Bankruptcy or Settlement?

If you can afford the payment settlement is the way to go. BK is a lot tougher on your credit profile, can take longer if you have to file a Chapter 13, and has expensive legal fees.

I had the same choice to make and am so glad I chose settlement because i found out that since I need a security clearance for my job I wouldnt be able to get it if i filed for BK.

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I was in your shoes - $90,000 of debt because of a business that closed, with no way of paying that back, and depleting all my savings staying current as long as I could. I researched all my options, and chose debt settlement. A lot of people settle on their own, but I felt I wanted professionals helping me. Most programs are three-year programs. In my first year, five of my nine accounts are already done. It's still tough going, you can still be sued, and there are other drawbacks as well, but as long as you fully research the process and know what you are in for, it's a MUCH better road than bankruptcy because in three years or less it is all behind you and you start to rebuild your credit score with much better habits.

If you have that much, as I did 120,000 - Make sure you research the insolvency rule to see if it applies to you. For me it was a no brainer. I settled myself and I am insolvent so I really lucked out!

avoid bankruptcy unless it is your only option as it will haunt you for the rest of your life. I am in debt settlement and am very happy with freestar financial as they have been very professional and use attorneys which is a big plus for settlement.

Thank you all for responding. I think I will try a settlement. What is "insolvent"? I usually know these things but I don't know this one.

Bankruptcy does not haunt you the rest your life...in fact it gave us our life back. Sure it dings your credit but so does being behind or having charge offs of other debts. In the 4 years since our BK, we refi'd our house for lower rates and we both have low interest credit cards which we pay off monthly.

if i file for bankruptcy do they take away my house? my house is worth 500,000 and I owe on it 460,000.