Do you qualify for debt relief?
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Speak to one of our in-house program consultants at absolutely no cost and with no obligation. Of course, we are happy to answer all of your questions and will gladly walk you through our process.
Options for Debt Relief
Debt Settlement
Debt settlement is a negotiation process where a debtor works with creditors to reduce the total amount of debt owed. Typically, this involves offering a lump sum payment that is lower than the full outstanding balance. It can result in a lower overall repayment amount but may negatively impact the debtor’s credit score.
Debt Consolidation
Debt consolidation involves combining multiple high-interest debts into a single, lower-interest loan or line of credit. This process simplifies debt management and can help reduce monthly payments and overall interest costs. However, it does not reduce the principal debt amount.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” involves the sale of non-exempt assets to pay off unsecured debts. It provides individuals with a fresh financial start by discharging most unsecured debts, such as credit card debt and medical bills. However, some debts, like student loans and taxes, generally cannot be discharged. The process is relatively quick, typically lasting 3-6 months.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy, referred to as “reorganization bankruptcy,” allows individuals with a regular income to create a debt repayment plan, usually over a period of 3-5 years. Instead of liquidating assets, the debtor makes monthly payments to creditors based on their disposable income. Chapter 13 bankruptcy can help individuals avoid foreclosure, catch up on missed mortgage or car loan payments, and potentially discharge some remaining unsecured debts upon completion of the repayment plan.
Credit Counseling and Management
Credit counseling is a service provided by certified professionals who help individuals develop a personalized plan to manage their debt, create a budget, and improve their financial situation. It may include financial education and budgeting assistance.
Credit Repair
Credit repair is the process of improving a debtor’s credit score by identifying and addressing errors or inaccuracies on their credit report. This may involve disputing incorrect information with credit bureaus, negotiating with creditors, or developing a plan to pay off debts and improve credit utilization.
Empowering Financial Freedom
Everyone’s financial situation is different, therefore, we offer customized debt solutions to meet your unique needs.
Future
RDA Planning LLC™
9036 35th Ave. SW, Suite B
Seattle, WA 98126