Should I use a debt-settlement program instead of bankruptcy?
A debt settlement program may seem like a good idea at first. Who wouldn’t want to try to pay things back? The problem is that they don’t always work. You should research carefully the advantages of a bankruptcy filing. If you need immediate relief and court protection, bankruptcy will be the best option.
In some cases, debt settlement may, in fact, be a great option for you. A Chapter 7 Bankruptcy or a Chapter 13 bankruptcy does not work for everyone. I have seen some situations where debt settlement may be a better option than bankruptcy. However, these situations are unique, and you should always use an attorney to represent you.
Chapter 7 Bankruptcy and Chapter 13 Bankruptcy offer a major advantage over debt settlement. Since bankruptcy is supervised by the courts, you are not at the mercy of creditors. Unless you have large amounts of cash to offer, a debt settlement is usually not attractive. The only way to negotiate a debt settlement is to have something to offer. Since most of my clients do not have liquid assets, a Chapter 7 or Chapter 13 Bankruptcy will usually be a better approach.
In any event, you should not handle these matters on your own. You should seek the advice of an experiences attorney to guide you.
Sean C. Paul is licensed to practice law in the State of Missouri. His practice is located in south St. Louis County. He can help you with your Chapter 7 or Chapter 13 Bankruptcy case.
Sean C. Paul will give you the individual attention you deserve. He will meet with you one-on-one to determine how he can help you. If you are considering filing bankruptcy in Missouri, please call today.