Debt settlement and bankruptcy are solutions to the same problem what are the most direct methods to get out of debt but they each come with their own advantages and disadvantages, and choosing the right one can be tricky. If your debts are so massive that you can’t imagine repaying them, it’s time to evaluate both options as you look to restore your credit health and financial well-being. Bankruptcy can offer the fastest path out of debt, but the long-term impact on your creditworthiness is severe. A bankruptcy will stay on credit reports from s 7-10 years, which will greatly impede your ability to get a loan, receive a credit card or buy a home Bankruptcy, which is adjudicated in federal court, either wipes out your personal debt (Chapter 7) or creates a 3-5 year plan for repaying creditors (Chapter 13). Debt settlement doesn’t require a court filing and, unlike …
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