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What is the difference between credit counseling and Bankruptcy?
Credit counseling is a repayment plan, an option chosen by most debtors through which a low monthly debt repayment will be negotiated on your behalf by debt experts. Counseling is not forced on you by anyone. It is a viable alternative to the more drastic choice of filing bankruptcy. Bankruptcy is the formal insolvency option for individuals who are facing critical credit situations. Bankruptcy petitions are usually presented by any creditor who is individually or jointly owed £750 or more. You can file for personal bankruptcy when you feel that debt solutions are not helping you out anymore. You will need to be prepared to deal with the after effects of bankruptcy. Our debt advisors will guide you in the right direction and ensure that you make a wise informed choice.
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