Difference between bankruptcy and debt consolidation

Hi Lori

Welcome to the forums.

A person files for bankruptcy when he is unable to pay his past debt and wishes to discharge it. Thus, all the collection efforts by the creditors will be stopped and they cannot take any legal action against the debtor or on the property to collect the debt.

However, one cannot file for bankruptcy chapters if he has dismissed a bankruptcy petition sent to him by the court due to his willful failure to appear in the court. He also cannot file for bankruptcy if his creditors sought relief through the bankruptcy court for recovering the property on which they hold liens.

Filing for bankruptcy is not the perfect solution to ease the financial situation. It has a lot of negatives with only a few of positives. Bankruptcy will destroy the credit report and it will be staying in the credit report for at least 10 years. Above that, most of the creditors will not be willing to extend credit for at least 3-5 years. It should only be filed when there is no other way left and are not worried about the consequences.

http://www.debtconsolidationcare.com/avoid-bankruptcy.html

debt consolidation is the best way to set yourself in motion and relieves you from your past debt. debt consolidation program will offer you lower monthly payments which will be more convenient for you to pay the past debt. Hence, it will relieve you from the daily financial and emotional stress.

Debt consolidation program reshapes your credit report and helps you in acquiring your credit worthiness. The main objective of this program is to restore your good credit rating in a faster and secure way.

Since all the multiple bills are included in the debt consolidation program, there is no possibility of missing any particular payment and all the bills will be paid to your creditors in the current billing cycle.

The creditors appreciate your enrollment in the debt consolidation program as you have taken this responsibility to clear your past debt and as a result they are willing to cut off the financial charges and the late fees accrued in your total debt. Your credit report showing the debt consolidation program will be viewed more favorably than before as long as you are in the program.

http://www.debtconsolidationcare.com/benefits.html

Comparing the debt consolidation program with the bankruptcy, I strongly suggest you using the debt consolidation program rather than filing for bankruptcy as bankruptcy has devastating effects on your credit report and as per the new bankruptcy laws, a consumer after filing for bankruptcy is still required to pay his debt if he is capable enough to earn his livelihood.

Debt consolidation program has been the most popular and easiest way to erase all the past debts. This program will further provide you debt counseling and budgeting programs which will be helpful to you in managing your finance and achieve a debt free life soon.

Regards
Roxette

where is a good place to get counsling my e-mail is
estes 310226 @ cox . net