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:
