Consolidating debts pros cons

Posted by / 24-Nov-2019 16:14

Chapter 7 bankruptcy takes only six months to complete.

Though Chapter 13 bankruptcy allows you to keep your house in some cases, it doesn’t prevent a creditor from seizing it for an unpaid mortgage or lien.Using debt consolidation will maintain your access to credit and if your plan is successful, your credit score should improve.Trying to arrange your own repayment plan usually requires a solid credit score.Though there are an assortment of techniques to reduce debt and make it more manageable, debt consolidation and bankruptcy are two of the most common.Debt consolidation, which could be accomplished through a nonprofit credit counselor, turns an assortment of unsecured credit card debts into a single, affordable monthly payment that eliminates debt in 3-5 years.

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