I’m Confused About Bankruptcy or Debt Settlement. – Nathalie

“Dear Steve,

Like a lot of people on this site I am in a difficult situation. I wrote to you about my case a few days ago. I got an answer and I am a little confused because from what I have read for other people, it looks like the answer is most of the time to go to bankruptcy. You never suggest to do a debt settlement and your site is full of publicity for debt settlement companies.

I read the bankruptcy chap.7 in my state and I don’t think it is a good solution for us. Which settlement company is really honest ?


Dear Nathalie,

First let’s start with the ads. I have no idea the ads you may individually see. Those are served up by Google and one of the things that alters the ads you see is the sites you’ve previously been on. I notice that Google has some magic way of knowing if you’ve been on one of their advertiser sites and will then present that ad or similar ads to you. You can read a complete description about how the advertising works on this site by visiting the site terms.

Debt settlement is a valid solution for people that fit the target niche and have the resources to settle. It’s like credit counseling is a good solution for people that can afford their minimum payment and pay for five years.

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

It just so happens that bankruptcy is the only legal solution that can discharge your debt in months and give you a fairly quick fresh start. People are often buried so deep that a legal payment intervention is the most logical way to alter the situation for the better.

Please use the free How to Get Out of Debt Calculator to review your options.

You can’t pick the right solution on how to deal with the debt till you first identify your current situation and your goals. It makes no sense to take use a hammer to drive a screw.

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If you have any questions about what bankruptcy would mean for you, you should real talk to a local bankruptcy attorney and understand what the pros or cons would be in your specific situation, not just read something general.

So what is your current financial situation?

Please post your responses and follow-up messages to me on this in the comments section below.

Damon Day - Pro Debt Coach

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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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