Ever heard this before? “If we don’t get a payment in within the day or so, we are going to sue you!” That person is a candidate for debt relief. When creditors are demanding payment or else and debt collectors are hounding a person; subjecting them to levied bank accounts, wage garnishment and foreclosure, obviously, they need relief.
Bankruptcy provides the ultimate form of debt relief. But the thing about bankruptcy is the new changes. The new laws have been written to make qualifying for and filing bankruptcy sort of like pulling teeth. The standards the new laws have set are high. Which means that people that would have qualified for bankruptcy under the old laws may not qualify under the new laws. Which leaves them sitting ducks for bill collectors and debt collection companies.
Hopefully you are not in the dark about the nature of the debt industry. The consumer debt industry, which feeds off of the credit and finance trade, has grown into a cash generating unregulated monster.
When it comes to debt relief, there are currently no less than a dozen definitions. Each one comes with it’s own promises of debt relief and method(s) to get there. Our mission in this session is to clarify what debt relief really is and male you aware of the various debt relief avenues you can use to break the power of debt.
All of the confusing definitions of debt relief are eliminated once a person understands true authentic debt relief. To clarify, debt relief defines an issue where the debt is actually dismissed. Meaning that, installment payments are no longer obligatory and cannot ever again be demanded. If you have a chance that payments can be reinstated, it is not bona fide debt relief.
Let’s examine some of the types of debt relief. Virtually every state in the United States carries a type of debt relief commonly referred to as the Debt Collection Statute of Limitations or the DSOL. This method of debt relief is cut and dry. If the debt has passed the DSOL time frame without any consumer initiated transactions, the lender cannot file a suit against the borrower. Assuming they do, that case is certain to get thrown out of the courtroom.
Another form of debt relief is the Tax Debt Relief. If you are being hammered by the IRS and cannot afford to pay, there may be a good chance that you qualify for Tax Debt Relief. Of course, these matters are handled on a case-by-case scenario but you wont know if you qualify until you take the assessment.
If you are a student burdened down with student loan debt, there is a Student Loan Debt Relief program for you! All in all, there are numerous debt relief programs readily available. The main factor to locating these types of programs and laws and regulations is being proactive become an effective researcher. Utilize the potential of the online world to determine the debt relief programs that you are eligible for.