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Alternatives to Bankruptcy

  • Talk with your creditors. Your creditors may be willing to work out a modified payment plan. A creditor is not legally bound to follow through with the plan even if the creditor agrees to the plan. If you have a lump sum of cash you may try to negotiate an offer and compromise with all your creditors. The balance of the debt owed to each creditor will often be reflected on your credit record as a charge off. A charge off has a negative impact on your credit record. Make sure to investigate how settling with creditors will be reflected on your credit report. Continue reading