There are many reasons why debt settlement has become more popular and more prevalent as compared to bankruptcy. The primary reason why the former has become more popular is that it is a much better debt relief alternative.
Bankruptcy helps you overcome your financial problems in the worst possible method. All assets are valued and sold off and the money is used to repay all your debts. This means that each and every asset that you have built over the years will be lost in a split second.
Of course, you may say that this is unavoidable since the individual has messed his or her finances. However, there are numerous instances where individuals face problems despite not committing any financial mistake. In such a scenario, bankruptcy seems to be very harsh.
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Debt settlement is a solution that helps the individuals even if they are at the very edge of financial disaster. This means that any and every person can try this option before going in for bankruptcy. Your must keep in mind that even bankruptcy involves the decision of court.
You will not be allowed to file chapter seven bankruptcy just because you requested so. You will have to convince the court that you qualify under the means test and that is a must.
If you do not convince, then the court may order you to go in for debt management plan under chapter thirteen bankruptcy. In case of debt settlement, the individual has the freedom to take care of his or her finances. There is unlimited scope for mutual negotiations.
In case of debt settlement, you can come up with any and every debt relief plan that suits your requirement irrespective of whether it is popular or not. That is to say, you can go in for 10% discount and an extension of the loan over a period of 5 years. Or, you can secure a 90% discount and an immediate repayment of the balance 10%.
Apart from you and your credit card issuer, there is no other party interfering in the entire process. There is no need to operate as per the instructions of some other party. If you can convince the lender, your job is done.
Finally, there are professional debt relief service providers offering their services with regard to debt settlement as well. Earlier, only bankruptcy attorneys were very popular. Today, you have access to expertise related to settlement as well without incurring heavy cost.
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