Do Debt Management Programs Work?
Or do people wind up filing for bankruptcy in the end? I am trying to decide between a DMP or BK. I have read Brett's FAQ and it is a good start. It made me feel that things will work themselves out in the end if I do file for bankruptcy. There is still a large part of me that feels obligated to pay back my creditors no matter how long it takes and that is why I am asking about DMP's. In a previous post that I made, I noted that I am approximately $300 in the hole each month and feel that if the DMP is able to deliver on their promise to lower my payments by 20 - 30%, then I can continue to pay them and maybe keep my head above water. Is this a pipe dream? I know that I need to talk to a lawyer to find out which bankruptcy I would fall under and what my options are, but I feel that I have to explore every other option so that I can say that I have done my homework.
Answer:
If you do file for bankruptcy and your debts are discharged, there is nothing to prevent you from still repaying some or all of your debts anyway -- after the bankruptcy is completed.
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