If the referrence is to a consolidation loan then that depending on the party's financial situation would be a better choice than BK. If the issue is whether a chapter 7 or 13 BK is the best choice, it is always preferable to pay debts even partially. However both are detrimetal to credit history. A 7 remains for 10 years a 13 when satisfactorily discharged remains for 7.
Answer
Always debt consolidation is far better. Bankruptcy should be your last resort as it affects your credit score badly for years to come. In debt consolidation you pay the debt consolidation company the repayment amount and they will inturn pay your creditors in such a way that your rate of interest is reduced. You can even go for debt settlement where your debt levels are reduced.
Bill consolidation is a better alternative to bankruptcy. Bankuptcy will go on your credit and has stipulations to being accepted. Bill consolidation will give you a chance to pay off your debts without an adverse effect to your credit score.
Answer Bankruptcy is a complicated process and it should be a last resort as it will damage person's credit for up to 10 years. Consolidating debt is always a better way to solve debt problems and protect the financial future. Bills has information and interactive tools to help consumers navigate through debt successfully.Answer :Yes, debt consolidation is better than bankruptcy.Bankruptcy may have a lasting impact on your credit report which will affect your ability to get credit at favorable interest rates.So debt consolidation is better to solve your debt problems.
Yes, credit card consolidation will affect your credit score. It will show on your credit report for at least five years, it doesn't hurt as bad as bankruptcy however.
You can try credit counseling, as well as debt consolidation. That way your credit won't be ruined.
Credit card debt consolidation with the help of an accountant or a debt consolidation service and careful management of income can be helpful steps in reducing your credit card debt without declaring bankruptcy.
debt consolidation or debt negotiation
Debt solutions or consolidation is something you should look into before filing bankruptcy. Consolidationg your debt allows you to make smaller payments over a set amount of time and can positively effect your credit.
A consolidation loan will pay off all of your bills and give you one payment. This program will only really work if you cut up your credit cards and have discipline.
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
No. Bankruptcy remains on your record. Check this site. http://www.americanfinancialfreedom.org/debt-consolidation/bankruptcytitle11.aspx
You may do that in case of credit card consolidation wherein your credit card debts are consolidated into one credit card. However, if you can still negotiate to lower your interest rate and monthly payments; it is still better to pay off your debt with cash and not consolidation.