The recommended criteria for considering bankruptcy include: having a debilitating amount of debt after exhausting other relief options (loan modification, debt consolidation, debt settlement, and forbearance); having a lawyer to guide the process; having a credit score already negatively impacted by an inability to pay debts; qualifying for a means test (Chapter 7) to discharge debts; and determining that bankruptcy is the best option after weighing risks and benefits.

Authors

• Person: Not available Organization: Bankrate
  Debt Consolidation Vs. Bankruptcy: Which Is Right For You?

Sources

• Debt Consolidation Vs. Bankruptcy: Which Is Right For You? www.bankrate.com Bankrate via serper

Referenced by nodes (3)

• debt consolidation concept
• bankruptcy concept
• debt settlement concept