Debt Settlement vs Bankruptcy vs Debt Management Plan (credit counseling): A Comparison

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Easily compare debt settlement, bankruptcy and debt management plans for what it will cost you, how long it takes, and how long it hurts your access to credit.
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Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.

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12 сен 2024

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Комментарии : 24

@thefirestarterpack4235 4 года назад

Michael, you put out great videos and I am very glad you have started up again. You have some of the most honest and realistic videos when it comes to credit management and repair and I have recommended them countless times.

@danthemansmith3653 4 года назад

Another great video with great information for people. Thank you Michael.

@jamesmontigny 4 года назад

Solid advice and explanation.

@michaelscarlata8314 4 года назад

Michael, thanks for your videos. I owe a collection agency $565, it's from not being able to pay my Comcast bill. I was living with a roommate and he was stalking a girl that I started to date and put a gun in my face and told me he'd kill me if I didn't stop seeing her. That night while he was at a bar, I packed all my things and left. I didn't think about getting the cable boxes and Comcast charged a huge fee for not returning them and my roommate charged a bunch of movies before I thought about cancelling my cable. Should I mention this to the debt collectors? How much would you try to negotiate them down to? I can pay the full amount, but I'd like to pay a lot less.

@MichaelBovee 4 года назад

You can negotiate a utility bill like this. The issue you may run in to is small balance accounts typically not settling for the best savings: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-QOSmQ47CmaY.html

@MysticMountainNebula 2 года назад

If you do a chapter 13 bankruptcy plan for 3-5 years, do the 7 years it’s on your record start once the plan has concluded or does the 7 years start when the bankruptcy plan starts? Thank you for the info!

@MichaelBovee 2 года назад

The 7 year credit reporting on a chapter 13 runs from the start and not the end. Most chapter 13 bankruptcy repayment plans are for 5 years. Upon completion you would have 2 more years of credit reporting before it ages off.

@tonya8315 3 года назад

thank you great advice

@raztdakj7057 3 года назад

Is bankruptcy possible when you are outside of the USA and have no assets (apart from some 401k) and no address? The point is that what if someone wants to come back after say 7 years. Thank you

@MichaelBovee 3 года назад

Talk to an experienced bankruptcy attorney in the state you think you would file about this. I am not sure I would file if I am not coming back until after 7 years passes, and my debts remained unpaid that long. The negative credit reporting from accounts not being paid ages off your credit after 7 years, so you should come back to little of the credit wreckage you may have left with. Check out this video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-hmz6-TmHPIo.html

@kevinritter1341 3 года назад

Is freedom debt relief a scam ? Or should I do bankruptcy?

@MichaelBovee 3 года назад

If you can qualify for chapter 7 bankruptcy, it is the option of first resort. If you cannot do chapter 7, and would have to do chapter 13 bankruptcy, I would then consider settling debt as an alternative. I consider Freedom Debt Relief to be overpriced by quite a lot. If you want to talk through your different options, and how to do debt settlement as affordably as possible, you can schedule a call with me here: consumerrecoverynetwork.com/free-debt-consultation/

@kevinritter1341 3 года назад

@@MichaelBovee thank you for the response. I am going to settle with my loans. Be my own lawyer, and do the Dave Ramsey debt snowball method. Zero legal fees and no hit on my credit

@conman20000 8 месяцев назад

So, I got about 28,000 in credit card debt and make about 21,000 after taxes. Should I consider chapter 7 or a debt management plan?

@MichaelBovee 8 месяцев назад

Are you current on the credit card payments or late? Do you own a home, and if so, how much equity do you estimate you have? What state are you in? How many people in your household? What is your monthly gross household income? Is your job secure? Does your income fluctuate? Can you consistently afford to pay 560 dollars a month on those credit cards?

@conman20000 8 месяцев назад

@@MichaelBovee Are you current on the credit card payments or late? Yes but I'm getting close to not being able to make payments, cards are maxxed out. Do you own a home, and if so, how much equity do you estimate you have? No, but want to be able to get a loan in a few years to get a new car or house. What state are you in? Montana How many people in your household? Just me What is your monthly gross household income? 2000 Is your job secure? Yes Does your income fluctuate? Not by much, maybe 200 dollars Can you consistently afford to pay 560 dollars a month on those credit cards? I mean at this rate I'm paying almost 500 in interest alone. So, unless something changes, no.

@MichaelBovee 8 месяцев назад

The national average cost of chapter 7 bankruptcy is about 1800 dollars and it looks like you qualify. Talk to a credit counselor about what they can get your monthly payment down to on a debt management plan, but the average would be about 560 dollars a month. The program would likely last 60 months or less, and then you would be out of credit card debt. Given what you shared, the math favors filing chapter 7. Your credit can bounce back pretty fast after chapter 7. A home loan within 2 to 3 years after filing is realistic. Check out my debt relief comparison article here: consumerrecoverynetwork.com/credit-report-score-rating-debt-relief-programs/

@conman20000 8 месяцев назад

@@MichaelBovee would a debt management company be able to get my APR down more then I could myself? I think that's my main concern, I dont need the consolidation. If I can do it myself, why pay them. Right now I'm paying close to 500 in interest each month. If I can't get the rates low enough to be able to work on paying the credit cards off, I will probably have to consider the chapter 7.

@MichaelBovee 8 месяцев назад

It could boil down to who your creditors are, and a couple of other elements of trying it on your own. Nothing you get the banks to do, or that a credit counseling company would get you, will compare to the debt relief from chapter 7 bankruptcy.

@sonbui5088 3 года назад

I’m currently on a debt settlement monthly plan, am I able to still file for chapter 7?

@MichaelBovee 3 года назад

Yes, you can file chapter 7, and include this debt too.

@triciahummel7086 3 года назад

Thank you for this straight forward video. I just watched a bunch of Dave Ramsey videos and is it just me or does that guy seem like a phony? he makes his living off of getting people to tell him all of their personal business and then shames them after...idk but something tells me he's got interest in keeping people in debt. like if they ask about bankruptcy he never really answers their questions about it. talks in circles and kinda shames them for thinking about it...just pushes them to a debt consolidation plan, which is his snowball method, and they all eat it up! He seems fake to me. Is it just me?