Well I would assume going bankrupt would ruin your credit rating far more than just purchasing your debt at pennies to the dollar. The paperwork is an extra has

Well I would assume going bankrupt would ruin your credit rating far more than just purchasing your debt at pennies to the dollar. The paperwork is an extra hassle that wouldn't apply in the case where you buy a contract from your lender. Even if you could buy your debt from your lender via the first right of refusal that might bring up fraud charges against you, since you fraudulently deprived the lender of money rightfully owing.