Bankruptcy vs. Debt Settlement: Which Makes the Most Sense for You?



Debt settlement can be a reasonable alternative to bankruptcy but before choosing one path over the other, it makes sense to compare the pros and cons. I recently ran across an article at Nerdwallet – see where author Liz Weston points out some of the less obvious negatives of debt settlement.

As I discuss in this video, debt settlement can take longer, cost you significantly more money and can leave you with a surprise tax burden. Further, your credit may bounce back much quicker following a bankrutpcy.

On the other hand, there are some types of debts (student loans, taxes, restitution) that cannot be easily discharged in bankruptcy and there may be some jobs (i.e., those with certain security clearances) where bankruptcy would not be a good idea.

At Ginsberg Law, we regularly help our clients analyze the pros and cons of bankruptcy vs. non-bankruptcy alternatives. If you are at the point where you need to do something, let us advise you.
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9 Responses

  1. marge wrobbel says:

    Best info I have heard thank you sir

  2. Truth Only says:

    He should mention that this information doesn't apply to disabled Veterans.

  3. Mamabear says:

    Many thanks to you sir. My husband and I were able to reach a decision.

  4. DAVID FERNANDEZ says:

    bankrupsy stay long in your crédit and it is a very bad mark,
    I highly recommend to stop paying all together your credit cards,and gather as much money over time, then negotiate YOURSELF, to pay lump sums of about 40 percent of what you owe.some companies will even agree to erase that debt completely from your credit report.
    I have done it.but you have to have the money when negotiating. and last, whatever those settlements companies do. you can do it yourself.

  5. Melissa Calihan says:

    would it help if i made income current and then saw a lawyer?

  6. Melissa Calihan says:

    What would you advise me to do if i lied about my income on credit cards and now can't afford them and am disabled?

  7. Joxer the Mighty says:

    Bankruptcy is 10 years of bad credit.. mine after 6 years the law changed from 7 to 10 and I wasn’t grandfathered in.. it added years to my bankruptcy. Paying my original debt would be a big difference because my interest rate on 35k is 22 percent.

  8. Fernando Simmons says:

    Our children make the difference. They inherent the national debt. Blessed are our children.

  9. Divine Diva (Nella) says:

    Thank you so much for this information. I have struggled for years and you have made this decision more clear for me.

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