Almost everyone considering bankruptcy can and should consider debt settlement as a last ditch effort to avoid bankruptcy. Debt settlement can be preferable to bankruptcy in these types of circumstances:

  • You have a low amount of debt.
  • You have assets that cannot be protected in bankruptcy (95% of people we help can protect all their assets in a bankruptcy).
  • You’re not otherwise eligible to file bankruptcy, due to a prior case.
  • You have feelings of anxiety or guilt that prevents you from considering bankruptcy.

We offer debt settlement, and bankruptcy alternatives, so we are prepared to give you all the truth, and all the facts, about both processes. Places that only do debt settlement may not tell you the following:

  • Not all creditors will settle.
  • The process can take a year or more.
  • Debt settlement is really not any better on your credit than a bankruptcy, and costs more.
  • And the big thing they don’t tell you, is that the IRS considers forgiven debt to be a form of income. So if you settle a debt, they will send you a 1099 for the forgiven amount, and you will need to pay tax on that. You don’t have that issue when you file bankruptcy.

Bankruptcy actually puts you in a better position to hit the reset button and start rebuilding your credit.

To learn more about which option is best for you, call us at 763-421-0965 Can you name the classic rock song guitar riff outro?