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Reaffirmations are strictly voluntary. If you wish to reaffirm (agree to pay back) any particular debt, you must enter into a written agreement with the creditor, which legally obligates you to pay all or a portion of a dischargeable (wiped out by the bankruptcy) debt. The form for this is Form 240A Reaffirmation Agreement. The creditor and ...
Debt relief existed in many societies of the Ancient Near East in the form of debt remission, whereby certain debts were declared void and the foreclosed property reverted to the original owners. Debts were often cancelled by a new ruler issuing a clean slate decree after assuming the throne or following a natural or man-made calamity.
Consumer debt counseling and management services have been available to individuals with serious credit problems going back to the 1950s. There are generally two kinds of services that have been available. Some of these services have provided counseling coupled with assisting debtors in establishing programs to pay off debts over an extended time.
This form is a tax document that the lender is required to file. ... All of these canceled debts could generate a 1099-C form, meaning you might have to pay debt forgiveness or settlement tax ...
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a United States legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt). This form is filed in order ...
The quicker you pay off credit card debt, the less interest you pay. If you earn any extra money from side hustles , holiday bonuses or get a raise, use the funds to pay extra on any remaining ...
Legal tender is solely for the guaranteed settlement of debts, and does not imply a right to pay with cash in other contexts. [1] There is a misconception that somebody due to be paid a certain amount of money—such as a shopkeeper—must accept legal tender if proffered for payment; [ 41 ] in reality the payee may choose to refuse or accept ...
Key takeaways. Using a personal loan to pay off credit card debt can save money on interest and simplify monthly payments. Personal loans are still a form of debt, and it’s important not to rack ...