I have about 14,000 in debt, and am on fixed incom

I have about 14,000 in debt, and am on fixed income disability, 1600 a month. I have regular bills, rent 700.00, car is paid. I also have a foreclosure 2 1/2 years ago from recession/illness/disability. Should I claim bankruptcy or try a debt settlement company? Over 50% of debt will be off in 3 yrs, but foreclosure is there. I want to improve fico, and get a secured credit card. Which is best for me? Bankruptcy or debt settlement and how do I know which debt settlement co is legit?

2 Answers

I think debt settlement is better for you than bankruptcy. This is because bankruptcy ruins your credit score badly. To choose a good debt settlement company, you will have to consider some aspect, such as- company profile, reputation, tenure, accreditation, cost structure and client testimonials etc. Look at this page to select a debt settlement company:

I'd recommend that you file for bankruptcy simply because there is a legitimate chance that a debt settlement company might not work. You could take a shot at negotiating with your creditors by yourself. You might actually manage to talk them into lowering your outstanding balance.

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