Actually, it depends on your
situation. A settlement is better as you can solve your debt problems
without the involvement of the court. However, when you're struggling
with debts and not being able to pay it off, bankruptcy can help you
give a fresh start to your financial life. So, analyze your financial
situation and make a decision accordingly.
Tough to say. Usually, people
doesn't recommend filing bankruptcy since it hurts credit score. But
that isn't the case. Bankruptcy can help to uplift your FICO score. It
can lower your credit utilization ratio and pull up your credit score.
Once your debts are discharged, your credit utilization ratio could
become zero. Your credit score will automatically go up.
It depends on your situation
totally. But personally I would prefer debt settlement. It is because
you can settle your debts into a lower amount and save. Your credit
score might get a blow but you can build it again later.
It depends on the debt amount
and your current financial situation. If the amount is big but not huge,
you can go for settlement. But, if you don't have a income source ans
you are in huge debt, the file bankruptcy to start a
fresh.
Sub: #1 posted on Mon, 07/22/2019 - 02:01
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