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Filing Bankruptcy is a legal declaration that you are unable to repay your debts. It gives you protection under a Federal bankruptcy code that can save some assets, keep creditors at bay, and provide you with help (for example: an attorney or a court-appointed trustee) to sort out the situation.
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Credit Counseling is a debt relief program that consolidates your payment to creditors and typically at a lower interest rate(Still 10-15%).
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Debt Consolidation is taking paying off your current debt with new debt, leaving you with the same amount or greater of debt that still needs to be paid off. If you refinance your home to pay off your debt you will then be spreading your current debt out over 30 years compounded by your mortgage interest rate costing your thousands more . You will also be making your unsecured debt now secured debt by tying it to your home.
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Unsecured debt is debt that is not secured to some type of collateral or asset such as a car or house.
Learn more about the types of Unsecured Debt
Debt settlement or debt arbitration is a legal process used by people or companies in debt to negotiate the settlement of an existing debt with their creditors.
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