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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 ?
You can transfer your high-interest rate debts to this card while the APR is suspended, and by the time your new card accruesinterest, you’ll have paid off most of your debt. Debt consolidation loans. DMPs are used to pay off unsecureddebts, such as medical or utility bills.
For an unsecured creditor to obtain a recovery, it would need to engage in a months-long legal process to obtain a judgment that could be halted at any point by a chapter 11 bankruptcy reorganization. Although minimum payments may result in accruedinterest, that is better than a lockout or eviction.
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