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In bankruptcy there is something called 'Debt Restructuring' which is an option agreed by the creditors. They negotiate on the delinquent debts and offer a fixed time to the debtors to liquidate. This happens in the earlier stages or chapters of bankruptcy. Debt consolidation is usually advised for people who have to pay off their huge credit card bills. These individuals or businesses do not opt to file for bankruptcy. The lending groups help the individuals while the attorneys help them file a petition for bankruptcy.
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