Debt Consolidation Vs Bankruptcy Top 9 Differences
Difference Between Debt Consolidation and Bankruptcy Bankruptcy is a process where an organization declares that it cannot repay its debt while debt consolidation is a method of taking out new loans to pay off old debt. What is Bankruptcy? Bankruptcy is a legal process where an individual or organization files a petition in court when it cannot honor its financial obligations or pay its debts. In this legal process, the debtor’s assets are measured and evaluated using the value of these assets to make the payment....