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What are the 3 most common debt relief options?

| Feb 14, 2020 | Debt Relief

There are many different debt relief options that you may want to try if you find yourself over your head in debt. From debt settlement to consolidation or bankruptcy, there are several options that may be open to you.

If you aren’t sure about what kind of debt option is right for you, it might be a smart move to speak with your attorney about some of the available debt relief ideas that could work well for your case.

What are some of the most common debt relief options?

There are three debt relief options that you may want to look into if you can’t pay off the full balance on your debts. These include:

  • Bankruptcy
  • Debt settlement
  • Debt consolidation

Each one has its own benefits. A debt settlement allows you to pay less if you can negotiate a lower, one-time payment with your creditors. Debt consolidation allows you to make a single payment on multiple debts to save money each month. Bankruptcy is the only option that could help you walk away without paying back your debts in full.

Why choose bankruptcy?

If you are to a point where you can’t make payments, are facing foreclosure and have no other way to manage your debt, bankruptcy may be a good choice. It helps give you a fresh start so that you can move forward without debt.

Bankruptcy should be the last kind of debt relief option you choose. Both settlement and consolidation may be better options for those who have some money to pay on debts since they prevent a bankruptcy from being on your record. However, if you have little left and want to save your home and property, bankruptcy could be the right choice.

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