I have a cousin who is 25 years old and wants to file bankruptcy.

He has debt but it is around $10,000. He is not a stable kid. He can't keep a steady job and when he does work he doesn't work full time and of course doesn't make very much money.

I guess he has talked to loan consolidators and attorneys about filing bankruptcy. The people who have given him advice told him that there wasn't any difference between them in respect to your credit score. In other words, both hurt your credit score equally.

Now, I told him he shouldn't file bankruptcy because his debt really isn't that bad to warrant it. Also, paying a consistent loan consolidation bill each month would help his credit.

I'm really not sure if I gave him the right advice... SO what are the pros and cons of loan consolidation vs bankruptcy?

Ok, he needs to correct lifestyle, he needs to keep a steady job, he needs to get a second part time job and pay his debts.

If he has the credit to consolidate then that is what he should do, to pay off the people he has an obligation to pay.

Thanks for that, your words are well taken

Have a super day!