Should you settle, consolidate, or file bankruptcy?

60-second quiz · 6 questions · No personal info required · Honest recommendations

What this quiz evaluates

This free interactive tool walks you through 6 questions covering the standard decision factors used by certified credit counselors and consumer financial protection guides when recommending debt resolution strategies. In approximately 60 seconds, the quiz produces a personalized recommendation between seven possible paths: DIY payoff (snowball/avalanche), Debt Management Plan, Debt Consolidation, Debt Settlement, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, or Statute of Limitations defense.

The 6 decision factors evaluated

  1. Total unsecured debt amount: Determines severity and whether DIY methods are feasible.
  2. Current payment status: Whether you can still afford minimums shapes which strategies remain viable.
  3. Payoff timeline at current pace: If minimum payments would take 15+ years, alternative strategies become necessary.
  4. Credit score range: Affects eligibility for consolidation loans and balance transfer cards.
  5. Home equity and protected assets: Crucial for choosing between Chapter 7 and Chapter 13 bankruptcy.
  6. Age of oldest debt: Statute of Limitations may apply, changing the optimal strategy.

About the recommendations

The quiz produces general educational guidance based on standard frameworks used by financial educators, credit counseling agencies (NFCC-affiliated), and consumer protection guides. It is not affiliated with any debt relief company, law firm, or financial institution. The recommendations are independent of any affiliate revenue. For complete details on each strategy, see our complete debt strategies guide.

Frequently asked questions

Is this quiz a substitute for legal or financial advice?

No. This quiz provides general educational guidance based on standard frameworks used by financial educators and consumer protection guides. It does not constitute legal, tax, or financial advice. For decisions about your specific situation, consult a licensed bankruptcy attorney, certified credit counselor, or financial advisor.

How accurate is the recommendation?

The quiz follows established debt resolution decision frameworks used by credit counselors and consumer financial protection guides. It cannot account for all individual circumstances (state-specific laws, secured debts, family situation, etc.). Use it as a starting point, then verify with a professional before committing to any strategy.

Does the quiz collect my personal information?

No. The quiz runs entirely in your browser. Your answers are not saved, transmitted, or stored anywhere. You can refresh the page and your answers are gone.

What if my situation is more complex than the quiz options?

Many real situations have complexity the quiz cannot capture (multiple debt types, secured vs unsecured mix, marital status, state-specific exemptions, ongoing income changes). Use the quiz to understand the basic framework, then consult a Legal Aid attorney, certified credit counselor (find one through the NFCC at NFCC.org), or qualified bankruptcy attorney for your specific case.

Why does the quiz ask about your home equity?

Home equity matters for two reasons. First, in Chapter 7 bankruptcy, your home may be at risk if equity exceeds your state homestead exemption — Chapter 13 may be safer. Second, home equity can be a source of consolidation funds (HELOC or home equity loan) at much lower rates than other consolidation options.

Related resources

Disclaimer: This quiz is for educational purposes only and does not constitute legal, tax, or financial advice. Each debt resolution strategy has tax consequences, credit implications, and timeline considerations that may apply differently to your specific situation. Always verify with a licensed professional before committing to any debt strategy. Author Xavier C.H. is not a licensed attorney, CPA, or financial advisor.