Should I Do Debt Settlement or Bankruptcy?

Question:

Dear Steve,

I have significant credit card debt and a repossession

Is it better to do debt settlement or file chapter 7 bankruptcy I know neither are good options but we are very upside down and cannot afford our payments.

Tina

Answer:

Dear Tina,

It is interesting how a seemingly simple question can have a complicated answer. I decided to make your question the subject of a Debt Free Dudes podcast with Damon Day.

Damon and I role-play what a lot of debt relief salespeople might say to you when you can for advice. This podcast contains examples of what you might hear from credit counseling, debt settlement, consolidation loan offers, and bankruptcy.

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Steve Rhode Debt Coach and Author

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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