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Bankruptcy Versus Other Options


Bankruptcy has helped millions get out of debt but before you commit to a debt-relief plan, get the facts. A quick or uneducated decision can cause more problems at a time when you are trying to eliminate them.

Use the following chart to examine your debt-relief options, but please remember that this chart is just for informational purposes only and is not legal advice. Depending on your circumstances, one path may be better for you than another. Remember: There are no one-size fits-all debt relief programs.


Can filing bankruptcy help?

Can debt settlement help?

Can credit counseling help?

Protect against:

Foreclosure Yes No No
Repossession Yes No No
Lawsuits Yes No No
Wage Garnishment

Yes No No
Eliminate or Reduce:

Accounts Referred
To Collections
Yes Maybe No
Credit Card Debt Yes Yes Yes
Medical Bills Yes Yes Yes
Utility Bills Yes Yes No
Payday Loans Yes Yes No
Tax Debt *Maybe No No
Divorce-Related Debt *Maybe No No
Student Loans

*Maybe No No
When Does the Relief Begin?

In most cases, you STOP paying bills immediately after your case is filed. Collection efforts (creditor calls, foreclosure and repossession) are court-ordered to STOP Typically have to make many monthly payments; including interest and late fees Typically have to make many monthly payments; including interest and late fees

Can It Impact Your Credit?




*Discharged in bankruptcy under unique circumstances.
Talk to a bankruptcy lawyer today about your options.