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Financial hardship could make it possible to negotiate debt balances and pay less than the full amount owed. Bankruptcy can wipe out unsecured bills, leaving creditors with no way to recover the debt. When Should You Consider a Debt Settlement Program ? Key Takeaways. Frequently Asked Questions.
It can make the difference between being able to work out an arrangement with a landlord or equipment lessors and needing to file for a chapter 11 bankruptcy to save your business. A lender may be willing to forbear payments in exchange for extending repayment out over an additional six-months to avoid forcing your business into bankruptcy.
It may lead to bankruptcy. When there’s no other option to pay your debt, you may be forced to declare bankruptcy. Several negative implications are associated with bankruptcy, including property loss and damage to your credit score. Debt consolidation loans. A debt settlement company is for-profit.
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