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Please help--debt settlement or bankruptcy??

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We owe approx. 21k on credit cards. The settlement company projects we will pay about 14-15k and at the payment we can afford it will take 5 years.
Would it be better or easier to just declare bankruptcy? I know a chapter 7 is pretty devastating to credit reports, but we could start rebuilding credit much faster.
Any suggestions are greatly appreciated.




5 years for 21k in debt !!! That is retarded. You won`t save hardly any money doing that long of a program with that small of debt by the time you factor in late fees , penalties ,and interest. Odds are you will get sued doing a 5 year program. Any settlement company willing to put you in a program longer than a 36 months with only 21k in debt is not looking out in your best interest. What was the names of this company ? I would bet money that the company that quoted you was named Credit Solutions.

Sub: #1 posted on Sat, 08/02/2008 - 00:30

mobile0311 mobile0311
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You would lose that bet. I wish we could pay it off in 36 months but we just can't afford the monthly payment it would take to do that.

Sub: #2 posted on Sat, 08/02/2008 - 00:40

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Oops--I hit reply too soon! OVLG is who we are working with; of course, it's not their fault we can't afford the payment.

Sub: #3 posted on Sat, 08/02/2008 - 00:41

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