Debt Relief Options
There are 6 main strategies to debt relief. Every situation is different and often time it is not simple to determine the best path for your future. Advocate Debt Relief coaches will work with you to help identify the path that makes most sense, today and in the future. We believe that EVERYONE DESERVES A WIN! Take action today and contact a coach to learn more about the best debt relief option for your life.
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Credit
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A counselor reviews your financial situation, sets up lower interest rates with your creditors if possible, and creates a debt management plan for you to follow. |
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Debt
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You take out one loan to pay off all your debt. This loan may carry a lower interest rate than your debts. You make fixed monthly payments on the loan until it is paid off. |
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Debt
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Working with a company, you make monthly deposits into an account. The company negotiates with your creditors to accept less than the debt owed. That amount is then paid to creditors, from the account you deposited into, until the debt is resolved. |
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Bankruptcy |
A legal process. All your assets are evaluated and used to pay off your debts. Chapter 7 and Chapter 13 are most common options used by individuals. Once bankruptcy is complete, you are relieved of the debt obligations you had before filing bankruptcy. |
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Cash Out
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Requires you to work with a mortgage lender. You refinance your mortgage, taking out additional cash beyond the mortgage balance. You use that money to pay your debts. |
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Do It Yourself |
Using various online and offline tools, you determine the exact payments required for each debt and track your progress as you go. |
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