If you're struggling with debt, you may be considering either bankruptcy or debt settlement as a solution. In this post, we'll compare the two options and help you determine which one might be a better fit for your specific situation. We'll discuss the pros and cons of each and explain the key differences between them, so you can make an informed decision.

While both options can help you get out of debt, there are important differences to consider when deciding which one is right

for you. Here are some key differences between bankruptcy and debt settlement:

Bankruptcy:

• Can provide a complete discharge of most debts, meaning you no longer owe them
• May require you to sell some assets to pay off creditors
• Can stay on your credit report for up to 10 years
• Provides automatic stay protection from creditor collection actions

Debt Settlement:

• Requires you to negotiate with creditors to settle your debts for less than you owe
• May require you to make a lump sum payment or multiple payments to settle your debts.
• Can have a negative impact on your credit score
• Provides no automatic stay protection from creditor collection actions

Still unsure? Give us a call to schedule a consultation so Attorney Johnson can help guide you!