Debt Settlement is an alternative to bankruptcy.   It provides a proven method to save money and to settle your debts with the process of negotiation.  Bankruptcy stay on your credit report for 10 years and can have a negative impact such as denial of employment, insurance, and state licenses.   You can be denied of any type of credit with bankruptcy on your record. The latest changes to bankruptcy law makes it harder for some people to obtain financial relief by filing Chapter 7 bankruptcy, the method of liquidating assets to eliminate your debt.  People with higher income are no longer allowed to use Chapter 7 bankruptcy, but instead have to repay a portion of their debt under Chapter 13.  Before you can file for Chapter 7 or 13, you must complete credit counseling with an agency approved by the United States Trustee’s office.  The effects of Debt Settlement on your credit will be less damaging than a bankruptcy mark on your credit for 10 years.