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How is the Debt Consolidation Debt Management Program different than bankruptcy?

April 26, 2017Bankruptcy debt consolidation debt management different program

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How is the Debt Consolidation Debt Management Program different than bankruptcy?

2 Answers

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Regine Kelly Posted

here are two ways for your bankruptcy to go: Chapter 7 and Chapter 13. When you file for bankruptcy, you will be required to undergo a means test that will analyze your finances. Only then with the bankruptcy court decide which chapter you qualify for.

source; http://voices.yahoo.com/defining-different-debt-relief-options-12017666.html?cat=3

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When you declare bankruptcy, you do not pay your bills and your credit rating gets ruined. By contrast, with the debt consolidation Debt Management Program, you DO pay your debts and your debtors are satisfied.