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Two of the most common options for dealing with unmanageable debt are filing for bankruptcy and pursuing debtconsolidation. Bankruptcy and debtconsolidation are distinct solutions, each with advantages and potential drawbacks. However, it’s important to remember that this does not eliminate debt.
Bankruptcy can halt legal actions and start a fresh financial start. Various alternatives to bankruptcy are available. Some options are negotiating with creditors, structured payment plans, and debtconsolidation. That means the debtor is no longer legally obligated to repay these debts.
File for BankruptcyBankruptcy is a legal process that allows you to eliminate some or all of your debts. In a Chapter7bankruptcy, also known as a liquidation bankruptcy, a trustee sells some of your assets and uses the proceeds to repay as much of your debt as possible.
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