Your best bet is to cancel your plan, and file bankruptcy. To have both is a bad bet. Most debt settlement claims aren't very useful in the long run, and you'll probably end up bankrupt either way, unless a lump sum is paid. There will be consequences to canceling, but it will probably outweigh the risks of having both.
It depends on the amount you in your debt. If your debt is a large sum and figure, the best and most ideal thing would be to declare bankruptcy. If not debt settlement would be much easier.
AnswerDebt settlement helps you in reducing your debt amount significantly, the debt settlement company negotiates with your creditors to reduce your debt amount. It is a better option than filing bankruptcy. I took help of Freedom Debt Relief and their debt reduction program helped me in reducing my debt amount.
There is a subtle difference between debt settlement and bankruptcy. Debt settlement allows a person to pay off some of their debt with their creditors. Bankruptcy claims do not result in payment of the debt. Either practice creates bad credit scores for the consumer.
You will be responsible for the whole debt since you are the only one capable of paying the debt after your wife's bankruptcy.
Debt settlement by far. If you go through bankruptcy, you may still owe and have to pay the debts, AND you will have this ugly mark on your credit rating that will haunt you for the next seven year or longer. Best option is not to go into debt. Pay cash whenever possible.
It depends on the amount you in your debt. If your debt is a large sum and figure, the best and most ideal thing would be to declare bankruptcy. If not debt settlement would be much easier.
AnswerDebt settlement helps you in reducing your debt amount significantly, the debt settlement company negotiates with your creditors to reduce your debt amount. It is a better option than filing bankruptcy. I took help of Freedom Debt Relief and their debt reduction program helped me in reducing my debt amount.
There is a subtle difference between debt settlement and bankruptcy. Debt settlement allows a person to pay off some of their debt with their creditors. Bankruptcy claims do not result in payment of the debt. Either practice creates bad credit scores for the consumer.
If you are unable to pay your creditors, you could be a good candidate. You should talk with an experienced bankruptcy attorney, and if bankruptcy isn't the way for you to go, debt settlement might be.
Chapter 7 is a "fresh start" bankruptcy. You are discharged from all debt included in the bankruptcy. There are some debt that you cannot discharge.
Not only can the be included, they MUST be included. All debts whether to Walmart or Aunt Betsy needs to be included in your bankruptcy filing.
You will be responsible for the whole debt since you are the only one capable of paying the debt after your wife's bankruptcy.
If it is not a secured debt it will be included in the bankruptcy discharge.
If its a Chapter 7 case, the debt most likely will be discharged. If its a Chapter 13, the amount is used for plan calculation. In either case, the debt is "included". If the creditor is not paid under the Ch 13 plan, there may be a problem there. (Depending on if the creditor cares) Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
Debt settlement by far. If you go through bankruptcy, you may still owe and have to pay the debts, AND you will have this ugly mark on your credit rating that will haunt you for the next seven year or longer. Best option is not to go into debt. Pay cash whenever possible.
No, not as long as they were included in the bankruptcy. You should give their information to your bankruptcy attorney, who will contact the debt collector. If that doesn't work, your attorney will certainly know what to do next.
A bankruptcy will be listed and hold your credit score down for 10 years, while the delinquent payments incurred while enrolled a Debt Settlement program will be there for only 7 years (and in some instance, even less). So at a minimum, your credit report will be cleared at least three years earlier when using Debt Settlement company as opposed to bankruptcy. Another important factor to remember is that a typical debt settlement program ultimately resolves your debts for much less than other debt relief options. And, unlike bankruptcy, you won't have to sell your house or other assets in order to free yourself of your liabilities. Also remember that there are several other debt help options out there besides Debt Settlement and Bankruptcy, such as Credit Counseling and Debt Consolidation Loans, and that each has their own upsides and downsides, so it is important to evaluate each carefully and examine how they fit into your overall needs and goals.