Sawin & Shea
MARCH 6, 2024
Two of the most common options for dealing with unmanageable debt are filing for bankruptcy and pursuing debt consolidation. Bankruptcy and debt consolidation are distinct solutions, each with advantages and potential drawbacks. However, it’s important to remember that this does not eliminate debt.
Sawin & Shea
JANUARY 24, 2024
When you are overwhelmed by debt, you may start to wonder if declaring bankruptcy or pursuing debt consolidation is the better option. Understanding the key aspects of each can help you determine what is better, bankruptcy or debt consolidation, for your situation. The court reviews your finances to prevent fraud.
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Nexa Collect
JUNE 23, 2023
They may also look into options like debt consolidation or bankruptcy. Avoidance or Ignorance : Some individuals may choose to ignore collection letters, either because they feel overwhelmed and don’t know how to deal with them, or because they believe the debt is not valid.
Credit Corp
JULY 20, 2020
When you miss too many payments, your creditor may charge off the debt. When your debt is charged off as a bad debt, don’t fool yourself into thinking it goes away. A charged off debt can lead to harassing phone calls, garnished wages, and a major drop in your credit score. Consolidate your debt.
Credit Corp
JULY 9, 2024
Ignoring student loans can damage your credit score, lead to wage garnishment, and accrue interest and fees. Student loan debt in the United States stands at $1.727 trillion as of 2023. The repayment process may seem overwhelming if you’re among the more than 43 million borrowers with outstanding student loan debt.
Titan Consulting
JUNE 7, 2020
Stopped Involuntary Collection Activity : The Department of Education suspended wage garnishments, Social Security garnishments, and tax refund offsets on federally held student loans. Credit for Payments : Student loan debt forgiveness programs require borrowers to make a set number of payments before qualifying for loan forgiveness.
Debt Free Colorado
DECEMBER 9, 2021
While debt is not eliminated , it is significantly reduced. Complete protection from creditors – This includes wage garnishment and debt collection. Classification of obligations – Define the difference between debts incurred with a third party and those incurred with oneself.
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