What are some alternatives to filing for bankruptcy?

In Maryland, there are several alternatives to filing for bankruptcy, such as debt consolidation and working with a credit counseling agency. Debt consolidation involves combining all of your debts into one loan, with one payment and a lower interest rate. This is usually done by working with a bank or credit union. A credit counseling agency can help you work out payment plans with creditors, as well as provide budgeting and financial advice. Another option is to negotiate with creditors to reduce the balance of the debt, or to have the debt forgiven. You can also work with an attorney to negotiate lower payments or settlement amounts. Finally, some people opt to work extra jobs or do freelance work to earn extra money that can be used to pay off debts. No matter which alternative you choose, it is important to do your research and be sure that the method you choose is in your best interest.

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What are some alternatives to filing for bankruptcy?

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