the bankruptcy and debt settlement are legal methods but these are under the full supervision of the federal government and the financial institutions. The process of bankruptcy is not only time taking but it also involves many legal tests and other official documentations. Whereas the process of debt settlement is not time taking and a person does not have to pass many tests and official documentations in order to achieve the negotiation deal. Bankruptcy brings negative impact on the person's credit report and these signs will remain on the credit report of the consumer for the next seven to ten years. Although settlement deal brings negative impact on the person's credit score but also once the person pays back all the dues, the bad signs will move away from the credit report easily. In case of bankruptcy, the consumer's property and other valuable assets are in danger. Bankruptcy's attorneys charge high amount of fees while the settlement companies don't ask for high amount of fees. In fact, the new changes in the laws of settlement have bound the companies to ask for the fees only when they bring reduction in the amount of a person's liabilities.
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In short, it is not wrong to say that debt settlement is better option for the elimination of debts rather than bankruptcy. Even the banks and financial institutions are also encouraging people for the settlement deals. By settlement deals, financial institutions are getting recovery instead of losing all the money. These days many settlement companies are working and helping people to get rid of massive debts.
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