Secure Debt Any Format In Montgomery
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The simple answer to this question is 'yes', because some debt solutions involve getting some or all of your unsecured debt written off. These solutions are most often used by people who are unlikely to be able to afford to repay their debts in full within a reasonable time.
Which debt solutions write off debts? Bankruptcy: Writes off unsecured debts if you cannot repay them. Any assets like a house or car may be sold. Debt relief order (DRO): Writes off debts if you have a relatively low level of debt. Must also have few assets. Individual voluntary arrangement (IVA): A formal agreement.
Debt forgiveness is when a lender or creditor agrees to wipe out all or part of a debt. You may be able to apply if you have unsecured debts like credit cards, student loans or tax debt. Medical debts and mortgages may also qualify for some types of relief.
Both secured and unsecured debt can be discharged in Chapter 13 bankruptcies, but non-dischargeable unsecured debts cannot be discharged in California.
Which debt solutions write off debts? Bankruptcy: Writes off unsecured debts if you cannot repay them. Any assets like a house or car may be sold. Debt relief order (DRO): Writes off debts if you have a relatively low level of debt. Must also have few assets. Individual voluntary arrangement (IVA): A formal agreement.
