What is the difference between filing for bankruptcy vs. debt consolidation?

The main difference is that with debt consolidation, creditors DO NOT have to participate!!  If a creditor does not participate, the debtor is responsible for 100% of the debt.

Creditors DO HAVE TO participate in bankruptcy.  They can not opt out!!

 

 

This answer does not create an attorney/client relationship and is for informational purposes only.  We are a law firm licensed in Georgia.   A consultation with a qualified attorney in your area is required to determine specific legal advice as to your situation and applicable law. We are a law firm designated by Congress as a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.




Angie Seymour
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Bankruptcy Attorney Serving Augusta, GA