Consolidating debt vs bankruptcy profile suggestions for online dating

But you don’t have to make the decision by yourself.In this blog post, we examine debt consolidation vs bankruptcy and why consolidating might be the better choice.

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Consolidation isn’t a silver bullet for debt problems.

It doesn’t address excessive spending habits that create debt in the first place.

Bankruptcy is a legal process designed to protect a debtor who cannot pay all of his or her debts.

In most cases, bankruptcy begins when the debtor files for protection in court.

All of the remaining debts are discharged by the court.

Chapter 13 bankruptcy, on the other hand, doesn’t require the debtor to surrender any property, but the debtor must instead repay everything he or she owes over a set period of time.

When you find yourself with more debt than you can afford to repay, you may consider bankruptcy.

However, although this choice can help you eliminate your debt quickly, it is not the only option available to people who are struggling.

It’s also not the solution if you’re overwhelmed by debt and have no hope of paying it off even with reduced payments.

If your debt load is small — you can pay it off within six months to a year at your current pace — and you’d save only a negligible amount by consolidating, don’t bother.

In any case, the best option for you depends on your credit score and profile, as well as your debt-to-income ratio.

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