Why Consider Debt Settlement Over Bankruptcy?

people think that bankruptcy is their only option when debts seem insurmountable, but that is a very old notion. Bankruptcy can and will affect your credit for years to come, and can result in loss of property as well as still being forced to pay off the debts. Bankruptcy is one way to lose your credit and still be in debt.

Here’s how it works:

• Bankruptcy can destroy your credit by leaving your ratings low for as long as 7 to 10 years.
• Chapter 7 bankruptcy can require the sale of any property not protected by law.
• Chapter 13 bankruptcy will offer a payment plan and will leave a bankruptcy mark on your credit report.
• Your credit report will reflect the bankruptcy option you chose, and your chances of getting credit will be low if not impossible. Interest rates will be high.

Yes, bankruptcy is an option, but is it one you want to take?