CONTACT AN ATTORNEY TO DISCUSS YOUR OPTIONS
Bankruptcy has helped millions get out of debt but before you commit to a debt-relief plan, get the facts. A quick or uneducated decision can cause more problems at a time when you are trying to eliminate them.
Use the following chart to examine your debt-relief options, but please remember that this chart is just for informational purposes only and is not legal advice. Depending on your circumstances, one path may be better for you than another. Remember: There are no one-size fits-all debt relief programs.
| DEBT RELIEF OPTIONS |
Can filing bankruptcy help? |
Can debt settlement help? |
Can credit counseling help? |
| Protect against: |
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| Foreclosure | Yes | No | No |
| Repossession | Yes | No | No |
| Lawsuits | Yes | No | No |
| Wage Garnishment |
Yes | No | No |
| Eliminate or Reduce: |
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| Accounts Referred To Collections |
Yes | Maybe | No |
| Credit Card Debt | Yes | Yes | Yes |
| Medical Bills | Yes | Yes | Yes |
| Utility Bills | Yes | Yes | No |
| Payday Loans | Yes | Yes | No |
| Tax Debt | *Maybe | No | No |
| Divorce-Related Debt | *Maybe | No | No |
| Student Loans |
*Maybe | No | No |
| When Does the Relief Begin? |
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| In most cases, you STOP paying bills immediately after your case is filed. Collection efforts (creditor calls, foreclosure and repossession) are court-ordered to STOP | Typically have to make many monthly payments; including interest and late fees | Typically have to make many monthly payments; including interest and late fees | |
Can It Impact Your Credit? |
Yes |
Yes |
Yes |
*Discharged in bankruptcy under unique circumstances.
Talk to a bankruptcy lawyer today about your options.