Posted on
September 30, 2009
at
4:31 am
What are the instances that a bankruptcy can turn to debt settlement and debt settlement to bankruptcy? You can't do both at the same time correct?
Posted on
September 30, 2009
at
4:37 am
Bankruptcy and debt settlement at the same time? I don't think that's ever happened? Or it's not allowed as bankruptcy can discharge the unsecured debts.
Posted on
September 30, 2009
at
4:53 am
If debt settlement fails, like when the negotiators at the settlement company are unable to come up with a good deal with the creditors, and/or the creditors (especially if the case has legal complications) sue the consumer, the settlement company might advise the consumer to file bankruptcy instead, to avail of the automatic stay provision.
Posted on
September 30, 2009
at
4:55 am
Bankruptcy and debt settlement are some of the debt relief options available for the consumers. The consumer also has the credit counseling option, balance transfer, and d-i-y debt settlement option.The consumer should stay away from debt consolidation loans, home equity loans, and borrowing from their 401k
Posted on
September 30, 2009
at
5:02 am
Which is the better option between bankruptcy and debt settlement?
Posted on
September 30, 2009
at
5:04 am
Which is the better option between bankruptcy and debt settlement?It depends on what the consumer's financial situation requires. If bankruptcy is not needed (the automatic stay) then he/she should avoid it.
Posted on
September 30, 2009
at
5:05 am
Which is the better option between bankruptcy and debt settlement?In terms of the impact on credit? Debt settlement I think.
ck Rep Points:
Posted on
September 30, 2009
at
5:15 am
A settlement stays on your credit report for 7 years from the date the account was settled. Chapter 13 bankruptcy also stays on your credit report for 7 years, while Chapter 7 bankruptcy stays on your credit report for 10 years.Both Chapter 7 and Chapter 13 bankruptcy stay on your public records for 20 years, BUT a settlement does not appear on your public records at all.So I agree with capri.
Posted on
September 30, 2009
at
6:10 am
In terms of fees - I think debt settlement is cheaper than bankruptcy. Debt settlement companies will usually charge 15% of the total debt amount and spread the fees out over 18 months. Or, they will take a percentage of the settlement amount, usually between 20-25%.For a $10,000 debt that would be around $1,500.In Bankruptcy Chapter 7 costs $299 and $274 for Chapter 13. Minus Attorney fees. Those are the expensive ones. They cost around $2000-$3500.
Posted on
September 30, 2009
at
6:13 am
In terms of how long it's going to take to finishDebt settlement 12-36 months, a year to 3.Bankruptcy Chapter 7 ..is a year I think? (please verify)Bankruptcy Chapter 13 is 3 to 5 years.
