Total Debt Elimination
Think in terms of time, rather than the total amount owed,
because all amounts owed are eventually released, whether by
payment, settlement, and even charge-off after death. All are
temporary. Because total debt elimination is assured, only time
and terms of elimination remains.
Law firms dealing with debt negotiation
tend to recommend either litigation or bankruptcy. But not always.
A few of the most progressive (and effective) law firms negotiate
reductions of existing liabilities - in lieu of formal litigation.
Negotiations seldom result in total debt elimination, but rather,
voluntary restructuring of principal, interest, payment schedules,
and a wide assortment of terms and security requirements. Anyone who
is willing to extend their time table for steady reduction, through
restructuring, negotiating, discounting or settlement will find a
wide range of options available. Terms matter. Choices must be
made.
Free information about total debt elimination
The best choices for total debt elimination are based upon
repayment. Credit cards charge notoriously high interest, and
payment may be slashed. For instance, interest alone on a credit
card currently costs, on average, $2,400 and up to $3,300 a year
just to maintain a $10,000 balance. The same amount, paid off with
a home equity loan, currently costs about $720 a year to maintain
the same balance - and pays off the debt in 30 years. With
mandatory obligations reduced, you may voluntary payoff a second
mortgage ahead of time, at any time, according your ability. You
should not incur an early payment penalty.
Debt settlement, how to get out? Settlement negotiations are
most successful when based upon either job loss, personal injury
(lost earning capacity), pending divorce, or a clear violation of
law committed by a creditor. Voluntary reductions are also common,
but are typically less than discounts offered in crisis
situations. Nevertheless, voluntary discounts are available for
virtually all debtors, and enable total debt elimination in far
less time.
Legal Issues for total debt elimination
Chapter 7 bankruptcy is the only way to fully discharge all
liability quickly (in as little as 4 months). Chapter 7 is a full
strength solution, and is simply not available for anyone earning
over the state median income (new bankruptcy laws - Reform Act of
2005 - means testing qualification). Chapter 13 requires partial
repayment through a plan approved by the court, which must last 3
to 5 years. Litigation to eliminate liability requires, at a
minimum, a worthy cause of action for total debt elimination.
Examples of legal reasons justifying invalidation include, fraud,
coercion, intentional deception, and lack of capacity.
Additionally, due process and debt elimination
limitations apply, that require all creditors receive fair notice,
an opportunity to be heard, and legal process for conducting
inquires in accordance with rules of civil procedure.
Forms, worksheets and calculators for free download
For most consumers, the most popular methods for relief and/or repayment include
home equity loans, secured consolidation loans, unsecured
consolidation loans, credit counseling (with agreed discounts of
amount owed), consolidation plans (one payment, discounts, and
loss of charge privileges), litigation, and bankruptcy. We
provide, free of charge, forms, worksheets and a
debt elimination free download calculator
to assist anyone who is interested in comparing these options. You
will receive free quotes from at least 2 competitors, from all
categories. Without cost or obligation of any kind. The sources we
recommend do not require applications fees.
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