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Debt Relief – Insolvency – Bankruptcy Information » Bankruptcy Help » debt solution plan vs. bankruptcy?

debt solution plan vs. bankruptcy?

Which is the better way to go?

If filing bankruptcy do you have to pay off what you owe?

how do both work?
i dont own any property, except my truck

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5 Responses to "debt solution plan vs. bankruptcy?"

  1. Jeff says:
    If you file bankruptcy, your paycheck may be garnished for the next 3-5 years. That means the bankruptcy court will take 20% off the top, plus income taxes.

    Debt solution plan = you pay a middle man to negotiate with your creditors, and maybe they’ll drop your interest rates from 20% to 19%.

    Here’s a third idea: Get a copy of “The Total Money Makeover” by Dave Ramsey, and then go to his web site http://www.daveramsey.com and listen to his radio show (1-4 central time)

  2. Debt Slayer says:
    Paying off the debt is always the best way to go. It may take a few years, but it’s worth the effort.
  3. Mrs.Richgirl says:
    yes you do have to pay it back they passes a law now that your debt will go away for nine years and then it will come back to you. so you should just go through debt consoidation. im in debt too!!!
  4. A Penny says:
    Bankruptcy. We did both options trying the debt solution first (4 years ago). Debt solutions show up on your credit report and scars your credit just as bad (also, all they do is mail a check on your behalf… and sometimes late too!), I am not kidding, it is just as bad as bankruptcy on your report (they never tell you that part). We did bankruptcy (it cost us a whole 200$, that was it) and were able to buy our house 3 years later which we would never had been able to do with the amount of debt we had to pay (amazing it was not even credit card related), they wipe out what you owe and you can chose what you want to include (you can keep your truck). If you go talk to a bankruptcy attorney they can explain if it would be beneficial for you to actually file (the pros and cons).
  5. Jason M says:
    I went with this company. http://www.SettleDebtForever.com They were so helpful! It was a little pricey, but I was able to pay for it with my credit card, and then afterward I used a credit repair program that they had built into place, because as you might know, settlement companies do affect your credit score. My credit score was up over 800 after just 3 months though, so it’s not long-term for it to be affected. I think bankruptcy is harder to get off your record, so in the long run, you don’t get the best deal on any loans or any time you need to apply for credit, you won’t get the best interest rate.

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