I had a similar situation and I first tried debt settlement. It didn't work for me since a few credit cards dug their heels in, didn't negotiate, too me to court and froze my bank accounts. I am sure for some people it works and I was able to negotiate some cards to as low as 30 cents on the dollar. I am now in my second year of a 5 year Chapter 13 bankruptcy and wish I had started it earlier. I still got to keep my house and cars. I tell my whole story at my website.
It depends what you mean by "Debt Settlement," and my biggest word of advice is BE CAREFUL.
Debt settlement companies seem to come in two varieties:
1. those who are pretty reputable, they are usually non-profit (but that does not mean they don't get large salaries at the top)
I'll share what I was told by my bankruptcy attorney.
Norma
"Patience is the best remedy for every trouble"- Plautus
I had a similar situation and I first tried debt settlement. It didn't work for me since a few credit cards dug their heels in, didn't negotiate, too me to court and froze my bank accounts. I am sure for some people it works and I was able to negotiate some cards to as low as 30 cents on the dollar. I am now in my second year of a 5 year Chapter 13 bankruptcy and wish I had started it earlier. I still got to keep my house and cars. I tell my whole story at my website.
Good Luck