With the challenge today of our weak economy, the debt of consumers is only continuing to rise. Whether from illness, unemployment or overspending, finances can be very challenging for many people. Debt is just simply a part of life, but if you have too much of it, life can be hard. Two popular solutions for providing relief include debt settlement and Chapter 13 Bankruptcy. These two solutions have become very popular because of their advantages that are related to decreasing payments and reducing total debt balances. Both of these help consumers to improve finances as well as provide relief from creditors.
CHAPTER 13
Chapter 13 bankruptcy is a personal bankruptcy where debt is restructured to pay off most or all debt within a 3 to 5 year period. During this program, the consumer is obligated to turn over all disposable income they have available to the courts until all debt is completely discharged. Since 2005 when new bankruptcy laws were changed, more consumers are being made to file Chapter 13 and not Chapter 7 where all debt is eliminated.
DEBT SETTLEMENT
Sometimes this is a better choice for consumers than filing Chapter 13 and for many reasons. 1) It doesn’t drastically hurt your credit like Chapter 13 does. 2) It may possible save you money. 3) A court trustee monitoring income and expenses in not required with debt settlement. 4) Property does not have to be attached to be able to qualify for the program.
Either program chosen is going to be the choice of the consumer. Which on is best? The pros and cons of each program should be researched and considered. Both programs will help consumers get their finances back under control and life back in order.
Concluding, by researching and comparing several debt settlement agencies, you are able to determine the agency that meet your specific financial situation, plus the cheapest interest rate the debit consolidation market is offering. For example, see our latest debt settlement company review: Review of Lowermybills.
However, it’s recommendable to work with a trusted and reliable debt counselor before making any decision, this is the way you save time because of specialized advise and money by getting the best results in a reduced period of time.
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