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.
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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