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Even though most proposals call for payments of less than the full amount of the debt owing, in most cases, the creditors accept the deal—because if they do not, the next alternative may be personal bankruptcy, in which the creditors get even less money
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Bankruptcy - Wikipedia

https://en.wikipedia.org/wiki/Bankruptcy
The term is often described as having originated in Renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment

Trust (law) - Wikipedia

https://en.wikipedia.org/wiki/Trust_law
For other uses of the word "trust", see Trust (disambiguation)

Probate - Wikipedia

https://en.wikipedia.org/wiki/Probate
This often happens when parents or grandparents are first in line to become the administrator but renounce their rights on the grounds that they are elderly, do not possess knowledge of estate law, or feel that someone else is better suited to the task

Power of attorney - Wikipedia

https://en.wikipedia.org/wiki/Power_of_attorney
If someone is already incapacitated, it is not possible for that person to execute a valid power, although in some jurisdictions, it may be possible for someone to have the capacity to execute a power of attorney even if they do not have the capacity to make the decisions that they are delegating

Estate planning - Wikipedia

https://en.wikipedia.org/wiki/Estate_planning
Assets left to any other heir, including the decedent's children, may be taxed if that portion of the estate has a value in excess of the lifetime gift, estate, and generation-skipping transfer tax exemption amount