Ask The Experts: Debt Settlement vs. Bankruptcy

Q. I am a disabled veteran, and deep in credit card debt from cards I was living on while waiting for disability benefits. What's the best debt reduction company or bankruptcy firm? PLEASE HELP! -Greg

A. Greg - Can I suggest an alternative? At the very least I'd love for you to contact the folks at Consumer Credit Counseling Service. You can find a local office at They may be able to help you out of your credit card debts and save your credit at the same time. If after meeting with them you have determined that they can't help then I'd suggest skipping debt reduction and going directly to meet with a bankruptcy attorney. It's a more reputable process than debt reduction or settlement. It's legal protection from your creditors, where reduction is not. I'd be way out of my comfort zone suggesting a bankruptcy attorney though. I'd suggest looking through your Yellow Pages for a local firm.

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John Ulzheimer is a nationally recognized credit expert, president of Consumer Education for and contributor to On The Money. Learn more about him at