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0:00 Intro
1:25 What's best: debt settlement, debt consolidation or bankruptcy?
2:39 Don't ignore your debt
3:00 Wrap up

Debt Settlement, Debt Consolidation, or Bankruptcy: Which is Best?

Debt can quickly pile up and become unmanageable. We wanted to explore some common debt resolution options, so we asked attorney Sarah Wolk about debt settlement, debt consolidation, and bankruptcy. In this video, Sarah shares her thoughts on each of these options and when to choose each one.

Here's what we learned:

Debt Settlement: This involves negotiating with creditors to pay a lump sum that is less than the full amount owed. It's worth finding out what creditors are willing to accept, but it's important to note that not all settlement offers may be favorable.

Debt Consolidation: This method consolidates multiple debts into a single payment, potentially with a lower interest rate. This can be an effective strategy even after a lawsuit has been initiated by a creditor, as some consolidation companies can settle lawsuits as part of their services.

Bankruptcy: This might be a suitable option for those with numerous debts, and it's recommended to consult with a bankruptcy attorney, often through a free consultation, to determine eligibility. However, some debts are nondischargeable, meaning they remain even after bankruptcy, which could make this option less favorable.

It's important to be proactive when dealing with debt, because ignoring your obligations can lead to serious consequences like legal action. Creditors often prefer some repayment over none, which is why they might be open to settlement.

ABOUT: Sarah Wolk is the Managing Partner and founding Partner at Wolk & Levine, LLP, a boutique law firm providing quality legal services to individuals and businesses in a diverse range of practice areas throughout California.
Website https://wolklevine.com/