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Thanks to everyone who offered such great suggestions to my previous question about which has the greater hit to credit rating (bankruptcy or walking away from debt).

Here's the update:

1) I just purchased the car I needed (an 09 Toyota Yaris, certified pre-owned, former Hertz rent-a-car), so I am back in business in a lot of ways.

2) I have decided to write letters to my creditors (credit card companies) offering to pay 15%-20% on the balance. This amount was suggested in an article I read recently about dealing with debt collectors. I'll be writing those letters today.

My question is this: what exactly do I say to them? Do I tell them that I am contemplating bankruptcy or leave that out? I am going to offer them a set dollar amount.

Any other suggestions?

Thanks once again for your input!
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