Debt Settlement vs Bankruptcy: 7 Crucial Things You Need to Know

Рет қаралды 32,837

Күн бұрын

Debt settlement vs bankruptcy cost and duration calculator: bit.ly/3CJncuv
If you are set on a specific path, you can get a:
1. Free debt settlement consultation from 3 top debt settlement firm: tryascend.com/debt-relief/com...
2. Free bankruptcy attorney consultation from an attorney that serves your city: tryascend.com/bankruptcy/free...
Two of the most common financial relief options to consider are bankruptcy vs debt settlement. The calculator above is designed to help you compare the cost, qualification, duration, and pros and cons of debt relief, Chapter 7 bankruptcy, and Chapter 13 bankruptcy.
Here are some resources mentioned in the video to help:
8 Red Flags Debt Settlement Companies Won't Tell You: • 8 Red Flags Debt Settl...
6 Things to Look for In A Debt Settlement Company: • 6 Things to Look For I...
Bankruptcy Exemptions: tryascend.com/bankruptcy/exem...
Tax Consequences: tryascend.com/blog/tax-conseq...
In this video, we will take a closer look at tax consequences, credit score and credit report impact, payment flexibility, and other aspects of debt relief vs bankruptcy.
Chapters:
0:00 Intro
1:28 Definition of Debt Settlement and Bankruptcy
2:14 How to Financially Think About Debt Settlement and Bankruptcy
3:50 Debt Settlement vs. Bankruptcy Calculator
4:42 Debt Settlement Process
6:23 Chapter 7 Bankruptcy Process
7:57 Chapter 13 Bankruptcy Process
9:13 Pros and Cons of Debt Settlement and Bankruptcy
12:49 What Should You Do?
13:14 Conclusion
#debtsettlement #bankruptcy #chapter7bankruptcy #chapter13bankruptcy #debtrelief
Music: www.bensound.com

Пікірлер: 103

@AscendFinance 3 ай бұрын

Thanks for watching the video! As I mentioned in the video, you can take our Debt Settlement vs Bankruptcy Calculator here: tryascend.com/qualify/calculator/route/youtubedsvsbk If you have any questions, you can call us at 833-272-3631!

@Maria-pl6pp 2 жыл бұрын

This so great! Thank you for all your help. I can't watch all of it right now but saving your videos for future watch.

@AscendFinance 2 жыл бұрын

Hey Maria, it's our pleasure! So glad you found it to be helpful so far. That's so nice of you to say. If you do end up having any questions, feel free to give me a call at 833-272-3631 and I'd be more than happy to chat through them with you!

@joseCalderon1976 6 ай бұрын

I thought about debt settlement and I'm glad I did chapter 7. I would never do debt settlement. The fees are too high in debt settlement and you can get sued. Chapter 13 is better for people that make too much money

@AscendFinance 6 ай бұрын

Thanks, yeah, Chapter 7 can be the cheapest and fastest, but debt settlement may be good in certain situations too, potentially if you have a creditor mix with a low lawsuit likelihood.

@ixcancel 3 ай бұрын

Great video. Blessings.

@AscendFinance 3 ай бұрын

Thank you for the encouragement!! :)

@terrezbutler4032 Жыл бұрын

Thank you for sharing this information

@AscendFinance Жыл бұрын

My pleasure, Terrez! Shoot us a call or text at 833-272-3631 if we can answer any specific questions to your situation! -Ben

@EugeMik 11 ай бұрын

Great info. Thank you 👍🏻

@AscendFinance 11 ай бұрын

My pleasure! I appreciate the kind words!

@kevinmoore9524 2 жыл бұрын

Thank You. This is great content.

@AscendFinance 2 жыл бұрын

Thank you so much for the kind words! If you have any questions, please give us a call at 833-272-3631. Thanks!

@prohabetamu 15 күн бұрын

Can I paid of my student loan with my credit card and the apply for chapter 7 for my credit card debt?

@jonathanpereirasp Жыл бұрын

So taking the debt consolidation would take 2-4 years of negotiations and for that time period payments can’t be made, is that right? Until the company achieve and agreement with the landers we could be sued… that’s freaking scary to be honest. I think that’s why a lot of people keep paying the minimum payment of the credit cards.

@AscendFinance Жыл бұрын

Hey Jonathan, yeah in debt consolidation programs (debt settlements), you'd generally make a payment into a special purpose bank account with the purpose of settling with creditors. I believe I've heard before of people making payments even while in the program, but yeah, I think debt collection lawsuits would be nerve racking for me. Are you seeing that you have to start falling behind?

@attorneydavidromito1567 3 ай бұрын

Bankruptcy is a setback, not a defeat. Hopefully, others will seek professional help from watching your videos.

@AscendFinance 3 ай бұрын

Thanks for the encouraging comment! Bankruptcy can be a great option for some people.

@BigZane9909 18 сағат бұрын

Is Beyond Finance a good debt relief company?

@elsplace896 6 ай бұрын

Great video. Question: Do you know if banks usually comply with not freezing a checking account that contains direct deposited social security retirement funds? I'm in NY and this is supposed to be protected from freezing.

@AscendFinance 6 ай бұрын

Thanks so much! Question, are you in a debt settlement program when all you receive is social security retirement funds? Wouldn't you potentially be judgment proof if creditors actually did pursue you? Or are you getting other retirement funds? Give me a call at 833-272-3631 if you'd like to chat.

@elsplace896 6 ай бұрын

@@AscendFinance I have a part-time job also. Can you just answer my question.

@elsplace896 6 ай бұрын

I have a particular fear of freezing shall we say.

@AscendFinance 5 ай бұрын

In most cases banks should protect that income and not freeze it since social security and retirement are usually automatically protected income. I would ask your bank just to be sure!

@AscendFinance 4 ай бұрын

Correct, thanks!

@JordanMerrell 11 ай бұрын

So I am currently in a Chapter 13 Bankruptcy and that, along with my other expenses basically have me living check to check. My total debt is around 10k. What would the fallout be if I voluntarily let it fall into dismissal?

@AscendFinance 11 ай бұрын

Hey Nati, generally, your creditors would be allowed to pursue you again because there's no more automatic stay in place. That said, I am curious why you filed Chapter 13 instead of Chapter 7 in the first place? Any chance you can give me a call at 833-272-3631? I'd like to understand this more. Thanks -Ben

@ronkoester6847 Жыл бұрын

Im in major debt and most of my accounts have been charged off. In about 3 months, i will be starting a much, much higher paying job and will start to get back on track. Should i do a chapter 13 100% plan, a debt settlement plan or try and dig out by myself? Thanks in advance for any input.

@AscendFinance Жыл бұрын

Give us a call! Your situation sounds a bit more specific - 833 272 3631 or send us a text if we miss you!

@aneudylopez1723 28 күн бұрын

I owed about 22k to 23K in Credit Cards, and i truthly wanna file Chapter 7 , I Live in New York But Now Im Taking Unemployment Cause i Got LayOff from Work, Is There Any Cheap Lawyers in NYC

@user-cg4em4lv3g 4 ай бұрын

?? I am looking into getting rid of CC debit( $15K) I do have an IRA that I can withdraw cash from that could pay off most CC and still keep me with $10K in the account. I honestly had hoped to use the IRA for a purchase of a house...... but just really need help and advice

@AscendFinance 3 ай бұрын

Give us a call at 833-272-3631 and we'd be more than happy to help!

@kimberlykeith4447 Жыл бұрын

i recently sign up with National debt relief I don't see a fast change with my credit score I'm at this point I should file for bankruptcy. i HAD FILE FOR chapter 7 BACK IN 2001,Should i stick with National debit or file again.

@AscendFinance Жыл бұрын

Hey Kimberly, do you know if you qualify for Chapter 7? How long have you been with NDR? I would love to chat through options, so would you have time for a quick chat with me? If so, here's my calendar: calendly.com/ben-tejes-ascend/free-chat Thanks - Ben

@darleneyost8146 10 ай бұрын

I retired from a Consumer Credit bureau - Settled for less than the full amount - used to be a derogatory status retained for 7 years before automatically removed from your credit file, am I wrong?

@AscendFinance 9 ай бұрын

Correct. If you do Debt settlement, when you finish paying off the settlement the creditor may either do a: 1. Pay to delete - where they remove the account from your report as if it didn't happen 2. Settled for less - leave it marked as settled for less on your credit report where it will stay on your report for the next 7 years - potentially capping your credit score from growing.

@lindawalters7738 Жыл бұрын

My sons check are being garnished 300. dollars weekly for a truck he gave back over 5 years ago and it was resold. He has to borrow every week to keep paying his bills because of this. I’m trying to help him and need to figure out what is the best way to handle this.

@AscendFinance 11 ай бұрын

Hey Linda, so sorry as it sounds like a auto deficiency that went to judgment. Would you have time for a quick chat? If so give me a call at 833-272-3631 on Monday! Thanks!

@Joy11009 6 ай бұрын

File chapter 7 bankruptcy, from what I’ve heard it will automatically stop all garnishments and orders again you. But a lawyer would be able to go over that better than me lol… but maybe there is better options than filing for bankruptcy so idk. 🤷🏻‍♀️

@AscendFinance 5 ай бұрын

Correct, chapter 7 gives legal protection which would stop a garnishment.

@maribelavila209 3 ай бұрын

Do you have any companies you can suggest for debt settlement ?

@AscendFinance 3 ай бұрын

We do! Give us a call at 833-272-3631 and we'd love to tell you! Our calls are all free!

@Priust189 4 ай бұрын

Why not just do neither and wait for the statute of limitations to expire

@AscendFinance 4 ай бұрын

Great question! Some people may choose to do that but there are some risks. For example, the statute of limitations may be a long time for your state and it depends on the last activity of the account so potentially, it could be longer than you may think for them to be able to collect. Also, it is up to the creditor if they want to come after you so you can't know for sure, and if they do, they could try to garnish your wages or put a lien on your property which most people usually want to avoid.

@micaelamaclean5618 11 ай бұрын

I spoke with a debt relief company today and they guaranteed 50% minimum reduction of the debts I owe. They provide legal protection with the cost included in my monthly payments. The cost of the services from their program are 40% of whatever amount I save. Before I agree to this, I was curious what you're opinion is on their fees.

@AscendFinance 11 ай бұрын

Thanks, I am skeptical when anyone ever guarantees a minimum of 50% as creditors could change their policies at any time AND each creditor is different. I like the pay on savings model but it seems like that’s a minimum of 20% of enrolled debt if they actually can get to 50% or more, but that’s sort of in the range. Are you thinking this option is best for you?

@vha3742171 11 ай бұрын

So no debt relief company is good.

@vha3742171 11 ай бұрын

Bankruptcy the best way to go. I called freedom debt relief. I owe too much in credit card debt. So both ways not go choice. If credit card company not willing to work with you. So what options does anyone have.

@joseCalderon1976 6 ай бұрын

@@vha3742171I would take whatever a debt settlement company says with a grain of salt. I wouldn't believe them. Chapter 7 or 13 are way better and they do offer protection against creditors and more importantly, protecting you against being sued.

@AscendFinance 5 ай бұрын

Definitely pros and cons to both but you are correct- generally much less risk with bankruptcy.

@tamagotchi1558 6 ай бұрын

i'm about 20k in debt. i get paid about 5k a month. just going through a rough time i havnt made payments and some have my car for collateral.. What should i do??

@AscendFinance 6 ай бұрын

Hi, I am so sorry as this must be really stressful at the moment. Would you be able to give me a call at 833-272-3631 when you get a moment? We are here until 7:30 pm EST today and tomorrow. I'd like to understand a bit more about your expenses and which debts are behind. For example, how many months is your loan tied to your car behind?

@kesahnartis8111 2 ай бұрын

I just want to know if i can get a home in the future if i file for chapter 7, i talked to a dude that said “man im about to file for bankruptcy again and im still keeping my house” but he already has a house lol i dont. and id be applying for a fha loan. I bank with navy federal and owe over 36,000

@AscendFinance 2 ай бұрын

Hey, great question! You can do everything after a bankruptcy, it just may take time and depends on how quickly you can rebuild. Most people may not be able to buy a house until 2 years after the bankruptcy because you will have to rebuild your credit.

@dealio1979 10 ай бұрын

Debt management does nothing for personal loans which is what I have.

@AscendFinance 10 ай бұрын

Exactly, unfortunately. What other options are you looking at? Do you qualify for Chapter 7 or are you looking at debt settlement? If helpful, could you give us a call at 833-272-3631?

@user-qc2qx7ph9f 9 күн бұрын

What's the cost to get debt relief soy get lower unrest ❤

@AscendFinance 8 күн бұрын

Any chance you can call us at 833-272-3631? We can provide a cost estimate.

@mikefree103 2 ай бұрын

Can I keep my house and vehicle in a chapter 7

@AscendFinance 2 ай бұрын

Hey Mike! It depends on how much equity is in your home/car or if you have a loan on your car. Give us a call at 833-272-3631 and we can look through it!

@jasminebatista928 7 ай бұрын

Is debt settlement out of the question if you’re already being served?

@AscendFinance 7 ай бұрын

Hi Jasmine, great question! Not necessarily, you may be able to still settle the account. There may be a chance that the savings are impacted, as they may include the attorney fees and only settle for 75-80% but it really depends. If you want to give me a call at 833-272-3631 I'd be happy to chat.

@mikeparki6584 4 ай бұрын

what if some one's debt is 1.5Mil? all overseas?

@AscendFinance 4 ай бұрын

That is a great question to ask an attorney because it can be more complex. Do you have an attorney?

@camus1679 9 ай бұрын

Girlfriend is about 20-25 thousand in debt through various places (mainly auto insurance and medical bills) She is currently unemployed and collecting on unemployment. She rents an apartment and owned a car Blue booked at $2000. We think chapter 7 is her best bet at getting out of debt. Are we on the right track?

@AscendFinance 9 ай бұрын

I don’t know everything about your situation, so I can’t give any advice. Happy to discuss options if you want to give me a call at 833-272-3631!

@AscendFinance 4 ай бұрын

Bankruptcy may have a negative affect on your credit, so there are some cons to keep in mind. Let us know if you have questions!

@camus1679 4 ай бұрын

@@AscendFinance finally got motivated to get ahold of you guys again and am very pleased with the help and references we’ve received. Thank you all very much and we will be keeping you in mind to refer to others.

@AscendFinance 4 ай бұрын

That is so nice to hear, thank you for the encouragement! I am so glad we were able to help you out! :)

@hankusuma2398 Жыл бұрын

Recently got separated from my company. I have 0 income now. And got personal debt (50k+$). Still not getting my unemployment yet. So which one is better for me and wont impact my spouse credit score. Thanks 😢

@AscendFinance Жыл бұрын

Hi Han! Neither should impact your spouse's credit score unless you have joint accounts and your spouse does not keep up with their side of the payments. In terms of which one is better for you, it really depends on whether you have assets you need to protect and many other factors! We can walk you through it if you give us a call at 833 272 3631!

@mannyboyaztlan5127 Жыл бұрын

Don’t go bankrupt I do debt consolidation let me know

@hankusuma2398 Жыл бұрын

@@AscendFinance i have no assets under my name. All on my spouse. But also he got take home pay around $4000. Is it still possible?

@hankusuma2398 Жыл бұрын

@@mannyboyaztlan5127 but still have no income to pay the monthly consolidation.

@AscendFinance 4 ай бұрын

You can definitely file something without your spouse but they will take into account household income. Give us a call at 833-272-3631 and we'd live to go through your situation.

@summerreed6562 Жыл бұрын

I woukd suggesr you cut out the dings snd harsh sounds to mark your different points. .annoying not needed

@AscendFinance Жыл бұрын

Thanks for the feedback, Summer. I am going to send this over to my sounds/editing person to see what we can do. I appreciate it. -Ben

@cynthiaedwards3286 4 ай бұрын

Why those sounds bothering you 😅

@jamesadamgleason9471 Жыл бұрын

Shirts are not ironed properly. Not a dig just a heads up considering everything else is high quality

@AscendFinance Жыл бұрын

Thanks, James! My wife actually mentioned the same thing! I did my best on the next set of videos, but love that you caught that too! ;)

@jlkegl01 Жыл бұрын

impossible to follow with the choppy edits and your cadence

@AscendFinance Жыл бұрын

Sorry about that. I’ll do my best to make sure that doesn’t happen.

@lorumipsum1129 Жыл бұрын

Honestly, unless your doing a debt management plan from a non profit, your better off with chapter 13 or 7. Debt settlement companies are horrid

@AscendFinance Жыл бұрын

Thanks for the message! I believe there may be a place for debt settlement, but I would say that there are only a few companies that we would be comfortable referring people too!

@lorumipsum1129 Жыл бұрын

@@AscendFinance the only time I consider it would be if you can't afford the bankruptcy process and lawyer cost for either version. Even then, the debt settlement process could still see ya sued anyway and most don't do Thier job properly. Maybe some do but I'm unaware of any. At least not profit debt management plan try. I'm currently on one

@AscendFinance Жыл бұрын

Thanks, are you able to afford the payments? I find that debt management can be great if you can afford it.

@lorumipsum1129 Жыл бұрын

@@AscendFinance I am. I do have a personal loan too but payments for both about the same price wise anyway and are separated by pay week, so it isn't a issue. Currently a bank did join the dmp though but it's pay date is before the dbp payment which is odd. Hopefully that changes on its own

@AscendFinance Жыл бұрын

Thanks for the update!

@liampatrick4465 5 ай бұрын

why does eeyone have to have annoying sfx in their vids

@AscendFinance 5 ай бұрын

We are always trying new things to keep things entertaining, that said, thanks for the feedback! I'll keep that in mind, as we edit the next video.

@graylobo133 Жыл бұрын

What is the best debt settlement company in CA?

@AscendFinance Жыл бұрын

Great question, here are a couple of our favorite debt settlement companies in this space. Please note only one of these is physically located in California, but both serve California: tryascend.com/debt-relief/company/best-debt-settlement-companies

@mannyboyaztlan5127 Жыл бұрын

I work for cash keepers let me know I can help you.

@lindawalters7738 Жыл бұрын

Will consolidation get rid of a current garnishment?

@AscendFinance 4 ай бұрын

Unfortunately, no. Bankruptcy will immediately stop a garnishment but if you do a debt consolidation program then the creditor garnishing you will have to accept a new payment plan for the garnishment to stop.