We are talking about Massachusetts Debt Relief option by filing bankruptcy. Bankruptcy is a federal court process meant to help troubled debtors by shedding of their debts in chapter 7 bankruptcy or enter into a repayment plan in chapter 13 protected by bankruptcy. Debt consolidation on the other hand is where you seek a single loan to pay all your debts leaving you with just one debt to deal with. Thus you will be making a single monthly payment other than a multiple of them. Debt settlement is the process by which you negotiate with your creditor(s) personally or by engaging debt arbitrators so that you can pay or clear your debt for a lesser lump sum amount.