Is Debt Settlement The Same As Bankruptcy?

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Is Debt Settlement The Same As Bankruptcy?

Ellen Rep Points:

Posted on December 9, 2009 at 3:01 am

Is debt settlement the same as bankruptcy? If so, why are people telling me not to file bankruptcy?

Gaius Julius Cesar Rep Points:

Posted on December 9, 2009 at 3:15 am

Is debt settlement the same as bankruptcy?No they are not. Bankruptcy is a government sponsored debt relief program.Debt settlement is a business (run by private companies).

hacksawjimduggan Rep Points:

Posted on December 9, 2009 at 3:30 am

Is debt settlement the same as bankruptcy?How are they similar? - credit wiseDebt settlement stays in your credit report for 7 years.Bankruptcy Chapter 13 stays in your credit report for 7 years as well.Both can eliminate your unsecured debts.

golliwog Rep Points:

Posted on December 9, 2009 at 3:37 am

Program wiseDebt settlement is like Chapter 13 bankruptcy because they are repayment plans. With debt settlement, the debt negotiators deal with creditors one by one to reduce the consumer's balance, but with bankruptcy, since it's a court procedure, the repayment plan is overseen by the case trustee.

Ever After Rep Points:

Posted on December 9, 2009 at 3:48 am

Is debt settlement the same as bankruptcy?Bankruptcy's impact in your life is worse than debt settlement. After bankruptcy, you have to re-establish credit and such. Although discrimination against bankrupt consumers are prohibited, how can it be proven, in job interviews, apartment hunting, loan applications...and such.If your debts are mostly unsecured, do debt settlement, and stay away from bankruptcy.

customer no. 5 Rep Points:

Posted on December 9, 2009 at 3:59 am

Can debt settlement or bankruptcy stop collection calls?

Maleficent Rep Points:

Posted on December 9, 2009 at 4:05 am

Debt settlement can only reduce collection calls as all transactions from the creditors to the consumer, via their program, must go through them and not the consumer.Bankruptcy via its automatic stay provision can stop not only collection calls but any collection activity - judgment, foreclosure, eviction, and even repossession.

The Oracle of Apollo at Delphi Rep Points:

Posted on March 5, 2010 at 2:35 am

Is debt settlement the same as bankruptcy? - In terms of being a debt relief programyes. Otherwise, the other one (bankruptcy) is worse than the other (debt settlement).