Debt Resolution Vs. Bankruptcy: What’s The Difference?
Most Americans struggle with debt on a day to day basis. Personal loans, car loans, mortgages, student loans, and credit card debt all add up over time. And despite their best intentions, many people dig themselves deeper into debt every year.
According to CNBC, the average American owes approximately $38,000 in personal debt, excluding home mortgages. Debt resolution and bankruptcy are both strategies that can help you pay off debt.
But there are key differences between debt resolution and bankruptcy. Both strategies provide their own set of risks and protections.
What is debt resolution?
Debt resolution, also known as credit settlement or debt negotiation, is a strategy used to negotiate for a lower amount than what you owe. Those who pursue debt resolution can’t afford to pay off all of their debts at once. They also can’t afford to make monthly minimum payments.
A negotiated settlement allows debtors to stop the debt amount from increasing due to rising interest. It also resolves the debt without paying the full amount of it up-front.
Debt resolution can help those in debt save hundreds or even thousands of dollars. It also helps to improve your credit score. However, it should be noted that debt resolution doesn’t guarantee results and creditors can pursue legal action to collect the debt you owe.
What is bankruptcy?
Unlike debt resolution, bankruptcy provides you with legal protection. Bankruptcy is a legal process through which you seek relief from some or all of your debt because you can’t repay them.
Through a bankruptcy filing, you can either reorganize your debt to make it easier to pay off or you can get rid of the debt entirely. You need to file a petition with your local federal court and certify under oath when you file for bankruptcy. You’ll also need to pay the costs associated with filing in court and attorney fees.
Chapter 13 bankruptcies are when you create a debt repayment plan whereas a Chapter 7 bankruptcy is the liquidation chapter. Consider speaking with a bankruptcy attorney Atlanta trusts if you’re unsure which bankruptcy filing is right for you.
Looking for a bankruptcy attorney?
If you’re struggling with debt resolution and bankruptcy, you’re not alone. In fact, between October 2005 and September 2017, there were approximately 12.8 million consumer bankruptcy petitions filed in the federal courts.
Whether you need assistance with debt resolution or legal help filing for Chapter 13 bankruptcy or filing for Chapter 7 bankruptcy, the bankruptcy attorneys of Holston and Huntley can help. For more information, call the law offices of Holston and Huntley today at 1-844-422-8339 (Ga-Buddy).

Tierra Johnson
I just wanted to say thank you to the entire company,throughout my entire incident they worked fast and diligently.They always called,texted and or email me to keep me updated.They always showed great gratitude and always kept me informed. Everyone on this team is awesome.I will definitely recommend anyone here for your injury and/or bankruptcy needs.They will make sure you get the respect and the money you need. Thank you and the whole team.

Kim Smith
I would highly recommend Holston and Huntley. The staff in the office are very nice. Abena was a big help she is the best!! They are very helpful and get everything done in a timely manner. My experience with the firm was GREAT!

Meggine Simmons
Miss Abena is the best, they are working on my case now ,I just love them always kept it 100000000 and I feel like family

Rashad Plumpp
I had an excellent experience with Holston and Huntley. My case/medical expenses were treated with the upmost care and efficiency. I recommend anyone with any type of accident injury to visit Holston and Huntley. Abena Campbell was extremely helpful and made everything convenient and comprehendible about the my case. She was made everything easy as possible. I definitely recommend Ms.Campbell to take of you.

Carolyn Williams
You can count on Buddy and Abena they are awesome. Abena was wonderful, she showed concern for me through my case. Abena walked me through this process like she knew me a long time. I promise you I felt good knowing I was being guided by someone who really cared their staff is awesome. I give them a 10+. Thank you guys, Especially, Abena

Ryan white
My experience with Holston & Huntley attorneys was nothing short of excellent. I worked directly with Abena. She worked hard to get the settlement that I deserved. Continued to stay in contact and keep me updated throughout the long process. Would recommend and work with them again. Thanks Holston & Huntley!

Candice Mitchell
Attorney Huntley and his entire staff was instrumental in getting me everything I deserved. Their patience, kindness, and loyalty to fight for my needs at a critical time proves why they are such a fantastic firm. I would highly recommend them for any of your needs. I personally, will call Mr Huntley if I’m ever in another accident.

Mulobe Mulongo
I was never anxious despite being in this situation for the first time and all the credit goes to you and your firm because you care and know what you are doing.Thanks.

Laurie Jerome
I don’t usually leave reviews on anything but I thought I needed to share my experience with Holston & Huntley. It was great! Very quick and efficient. Buddy and his staff were awesome. I personally worked with Abena and she was always available to answer any question I had. I highly recommend this firm to anyone who needs a professional lawyer that would fight to get you the best settlement you deserve. I promise you won’t be disappointed!! Thank you, Buddy, Abena and staff for all of your help.

Naimah Williams
Holston & Huntley entire team was great to work with!!! Thank you so much
- Holston & Huntley LLC @HolstandHuntLLC After an auto accident, every second counts. That’s why we offer a free consultation to discuss your case and provide expert legal advice. Let us help you get the justice you deserve. Contact Holston & Huntley today! #freeconsultation #autoaccident #lawfirm https://t.co/4A82mSk9toHolston & Huntley LLC @HolstandHuntLLC Don’t let insurance companies take advantage of you after an auto accident. We’ll fight for your rights and ensure you receive fair compensation. Trust the experienced attorneys at Holston & Huntley. #legalhelp #autoaccident #lawfirm #holstonandhuntley #mybuddylaw https://t.co/WtMLaTh8pAHolston & Huntley LLC @HolstandHuntLLC At Holston & Huntley, we understand the stress and uncertainty that comes with an auto accident. Let us take care of the legal process while you focus on recovery. Contact us today! #legalrepresentation #autoaccident #lawfirm #holstonandhuntley #mybuddylaw #mylawyerismybuddy https://t.co/eScivgs2sN