Debt Relief and a Fresh Start

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Debt relief is a partial or total elimination of debts. It is the solution for a wide number of issues which can arise when a person is no longer able to pay his debts as agreed.

• Types of Debt Relief

• Debt Settlement  - Debt settlement companies are also known as debt negotiation companies because they negotiate with your creditors on your behalf. Their goal is to use negotiation tactics to convince your creditors to settle out your debts for fraction of the original balances. Creditors frequently settle older debts.

• Credit Counseling Agency Help - This type of debt relief allows a credit counseling agency to negotiate with your creditors. The most common action of a credit counseling company is to negotiate to lower the interest rates on your credit cards in order to help you pay them off faster.

• Bankruptcy - Bankruptcy allows you to eliminate or restructure your debt. Chapter 7 bankruptcy generally discharges most  debts, while Chapter 13 bankruptcy includes a repayment plan for included debts.

In the modern world we accumulate loans to purchase cars, to buy homes, and go to college. While there is nothing inherently wrong with any of these kinds of loans, too much debt can cause you to default on some of your obligations if your income takes an unexpected drop. For example, if your hours are cut at work, or if you lose your job, your financial situation could change drastically and leave you unable to service all of your debt payments. If you are in a situation where you cannot successfully manage your debt you may need some type of debt relief. Call Bruce W. White, P.C. to get great debt advice and learn about your debt solutions to erase debt.

If you are in a situation where you need to restructure your debt situation, you should speak with a debt relief attorney immediately. Contact us in Richmond at (804) 288-4328 today for a free consultation.