Is debt settlement like bankruptcy?
This is another question often asked by people who are stuck quite deeply in debt and searching for a way out but want to avoid bankruptcy. These two methods of debt relief are quiet different. For starters the negative effects of going through a bankruptcy are far worse than debt settlement. The negative aspect of debt settlement is having to fall past due in order to get a settlement. But a bankruptcy has far worse negative implications. For one it will remain a public record for life. And it will have a very negative impact on your FICO credit rating for up to ten years.
