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Which option is better to pay off debt

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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?




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.

Sub: #1 posted on Sat, 02/24/2018 - 16:06

ditchdebt ditchdebt

(Posts: 661 | Credits: 253.26)

If you want to consider bankruptcy, then you have to sacrifice your credit score in a significant level. What is your debt amount?

Sub: #2 posted on Sat, 02/24/2018 - 17:23

sanderspatricia29 sanderspatricia29

(Posts: 606 | Credits: 63.61)

Debt settlement is the better option than bankruptcy as per my knowledge.

Sub: #3 posted on Tue, 02/27/2018 - 12:02

Barbara Delinsky Barbara Delinsky

(Posts: 264 | Credits: 26.21)

It is true that bankruptcy helps you get a fresh start but your credit score will drop more.

Sub: #4 posted on Fri, 03/02/2018 - 17:39

Mabelle Page Mabelle Page

(Posts: 149 | Credits: 14.62)

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