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Bankruptcy vs. debt settlement: which is better? Atlanta, GA

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Bankruptcy vs. debt settlement: which is better?

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If you are deep in debt and don’t anticipate your financial situation getting any better in the near future, you may be exploring your options for getting rid of your debt and starting over. Obviously, a Chapter 7 or Chapter 13 bankruptcy filing is one of these options. But, due to the common misconceptions about bankruptcy and a variety of other reasons, many people choose to work with a debt settlement company to repay their debt and get back on solid ground.

So which is the better solution? Is it better to file for bankruptcy or to go the debt settlement route?

Clearly, the answer to this situation varies significantly depending on each person’s individual situation. According to one bankruptcy attorney who also handles debt settlement cases, debt settlement is the best option for people who have a large amount of cash on hand to pay off a large chunk of a debt at the start of the process. Obviously, that will not be the case for many people who are struggling to make ends meet, but if it is possible to get a loan from a family member or from a home refinance, for example, debt settlement could work.

In most other cases, though, bankruptcy is probably the best option. There is no significant credit score benefit to using a debt settlement company instead of filing for bankruptcy. Further, settlement companies’ payment structures are set up so that their clients pay the company’s fees for several months before making any payments on their own debts. This could potentially lead to greater financial and legal trouble from creditors.

However, the best way to determine which option is the best for you is to contact a professional, such as a financial advisor or bankruptcy attorney, to discuss your options.

Source:, “Bankruptcy often trumps debt settlement,” Justin Harelik

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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    Jamie L. Gingold, PC
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    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

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    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

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    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

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    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

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