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Is bankruptcy or consolidation better for your credit? |
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If the referrence is to a consolidation loan then that depending on the party's financial situation would be a better choice than BK. If the issue is whether a chapter 7 or 13 BK is the best choice, it is always preferable to pay debts even partially. However both are detrimetal to credit history. A 7 remains for 10 years a 13 when satisfactorily discharged remains for 7.
First answer by Nikki. Last edit by Nikki. Question popularity: 83 [recommend question]
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Consolidation or bankruptcy? Is debt consolidation better than bankruptcy? Which is better for your credit bankruptcy or consolidation? What is better for your credit bankruptcy or debt consolidation?
