Whilst filing bankruptcy under chapter 7 can eliminate debt in just 4 months, fewer people now qualify than was formerly the case. The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCP) changed the laws in 2005 so the only other court protected insolvency solution available to many debtors is filing chapter 13 bankruptcy. This involves making a monthly payment to a trustee for a period of 3 or 5 years, whilst a debt settlement service could help to affordably clear debt in well under 3 years.
When is Filing for Bankruptcy Under Chapter 7 Not Possible?
A Debt Settlement Service as a Bankruptcy Alternative
Eliminating Unsecured Debt with a Debt Settlement Company
Filing Bankruptcy or Debt Settlement Service?
A number of consumers are seeking an alternative to bankruptcy as a debt free plan. Those who don’t qualify for chapter 7 may find that a debt settlement company offers an effective way of eliminating debt. Although it doesn’t offer the same court protection from creditors as filing for bankruptcy, it is possible to clear debt in less than 3 years. It is important to seek advice from a suitable credit counseling service prior to proceeding with a debt free solution.
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