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Difference Between Debt Settlement And Bankruptcy

#1 User is offline   domenic 

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Posted 05 May 2009 - 03:55 AM

I am trying to avoid bankruptcy. I have no mortgage or complications, but a lot of credit card and other debts. I am 30 years old and really desire to fix my finances. I have worked with people who have 2 bankruptcies. Would a Debt Reduction Program be the best route? What other Bankruptcy Alternatives are there that would work for me? I make minimum wage, so I need a cost effective solution, but understand the need for excellent credit.
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#2 User is offline   tazcablegirl 

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Posted 16 May 2009 - 02:24 AM

Have you spoken to a bankruptcy attorney to find out what type of BK you qualify for?

Have you spoken with a a debt reduction or consolidater program?

That's a tough question to answer, since you would really have to devulge a lot of info about yourself here on this forum and most of us are not attorneys.

Ultimatley you will have to weigh the pros and cons of each and make your conclusions and decisions regarding your financial situation.

I'm a personal proponent of the Dave Ramsey system. because you retain control of your finances in his program.

Good luck,
TAZ
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