Debt more than what you can repay can make your life a nightmare. People struggling with huge amount of debts look out or different debt relief methods. Even though there are many relief methods only a few help a consumer reduce the total amount of the debt. Bankruptcy and debt settlement are the two methods which legally allow a debtor to reduce the amount of the debt and finally come out of it.
Bankruptcy is an option that is least preferred by individuals and even the experts keep it as a last resort. This process gives a customer relief from his debt but at a heavy price. Since the procedure involved is complicated, the debtor has to employ a lawyer to help him with the bankruptcy proceeds. A customer can qualify for bankruptcy under chapter 7 or under chapter 13. Chapter 7 gives a complete relief from debt to the customer, which most of us are aware of. The new introduction of bankruptcy under chapter 13 is more of a payment plan which helps the debtor to repay his debt within a period of 3 to 5 years.
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The recent change in laws has made it difficult for an individual to qualify for bankruptcy under chapter 7. Hence most of the customers fall under the category of chapter 13.
Debt settlement is another option which helps in the reduction of the debt amount. The proceeds involved in this procedure are simple and the customer can negotiate the deal himself. Even if he hires a debt settlement company they charge a nominal fee. A good negotiation can reduce the debt amount by 40 % to 60% of the total balance. The customer needs to pay a certain amount as a down payment in exchange of the settlement.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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