Most people do not know very much about the new and upcoming fastest growing method of debt relief. Which is debt settlement. This way of reducing your debt has been growing substancially since the bankruptcy laws were changed in 2005. Many people who would of qualified for a Chapter 7 bankruptcy, which is a full discharge of debts owed, will now not qualify. Thus forcing many people into a Chapter 13.
Debt settlement has become for many people a much nicer alternative than having to file for a Chapter 13. Through both methods you will save close to the same amount of money, however with settlement the effect on one’s credit score will be no where near as severe.
I would definitely recommend for anyone who is considering bankruptcy to see if you could manage a debt settlement program that will take three years or less to complete. One major advantage of settlement of BK is that settlement is not a public record. However any type of bankruptcy will remain a public record for the rest of the debtor’s life.
