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At the end of the plan, any unpaid balances on the qualifying debts are discharged. The Pros Bankruptcy can stop foreclosures , repossessions, lawsuits, wage garnishment, utility shut-offs, and debt collection activities through its automatic stay provision. Your credit rating is impacted less severely than bankruptcy.
Understanding DebtConsolidationDebtconsolidation is the process of taking out a brand-new loan and using the money to pay off other loans or debts. Pros & Cons of DebtConsolidationDebtconsolidation can be great if you qualify for a loan with a low enough interest rate.
Bankruptcy also allows you to avoid wage garnishment in the future. Once a debt is discharged , it’s gone forever. Your state may also impose income tax on forgiven debt. Alternatives to Debt Forgiveness Credit card debt forgiveness isn’t right for everyone, but there are a few alternatives.
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