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Should I File Bankruptcy or Settle My Debt

Should I File Bankruptcy or Settle My Debt

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 Drowning in debt and unsure whether bankruptcy or settlement is the right move? In this episode of The Debt Hotline, George is joined by Ben Jackson, co-founder of Upsolve, the nation’s largest nonprofit bankruptcy platform. Ben knows the struggle firsthand. After his first business failed, he was left with $60,000 in credit card debt and no way to pay it off. Filing Chapter 7 bankruptcy gave him a fresh start and the chance to rebuild his financial life.

Together, George and Ben break down the critical decision many Americans face: whether to wipe out debt through bankruptcy or negotiate down balances through settlement. They share insider insights on Chapter 7 vs. Chapter 13 bankruptcy, debt management plans, and how everyday people can bounce back from even the toughest financial setbacks.Sued for debt? Use Solo to resolve it: Solo | Resolve debtLive caller questions add real-world perspective, including:
  • Linda (Minnesota): On SSDI and worried about losing credit access after bankruptcy.
  • Rufino (Illinois): Unsure if filing in one state will affect a move for work.
  • Jeff (California): Facing an $8,000 lawsuit, should he choose mediation or arbitration?
  • Nicola (Illinois): Current on credit cards, but wondering if banks will still negotiate a settlement.
  • TC (Entrepreneur): Carrying $75,000 in debt on $50,000 annual income, what’s the next step?
Key insights include:
  • How bankruptcy can make you $160,000 better off over ten years.
  • Why debt settlement may be smarter for balances under $10,000.
  • The role of credit counseling and debt management plans in avoiding court.
  • How quickly do credit scores recover after bankruptcy or settlement?
The bottom line: Don’t let fear keep you stuck. Whether through bankruptcy, settlement, or a management plan, there’s always a way forward.To submit your own question to The Debt Hotline:
  • Call (801) 613-8181 and leave a voicemail
  • Fill out this form: Debt Hotline Question Submission
  • Email: support@solosuit.com
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