Which option is better to pay off debt
Date: Fri, 02/23/2018 - 22:23
I'm confused. I was reading that debt settlement is better than bankruptcy. But debt settlement takes a few years to pay off debts. Bankruptcy discharges debts only in a few months. Then why should I wait for a few years?
It is true that bankruptcy
It is true that bankruptcy helps you get a fresh start but your credit score will drop more.
If you want to consider
If you want to consider bankruptcy, then you have to sacrifice your credit score in a significant level. What is your debt amount?
Both have pros and cons. But
Both have pros and cons. But bankruptcy can be a good option in certain situations. You can protect your assets with state exemptions. Your credit utilization ratio drops. You can get debt free in 3-4 months. Plus you can stop the lawsuits too.
Debt settlement is the better
Debt settlement is the better option than bankruptcy as per my knowledge.