Bankruptcy vs debt consolidation, which one is right for your current debt problems?

NASHVILLE, Tennessee (AP) — Country singer Lorrie Morgan has filed for bankruptcy for primarily business related debts, according to a court filing. Morgan filed for Chapter 7 bankruptcy in federal court, listing her estimated liabilities between $1 million to $10 million. The bankruptcy filing showed her with assets of $500,000 to $1 million. The 49-year-old singer, who lives in the Nashville, Tennessee suburb of Lebanon, released a statement calling the bankruptcy “an unfortunate yet necessary part of the restructuring of my business.”

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