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Debt Settlement

Debt Settlement Instructions and Contract

There are many debt relief strategies which are viable alternatives for today’s consumers struggling with financial issues and who are wondering how to make ends meet. For people who are concerned how to catch up on payments, there may be relief in sight.

Debt relief can be found by filing bankruptcy, requesting a loan modification, finding and litigating defenses to creditors claims or by negotiating options for repayment with creditors of outstanding debt. Filing bankruptcy offer full legal protection by the Courts, while negotiating with creditors can provide protection from future disputes, provided that the new agreement is accomplished through formal legal contracts which provide the precise terms of repayment and offer either a lump sum to wipe out the debt or a reasonable schedule of repayment until the debt is paid as agreed.

Creditors often settle debts for a fraction of what is owed because the creditors know that they will receive funds to satisfy all or part of the debt and something submitted towards paying off the debt is better than nothing or very little should the debtor file bankruptcy. These negotiated plans work well for most debtors since they would then have a manageable budget to work under to bring down and eventually pay off their debts under the new agreement.

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