A debt settlement deal will always be faster than a bankruptcy proceeding primary because the former is a private transaction between two individuals or bodies. On the other hand, a bankruptcy transaction involves the lenders, the borrowers and the court. The moment the court is involved, attorneys and bureaucrats enter the picture.
There is a lot of paperwork to be completed. There are many formalities that must be kept in mind. Everything will take time. If the bankruptcy court decides to defer the hearing on the dispute raised by your creditor, you will get held up in a suspended animation and will have no idea whether your bankruptcy decision is final or not.
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Of course, such an event may not happen with you. However, there are always is a possibility that this fast option to get out of debt may not work for you. On the other hand, the settlement deal is a much better option. This is because you will be dealing with the lender and can negotiate at your own sweet will.
As long as the lender is agreeable, you can negotiate at even one in the morning. However, you cannot argue your case in the bankruptcy court at one in the morning, can you? This is a simple loss of freedom renders bankruptcy as a poor option if you want to get out of debts very quickly.
On the other hand, if you make use of debt relief programs like a settlement or any other mutually determined option; you will find that you can control the pace of proceedings very quickly. Of course, there is a huge difference in finding fast options to get out of debt and using hasty and reckless options to get out of debt.
A bankruptcy, even when it is completed very quickly, may end up as a reckless option. This is because it will have a negative impact on your credit report and your credit score and will leave you in a very big crisis. On the other hand, settlement will actually solve your problems and will help you overcome your difficulties.
Another advantage of debt relief options like debt settlement is that you can employ professional service providers who will work under instructions and who will follow each and every rule you make.
On the other hand, a bankruptcy attorney will be an expert in the legalistic matters and you will probably have to subjugate your opinion to the opinion of the bankruptcy attorney. This means that you may not be in a position to force the pace of the proceedings whenever you want.
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