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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