What Effect Will Debt Negotiation Have On My Credit Report In Kentucky?
Debt negotiation or settlement can have a negative impact on your credit score, at least temporarily. There are options that allow a person to negotiate their debt and have no negative impact on their credit score.
What is Debt Negotiation Or Settlement In Kentucky?
Debt settlement, also known as debt arbitration, debt negotiation or credit settlement, is an approach to debt reduction in which the debtor and creditor agree on a reduced balance that will Continue reading
Debt negotiation is the process of contacting your creditors and making arrangements to pay less than the amount you owe on a debt. When a creditor accepts less than what you owe them, it’s called a settlement.
Alternative To Filing For Bankruptcy
A settlement is a common way to get out of debt and it’s a strategy that should be on your list before you consider filing for bankruptcy protection.
Alternative To Filing For Chapter 7
Debtors should be aware that there are several alternatives to bankruptcy available to them other that Chapter 7 bankruptcy relief.
Alternatives To Chapter 7 Bankruptcy For Businesses
For example, debtors who are engaged in business, including corporations, partnerships, and sole proprietorships, may prefer to remain in business and avoid liquidation.
Such debtors should consider filing a petition under Chapter 11 of the Bankruptcy Code. Under Chapter 11, the debtor may seek an adjustment of debts, either by reducing the debt or by Continue reading