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When you are overwhelmed by debt, you may start to wonder if declaring bankruptcy or pursuing debtconsolidation is the better option. Understanding the key aspects of each can help you determine what is better, bankruptcy or debtconsolidation, for your situation. The court reviews your finances to prevent fraud.
Two of the most common options for dealing with unmanageable debt are filing for bankruptcy and pursuing debtconsolidation. Bankruptcy and debtconsolidation are distinct solutions, each with advantages and potential drawbacks. However, it’s important to remember that this does not eliminate debt.
Bankruptcy also allows you to avoid wage garnishment in the future. Once a debt is discharged , it’s gone forever. Your state may also impose income tax on forgiven debt. Alternatives to Debt Forgiveness Credit card debt forgiveness isn’t right for everyone, but there are a few alternatives.
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