Is Bankruptcy a Better Option Than Debt Settlement? - Find the Truth and Avoid Nasty Surprises

We have all seen the ads on TV of companies promising a better life without credit card debt and without having to deal with constant harassing from creditors at all hours of the day. Companies promising that if you have $10,000 in credit card debt, they can help you eliminate up to 60 per cent of that debt in a matter of years. They also induce fear by telling you that if you file for bankruptcy your life and credit will be ruined forever. All of this conflicting information leaves wondering "is bankruptcy a better option than debt settlement or vice versa?".

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Let me put this as plain and simple as possible. No matter how you look at it, a credit card settlement and a bankruptcy they both are going to do some damage to your credit report. It is naive to expect to keep your credit score intact after not repaying your debt in full. The main difference is that debt settlement has been glorified lately by TV commercials and it is being portrayed as the responsible and smart thing to do. That is a lie!

There is nothing smart or responsible about hiring these companies. If you are facing desperate times and your finances are in ruins, it is best to seek the protection afforded by law and seek a bankruptcy discharge. That way you are fully protected from lawsuits, wage garnishments and other legal action from all of your creditors. Your debts will be wiped clean and you will be granted a clean slate and a fresh start.

While on the outside a debt settlement program may seem like a more responsible thing to do, it is not. These types of programs will not offer you any protection if you get sued by your creditors and you are not protected by any laws. They never tell you that if after they try to settle on your behalf, the creditor refuses, you still owe that money in full and you are obligated to repay it.

If you are barely able to make ends meet, find the help of a bankruptcy lawyer. Most firms will offer you a free consultation where you can learn more bankruptcy information and make an informed decision.

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