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!
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: #1 posted on Wed, 10/02/2019 - 00:55
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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
(Posts: 425 | Credits: )
Sub: #3 posted on Mon, 10/14/2019 - 05:41
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