Debt Settlement vs Bankruptcy – How Do I Choose?

Debt Settlement and Bankruptcy are two of the most common ways to seek debt relief.  However, not all options are created equal.  Debt Settlement involves making agreements with your creditors to repay a portion or all of the debt you may owe.  Oftentimes when you reach a settlement with a creditor the creditor has sent a demand letter, essentially telling you they are going to sue you or they have already filed a lawsuit.  

The general rule of debt settlement is the shorter the repayment period, generally the overall settlement will be lower.  If you need a longer period of time to repay the debt, the creditor will be less likely to discount the overall balance owed.  It is also important to know the costs associated with debt settlement.  Whether you have an attorney or a debt settlement company represent you, make sure your representative tells you all of your fees before getting started in a settlement.  

We always provide our client payment plans and transparent costs and fees before starting any settlement work on their behalf.  Oftentimes if you have unsecured debt, such as credit cards, medical bills, or personal loans, bankruptcy may be a good option for debt relief and your fresh start.  It is important to have a trusted team of attorneys to guide you through the process.  

If you qualify for chapter 7 you can be debt free in about 4 months, without having to repay any of the debt.  A common problem with debt settlement, done by non-attorneys, is that if a creditor won’t take a settlement, and decides to sue you, the debt settlement company can no longer represent you or will want to charge you more money.  Bankruptcy does not allow a creditor to sue you after it is filed.  Bankruptcy will force your creditors to stop contacting you whether they want to or not.  

As an attorney we can represent you and fight on your behalf.  We always review your best options for debt relief with you so you can make the best decision for you and your family.  We offer free consultations and payment plans.  Before starting any debt relief program make sure you speak with our trusted team.

If you have any questions about the topic discussed in this article, or any bankruptcy law matter, please give us a call at Bononi & Company 724-832-2499.


The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.

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