If you are a consumer who is facing extreme financial difficulties, you may be considering whether bankruptcy or debt settlement is your best option. Although there are negative credit consequences associated with both of these options, each has unique advantages and disadvantages that may pertain to your situation. Although debt settlement helps some consumers avoid the credit penalties and social stigma associated with bankruptcy, it can often be a long, drawn-out process that is complicated to oversee to completion. Furthermore, consumers who opt to work with a debt settlement company report a very low level of customer satisfaction. One recent survey found that less than 1% of all clients of third-party debt settlement firms completed their programs as agreed to and reported satisfactory results. Although bankruptcy is an extreme measure, it often proceeds quickly, granting consumers a clean slate and helping them to get back on track quickly. For more advice, consult with a non-profit credit-counseling center in your community.