The Recent recession has left people with less financial assets to pay back their liabilities in a respectable and easy way. The year 2009 has been a very bad year for the economy. Recession has really collapsed the financial of people all around the world. Although there is no recession any more but its after effects are still there and people are still experiencing huge liabilities. Frequent lay off from the jobs have pushed people in more troubles. All the financial assets on which people used to depend to pay their credit card debt have been flushed away by hit of recession. It increased the level of frustration and depression among people. Keeping in view this situation, the government established many debt relief options for the struggling people to return to their debt free life once again.
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Debt settlement and bankruptcy are considered to be the best methods among all the options available in the market for getting rid of the pools of debts. It is a known fact that there are always pros and cons of everything and same is the case with these two methods. In the underlined article, we will be discussing that which method should be selected in order to get maximum benefits. If we compare both these methods then we can see that bankruptcy is the oldest method of settling debts while debt settlement is a new approach in this industry.
If a person has decided to file for bankruptcy then he will have to hire a professional lawyer who will charge him huge fee for his services. In the debt settlement method, the negotiation firm charges very low fee for its services. The new laws have very clearly stated that no firm will be allowed to charge its clients any kind of charges until and unless the settlement process is completed. Moreover, bankruptcy involves a lot of paper work while in the negotiation method, very less documentation is required.
Bankruptcy creates a negative impact on the credit rating of a person which remains there for the next six to seven years. Settlement deals also bring negative rating but as soon as a person pays his liabilities, negative rating will be removed in no time.
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