Drowning in Debt - Try Debt Settlement Before Filing for Bankruptcy
For consumers with massive debt, debt settlement may provide a way to avoid filing for bankruptcy. Settling for less than actually owed has been used by borrowers and lenders as long as loans have been made. Accepting a lower amount than the actual balance is a way for the lender to recoup some money; filing bankruptcy might cancel the entire amount. For the consumer, this topic is less harmful to his credit rating than being bankrupt as it appears on the credit report for a shorter period of time. It's also easier to maintain self respect if you know you've paid as much as possible on your obligation. ...
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