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What is the Difference Between Default and Bankruptcy?

Default means not being able to fulfill an obligation, especially the monetary kind. When a person defaults on a credit account, it means they have been unable to repay as per their agreement. According to Dallas based bankruptcy law firm Recovery Law Group defaulting on a payment is usually the first step towards bankruptcy. This is so because unfortunately, defaulting adds up the interest as well as penalty on the already existing amount. Generally, people have a minimum of 2-3 credit cards. Simultaneous use of them results in a huge amount which needs to be paid every month to [...]