Are you suffering from the burden of huge credit card liabilities? Do you want to come out from this vicious circle? Don't worry you are not the only person who is facing this situation. A lot of other people are also experiencing the same condition. If you want to get rid from your debt in quick way then debt settlement and bankruptcy are the two right options for you.
Debt settlement programs are considered as the new and modern approach for bringing reduction in the amount of debt while bankruptcy is taken as the traditional way for the reduction of debt. The process of debt settlement is less complicated as few legal formalities and paper work are involved in it. On the other hand the procedures of bankruptcy are difficult and complicated as many legal formalities are involved in it. In debt settlement programs your personal property and other valuable assets are not in danger and they will remain in your custody while in bankruptcy all your personal assets and other precious things are in danger as the court has the right of doing the auction of these things. The whole process of debt settlement programs is not expensive as the settlement firms charge affordable and minimum amount of fees from you. Bankruptcy procedures are expensive as the legal attorneys charge high and unaffordable amount of fees in return of their services. Debt relief programs brings bad impression on your credit report but this impression is only for short time and once you clear all your dues you will be able to use bank facilities easily, but the negative impact on credit report that emerges in case of bankruptcy is very bad because it destroys your credit ranking and because of this you are unable from using facilities offered by bank for next several years.
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On the basis of these comparisons you can easily judge that debt settlement is better option for you rather then filing bankruptcy. So to conclude, we can say that people should use settlement option for settling their financial problems in a easy and reasonable way.
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