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Last Updated August 5, 2008 |
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A workout agreement is a non-bankruptcy option that a debtor may pursue to satisfy a debt. The debtor or his attorney contacts the creditor to arrange a payment plan that differs from the one originally entered into by the debtor and creditor. The plan may call for full payment of the debt over a longer time period, a reduced interest rate, a one-time payment that represents an amount less than the full amount owed, payments over time for an amount that is less than the full amount due, or a combination of these options. |
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