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subject: Fast Debt Relief Options - Filing Bankruptcy Vs Debt Settlement [print this page]

Fast Debt Relief Options - Filing Bankruptcy Vs Debt Settlement

There are more than one fast debt relief options. Two of the fast debt relief options are insolvency and liability settlement. These two options have the capability of getting debtors rid of liability in fastest possible manner. These options are exercised by debtors when they are out of money and cannot make repayment of loans. Due to non repayment of loans, creditors start pressing debtors hard to pay back the money they borrowed which causes difficulties for the debtors. Whether to go for insolvency or liability settlement depends on the current financial situation of a debtor. The selection even depends on the fact whether the debtors aim at short term benefits or long term benefits.

Insolvency is one of the fast debt relief options; in this option the debtor gets complete relief from huge amounts of liabilities by filing a law suit. Once the lawsuit is over the debtor gets relaxation from the burden of debt in one go without making any payments. The benefits that debtors experience after exercising this option are very short term. The troubles that debtors face for exercising this option are long-term. The troubles they face include inability to acquire loan and even if they successfully acquire loan they are charged higher interest rates and given very less time to repay the loan.

On the other hand when a debtor exercises liability settlement he negotiates with the creditor and bargains on the amount of loan that needs to be paid back. The bargained amount is 60 to 70% lower than the original amount. The debtor even bargains for low interest rates and extra time to repay the loan. This makes repayment of the loan very easy and the creditors even get some part of their money back. The negative affects of this method is that the credit rating of a debtor become negatively affected but these affects are not as bad as in the case of insolvency. This is because the debtor is at least paying back some part of the money they borrowed.

People who have no money left and have been now living from hand to mouth should exercise bankruptcy where as people who have some money left should exercise liability settlement and save their future. Even if you have no money left, just go to a friend in your family or relatives and ask for a short loan and then go for liability settlement so you do not get affected by the long term problems caused by insolvency.

Getting out of debt through a debt settlement process is currently very popular but you need to know where to locate the best performing programs in order to get the best deals. To compare debt settlement companies it would be wise to visit a free debt relief network which will locate the best performing companies in your area for free.

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