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There are several alternative debt repayment methods that could have potentially helped Michael Jackson manage his $400 million debt. These include debt consolidation, debt settlement, and bankruptcy. Debt consolidation involves combining all debts into one loan with a lower interest rate, which can make repayments more manageable. Debt settlement involves negotiating with creditors to pay a lump sum that is less than the total amount owed. Bankruptcy, while a last resort, can wipe out certain debts. However, these methods all have potential drawbacks and should be considered carefully.
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Overwhelmed by accumulated debts? Use our Debt Tracker to select and manage the best repayment strategy among three different payment methods: Snowbal...
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Consider this: despite a net worth of $150 million, Charlie Sheen reportedly fell $12 million in debt. Or take the case of the once-beloved RadioShack, which filed for Chapter 11 bankruptcy after defaulting on its loan. Even the King of Pop, Michael Jackson, wasn't immune, finding himself in a $400 million debt at one point.
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