Bankruptcy or Settlement?

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(MADISON, Wis.)—A recent analysis found the number of Americans filing for bankruptcy continues to rise. The Association of Settlement Companies (TASC) today reminds consumers who are struggling to pay off their unsecured debt that debt settlement remains a reliable tool for relief, especially when compared to taking the dramatic step of filing for bankruptcy.

According to a report from Automated Access to Court Electronic Records, bankruptcy filings in the United States now exceed 6,000 per day. Reputable debt settlement companies such as those that are a part of TASC—a non-profit watchdog for the industry—can help consumers avoid being a part of that statistic. One reason is that debt settlement companies can often negotiate with creditors to settle for less than the full amount owed.

“Every day the debt settlement industry assists consumers in navigating through their financial straits,” Chris Kesterson, president of TASC, said. “Our staff members are knowledgeable and experienced in working with creditors, who are willing to take a settlement over getting nothing with bankruptcy.”

Debt settlement provides consumers with a three-year plan to get out of debt without the 10-year stain of bankruptcy on their credit report. Bankruptcy also is time-intensive and can be difficult to apply for, if a consumer even qualifies, Kesterson added.

To illustrate debt settlement as a growing choice over bankruptcy, TASC revealed recently that the industry returned more than $2.2 billion in consumer debt last year. In addition, TASC’s research shows more than $500 million in settlement funds saved by consumers are available to credit card companies today.

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