How Bankruptcy Compares To Debt Settlement

Debt settlement companies advertise heavily and promise easy solutions to consumers struggling to pay their bills. These companies work hard to convince people that debt settlement is a simpler approach to their financial problems than bankruptcy. What they might not tell you is that bankruptcy is often faster and can save you money.

For more information about whether bankruptcy or debt settlement is right for you, discuss your situation with our knowledgeable attorneys during a free initial consultation. For Massachusetts, call

. For Connecticut, call

Debt Settlement Companies May Cost You Time And Money

Bankruptcy is a legal process that provides the opportunity to rid yourself of overwhelming debt. Debt settlement companies, on the other hand, are for-profit organizations that offer debtors few guarantees. Your creditors are not obligated to accept the offers a debt settlement company makes on your behalf. These companies cannot protect you from lawsuits and wage garnishment.

Bankruptcy Provides Real Solutions, Not Scams

Debt settlement can last five to seven years. While you are being harassed by creditors, the debt settlement companies are charging you fees. Ultimately, the costs of debt settlement are often similar to what you would have paid to your credit card companies without outside help.

By contrast, Chapter 7 bankruptcy lasts only a few months. Many of our Chapter 13 clients pay only 10 to 30 percent of their debts over five years, and the remaining debt is discharged at the end of the payment period.

Contact Our Firm

To learn more about how bankruptcy compares to debt settlement companies, contact Forghany Law P.C. online to schedule a free initial consultation in Lawrence, Hartford or one of our many other locations. You may also call our lawyers at

in Massachusetts or at
in Connecticut.

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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.