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.