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Settlement may not bring as much debt relief as bankruptcy

North Carolina consumers dealing with substantial debt rarely find their financial situations easy to handle. They may scrap and save, hoping to make a dent in their outstanding balances, only to never see much impact. As a result, they may begin exploring various debt relief avenues, and for some, a debt settlement may seem appealing. However, many individuals may not fully realize the impacts of this option.

Though settlement companies have become more reliable recently than they had been in the past, this option may not offer the benefits that some other relief alternatives could. For instance, this option deals with negotiations involving lenders, and in many cases, the negotiations can take years to reach. During that time, clients are told to stop making payments on their debts, which could put them at risk of being sued by creditors.

Additionally, many people may think that settlements are better than filing for bankruptcy, as it will help protect their assets. However, even with liquidation bankruptcy, the majority of individuals are able to maintain most -- if not all -- of their assets. Because of this, bankruptcy may act as a better alternative for many individuals.

By learning more about bankruptcy as a method of debt relief, many North Carolina residents may be surprised to learn of its benefits. It is not unusual for individuals to have incorrect notions regarding the usefulness of bankruptcy, and as a result, people often disregard it as a viable route of relief. Because it could prove beneficial for certain parties, interested individuals may wish to gain reliable information on this method from knowledgeable attorneys.

Source: southbendtribune.com, "Debt settlement a bad alternative to bankruptcy", Liz Weston, Aug. 30, 2017

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