Bankruptcy Vs. Debt Settlement – Understand Your Options Before Seeking Debt Relief

It's no secret that there are a lot of different debt relief methods available today

, but that very fact alone makes it somewhat difficult to decide which method may or may not be right for you. And finding the right option can mean the difference between finding true relief from your debt and finding oneself further into debt than ever before.

Especially when there are so many debt relief or debt consolidation companies out there from which to choose, but not all of these companies are honest or equal and it is very important that one does one's homework BEFORE making one's final decision on which company will represent you and truly help to rescue you from the sea of debt without getting your hard earned money upfront, which most of these companies are doing nowadays.

This is not meant to frighten or scare you, but there are some debt consolidation or debt settlement companies that ask for money upfront, which you do in good faith and they never even deliver on the promise to get you out of debt by settling with credit card companies and other entities, which is a highly unethical practice, to say the least.

But now, there is a new development from what I understand, where the government is taking special measures to end these sort of practices by making these companies stand and deliver or "practice what they preach", if you will.

No longer will these companies be able to ask for, and receive upfront payment from their clients and not have these same clients out of debt within the period of time that they are promised. By putting them all under the microscope, any and all companies not delivering on what they have been paid for will not be able to stay in business.

As an added note, debt relief has decreased the bankruptcy filing option by a large margin, as debt management methods are always preferred over filing bankruptcy. And again, it is up to the individual to decide which method will work best for them.

It is then the most informed customer who will truly win in this situation, so by all means, research several different companies before settling on or signing any agreements with them unless and until you fully understand what you are signing and what you are being promised and what you will actually RECEIVEtrue debt settlement is the objective after all is said and done.

Bankruptcy Vs. Debt Settlement Understand Your Options Before Seeking Debt Relief

By: coleman stump

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