Debt Forgiveness: The Options & Consequences
Debt forgiveness can be a major relief for those struggling to pay off their debts. But it's important to understand what options are available and the potential consequences of each one. This article will discuss the different forms of debt forgiveness and the potential impacts on your financial future.
If you're struggling with debt, bankruptcy may be an option. Through a bankruptcy filing, certain amounts of your unsecured debts such as credit card balances, medical bills, and personal loans can be discharged or forgiven. This process can negatively affect your credit score though, making it difficult to secure new lines of credit in the future.
Another form of debt forgiveness is debt settlement or negotiation with creditors. In this situation you make payments on a reduced balance by agreeing to settle for less than you owe on some or all of your debts.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
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