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How long will it take to complete a debt settlement program? Will it be faster if I opt for banktruptcy? But, I have heard that bankruptcy reduces score. So, what should I do.

Usually, the settlement company tries to settle your debts to the amount which you can afford and arrange a monthly payment plan for you. That's why they usually make an analysis of your financial condition before proceeding further. So, I can say that it solely depends on your financial condition and debt amount that whether you should opt for debt settlement or filing for bankruptcy!

Sub: #1 posted on Wed, 10/02/2019 - 00:55

Craigh.terry Craigh.terry

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If you file Chapter 7 bankruptcy, it will take 3-4 months to discharge debts. If you file Chapter 13 bankruptcy, then it will take 3-5 years to pay off your debts. If you choose a debt settlement program, then it will take 2-3 years to repay your debts.

Both debt settlement and bankruptcy drop credit score. But bankruptcy hits your credit score more drastically.

Sub: #2 posted on Wed, 10/02/2019 - 02:30

Nick Jonas Nick Jonas

(Posts: 425 | Credits: )

It depends on the amount you want to settle. However, usually, the settlement company gives a monthly payment plan to the debtor.

Sub: #3 posted on Mon, 10/14/2019 - 05:41

Sanders Patricia Sanders Patricia

(Posts: 1234 | Credits: )

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