Debt settlement is the worst financial move You can make. By design, the “Debt Settlement Program” destroys Your Credit Score for years. Typically, You save much less money than just settling the accounts on Your own. The first thing You are instructed to do when You sign up for a Debt Settlement Program, is to stop making payments to Your creditors! Not only will that hammer Your Credit Score, but You have absolutely no protection at all! At least with Bankruptcy, Your creditors can not pursue collection activity, call You, harass You, or sue You for the debt You owe. With Debt Settlement, ALL of the above are likely to happen in the first 90 days.
If You are considering a Debt Settlement solution, most likely, You are a good Candidate for a Chapter 7 Bankruptcy. Make sure You at least schedule a Free Consultation with a San Diego Bankruptcy Lawyer before You make any commitments. A good Attorney will also be able to provide Your Credit Score before and after filing.