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What is debt consolidation?

Our Professional Answer

Debt consolidation is when you take all of the various debts that you have and combine them into one loan and then you pay that loan. The goal of bankruptcy is to discharge all of your debt that you have a legal obligation to pay making debt consolidation an unnecessary step. However, if you don’t feel that bankruptcy is right for you and you have the ability to get a loan, getting that loan to consolidate all your debt into that one loan is an option.