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Do you have to pay more on your debts each month than you can afford? If so, you’re getting further into debt and should consider one of the following options which follow. Not all of them will work for you, but somewhere in the list is a solution that can be tailored to fit your specific situationone of them may.
The advantage of a formal proposal over a debt -management program or debt consolidation is that there’s an immediate “stay of proceedings” when you make the proposal. This means your creditors cannot start or continue any collection action against you. As long as the proposal is accepted – meaning accepted—meaning that more than 50% of the unsecured creditors approve it – and it—and you make your payments on time, the “stay” continues. Also, once you’ve successfully completed your proposal, none of the affected creditors have has any remaining claims against you – even you—even if they voted against the proposal. But if your proposal is not accepted, you will be declared bankrupt.
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