Navigation

Bank Ruptcy versus Debt Settlement

Message Author
PostPosted: Wed Jun 20, 2007 2:15 pm Subject: Bank Ruptcy versus Debt Settlement

I am disabled, going through a divorce and reside in Texas. I have an abundance of uncsecured debt and am already in collections..what are the pros and cons of bankruptcy versus debt settlement. (I've talked with an attorney about bankruptcy and to several debt settlement companies) I'm not sure what is best for me. Help!
tjnvp40



Leave a quick message for tjnvp40
Joined: 20 Jun 2007
Posts: 1
Debtcc Points: 84

PostPosted: Wed Jun 20, 2007 3:02 pm Subject:

Both these programs are a part of debt management. But debt settlement is better than BK. Texas is a non garnishment state, so you can't be sued by the companies. You should consider paying your debts on your terms instead of filing BK.
FlyingCats
Debt Samaritan
Flying Cats

Leave a quick message for FlyingCats
Joined: 05 Aug 2006
Posts: 483
Debtcc Points: 6791

PostPosted: Wed Jun 20, 2007 5:09 pm Subject:

If you decide to do debt settlement, please research the company thoroughly. There are many people that have been scammed by bad debt settlement companies. You can do a google search on this site for debt settlement to get more information. good luck!
_________________
He is your friend, your partner, your defender, your dog. You are his life, his love, his leader. He will be yours, faithful and true, to the last beat of his heart.
Sassnlucy
Moderator
Sassnlucy
Moderator

Leave a quick message for Sassnlucy
Joined: 12 Mar 2007
Posts: 2606
Debtcc Points: 28227

PostPosted: Wed Jun 20, 2007 8:22 pm Subject: debt

I agree with Sass. Many debt settlement companies have been sued. Check anybody out that you decide to do business with. You can call your Attorney Generals office and BBB and ask. KYSIDE38
_________________
RYDERS OF THE NIGHT
KYSIDE38




Leave a quick message for KYSIDE38
Joined: 19 Jun 2006
Posts: 2502
Debtcc Points: 37310

PostPosted: Thu Jun 21, 2007 4:58 am Subject:

The main difference between settlement vs Bankruptcy is if you bankrupt the automatic stay protects you from lawsuits and judgements.The other distinction is if court discharges your debt,it is gone forever.
_________________
Cajunbulldog
Keeping an eye out for consumers.
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809
http://www.ftc.gov/os/statutes/fcrajump.shtm
http://www.debtconsolidationcare.com/forums/about216.html
Use this letter to protect your rights under the FDCPA
myfairdebt.com & myfaircredit.com-Good source of case law in forums.
cajunbulldog
Moderator
cajunbulldog
Moderator

Joined: 20 Dec 2006
Posts: 4886
Debtcc Points: 37779

PostPosted: Thu Jun 21, 2007 3:15 pm Subject:

If I lived in TX this is what I would do.

In TX they can't garnish your wages or take your home. In four years the SOL expires on those accounts you can't pay, and in seven years the accounts fall off your credit report.

Just don't pay them, if you can't afford to. And, don't declare BK. You won't need to.

_________________
Register today to cash in debtcc points.
Guest





Debtcc Points: 100

Quick Reply
Your Name
Subject
Message body
All times are GMT - 7 Hours
Page 1 of 1

 
About Us | Contact Us | Privacy Policy | Testimonials | Sitemap | Espanol | Media Kit | Terms of Services Navigation
Hacker Safe   Member of IAPDA   DnB Listed