Bankruptcy – Banks Credit Chat https://bankscreditchat.com Daily Tips And Information On Everything Dealing With Credit Fri, 21 Jan 2022 14:36:52 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 Bankruptcy & Credit- When And If You Should Consider Bankruptcy! https://bankscreditchat.com/bankruptcy-credit-when-and-if-you-should-consider-bankruptcy/?utm_source=rss&utm_medium=rss&utm_campaign=bankruptcy-credit-when-and-if-you-should-consider-bankruptcy https://bankscreditchat.com/bankruptcy-credit-when-and-if-you-should-consider-bankruptcy/#respond Thu, 10 Feb 2022 14:35:00 +0000 https://bankscreditchat.com/?p=347 In this video I discuss the dreaded word in credit which is Bankruptcy. Although this is not an ideal solution for handling overwhelming debt, it may be the best solution for a number of cases. When and if you should file bankruptcy is a tough decision. Hopefully in this video you will get some insight on making the best decision for your situation.

]]> https://bankscreditchat.com/bankruptcy-credit-when-and-if-you-should-consider-bankruptcy/feed/ 0 Bankruptcy is Better Than a Debt Settlement Hands Down… https://bankscreditchat.com/bankruptcy-is-better-than-a-debt-settlement-hands-down/?utm_source=rss&utm_medium=rss&utm_campaign=bankruptcy-is-better-than-a-debt-settlement-hands-down https://bankscreditchat.com/bankruptcy-is-better-than-a-debt-settlement-hands-down/#respond Sat, 03 Oct 2020 19:46:00 +0000 http://bankscreditchat.com/?p=48 In this video I provide 4 reasons why Bankruptcy is better than a debt settlement hands down.

#1) A bankruptcy provides you a clean slate, where as a debt settlement you still have the debt if they do not settle the debt with you.

#2) Debt Settlements require the creditor to take less then what is owed. In addition the amount that was not paid for will lead to a taxable event in which they will send you a 1099 for the difference.

#3) In a Bankruptcy chapter 7 one time payment to the attorney and you don’t have a 1099 to deal with for taxes. Where as a debt settlement there is the possibility the debt(s) could resurface. A Bankruptcy provides a clean slate and the worry of it resurfacing is eliminated.

#4 Bankruptcy provides a legal guarantee all debts are taken care of. Where as a debt settlement they can sell the debt to another creditor allowing them to try to come after you financially.

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