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How does Debt Settlement Compare to Bankruptcy?
My wife and I have got ourselves way overextended on our credits cards, and we've recently been dealing with a reduced income. I keep seeing advertisements for debt settlement. Is this a legitimate service? How does Debt Settlement Compare to Bankruptcy?
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How does Debt Settlement Compare to Bankruptcy?
My wife and I have got ourselves way overextended on our credits cards, and we've recently been dealing with a reduced income. I keep seeing adverti...How does bankruptcy compare to a debt settlement plan?
I am deep in debt from a small business I started. I set it up as a sole proprietorship, so I can’t just walk away from the debts like I could wit...Is chaper 13 bankruptcy always an alternative of Chapter 7 bankruptcy is not eligible?
Question: Is it true that if I can’t file Chapter 7 bankruptcy, that I can definitely file for Chapter 13 bankruptcy?What are some good alternatives to bankruptcy?
I have about $65,000 in credit card debt, most of it due to an accident that required a lot of medical care. At the time, I did not have health cove...This site does not provide legal advice and users of this site should not interpret any of the information presented here as legal advice. The information provided merely conveys general information related to commonly asked legal questions. We are not a law firm and the employees responding to questions are not acting as your legal attorney. You should ultimately consult with a Lawyer for your case.
Answers
Debt settlement is a type of business that offers to collect your monthly payments, instead of paying your creditors, and saves your money over the months in an effort to generate enough cash to settle the debt for one lump-sum payment. These businesses are ineffective at best, and most are downright scams. They encourage debtors in financial difficulty to stop making their payments, and instead pay them.
The reality is, debt settlement really cannot offer anything you couldn't do yourself. You'd be much better served by talking to a bankruptcy lawyer. Even if you don't want to file for bankruptcy, you can get some real legal advice about your options. Most bankruptcy attorney can also offer you services similar to debt settlement, but instead of not paying your creditors, he or she can use the "threat" of bankruptcy to negotiate more favorable terms for your repayment.
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Posted by Staff Writer on 23 Feb 2010
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