Thinking About Filing Bankruptcy? Call Roundleaf First!

October 21, 2022
Thinking about filing for bankruptcy? Call Roundleaf first

If you’re feeling overwhelmed by your debt, you might be considering filing for bankruptcy. But before you take any drastic steps, why not call Roundleaf and see if we can help? Here are five reasons why we think you should give us a call. 

1. You get to keep your assets 

One of the biggest advantages of debt settlement is that you get to keep your assets. Unlike bankruptcy, which can involve the liquidation of your assets, debt settlement allows you to keep your car, house, and other belongings. This can be a major advantage if you have a lot of equity in your home or other property. 

In addition, debt settlement can have a less negative impact on your credit than bankruptcy. While both will damage your credit score, debt settlement typically has a smaller effect. As a result, debt settlement can be a good option if you’re struggling with debt but want to avoid the long-term damage of bankruptcy.

2. Debt settlement is a much quicker process 

Bankruptcy is a legal process that allows you to discharge your debts and start fresh. Debt settlement is an agreement between you and your creditors to settle your debt for less than what you owe. Both options have their pros and cons, but if you’re looking for a quicker solution, debt settlement is the way to go. 

While bankruptcy can take up to five years to be discharged, debt settlement can be done in as little as 12-18 months. This means that you can get out of debt and start rebuilding your credit sooner. Of course, every situation is different, so it’s important to speak with a financial advisor to figure out which option is right for you.

3. Debt settlement is more affordable than bankruptcy 

If you’re struggling with debt, you may be wondering if bankruptcy or debt settlement is the right option for you. Both approaches have their advantages and disadvantages, but in general, debt settlement is more affordable than bankruptcy. 

With debt settlement, you work with a professional negotiator to try to reach an agreement with your creditors to pay off your debt for less than what you owe. If successful, this can save you a significant amount of money. 

By contrast, filing for bankruptcy typically involves attorney fees and court costs that can add up quickly. So if you’re looking for the most affordable option, debt settlement is likely your best bet.

4. Debt settlement offers more flexibility than bankruptcy

Debt settlement offers more flexibility than bankruptcy – you’re not locked into a specific repayment plan like you are with Chapter 13 of the Bankruptcy Code. With debt settlement, you can negotiate with your creditors to agree on a reduced payoff amount. This can save you money and help you get out of debt more quickly. Plus, it won’t have the same negative impact on your credit score as bankruptcy. 

If you’re struggling with debt, don’t wait – contact a debt settlement company today to learn more about your options.

5. You have more control over your credit score 

Generally speaking, you have more control over your credit score after settling debts than if you filed for bankruptcy. This is because when you settle debts, you’re able to negotiate with creditors to have negative items removed from your credit report. On the other hand, bankruptcy stays on your credit report for seven to 10 years, making it difficult to improve your credit score during that time.

Of course, the best option for your credit score is to avoid getting into debt in the first place. But if you find yourself in a situation where you can’t pay off your debts, then settling them is usually the better option for your credit score.

Why Roundleaf?

Roundleaf is a small business that is focused on helping you achieve your most important financial goals. We have over 100+ 5-star reviews, A+ BBB accreditation, and voted the best credit repair company in San Jose by

Our team is dedicated to helping people find the best possible solution for their unique situations. Don’t go it alone – let Roundleaf help guide you through this difficult time. Please call us today at 408.912.2323 for a free consultation.