Could bankruptcy help you? Find out now.

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Bankruptcy

Chapter 7 allows you to discharge most of your debt, but you will have to liquidate most of your assets. With Chapter 13 you get to keep your assets, but pay your creditors over a 3-5 year period.

Pros

Stops collection activity
Retain assets (Ch 13)
Significant debt relief (Ch 7)

Cons

Reduces credit score
May do not qualify for Ch 7
Affordability

Debt Settlement

Debt settlement professionals negotiate with creditors on your behalf. Because of the amount of debt they control, debt settlement companies can negotiate better settlements than individuals.

Pros

Hiring a professional
Moderate debt relief
Decrease in monthly payments

Cons

Collection process continues
Reduction in credit score
Lump sum settlements

Credit Counseling

Credit counseling companies can negotiate lower interest rates and monthly payments with your creditors. Debt relief comes in the form of reduced interest rates and an accelerated pay off period.

Pros

Lower interest rates and payments
Stops collection activities
Doesn't affect credit score

Cons

Pay back 100% of debt
Some debts not included
May limit access to new credit

Debt Consolidation

Pay off multiple debts with a single debt consolidation loan. These loans can be unsecured (such as a signature loan) or secured (such as a home equity loan).

Pros

Pay a single creditor
Lower interest rates
Doesn't affect credit score

Cons

Can convert unsecured debt to secured
Introductory offers are temporary
Potentially higher interest rates

Debt Restructure

Debt restructure programs allow you to purchase your qualifying debt back for about 40 cents on the dollar and pay it back over a period of 2-4 years.

Pros

Significant debt relief
No lump sum settlement needed
Collection activities stop

Cons

Not all debt qualifies
Relatively new service
May affect your credit score

Tax Relief

These companies are similar to debt settlement companies, but they only deal with one creditor—the IRS. They will help you settle your taxes for less than you owe and get on with your life.

Pros