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U.S. bankruptcy law provides for an automatic stay of any legal process against debtors or their assets (except perhaps legal process involving criminal law or family law) while bankruptcy is pending, but because U.S. bankruptcy courts cannot cram down loans secured by primary residences, creditors are able to file motions for relief from the ...
However, U.S. consumers still carry a lot of credit card debt, and given the interest rates associated with credit cards, this can be extremely detrimental to their financial health. So, it’s ...
Debt held by the public, or the amount the U.S. owes to outside lenders after borrowing on financial markets, is already at about 100% of GDP, with that ratio soon expected to blow past the all ...
To decide which debt relief option is best, evaluate how each will impact your credit score and long-term financial health. Credit counseling can help you choose.
Like debt restructuring, debt mediation is a business-to-business activity and should not be considered the same as individual debt reduction involving credit cards, unpaid taxes, and defaulted mortgages. In 2010 debt mediation has become a primary way for small businesses to refinance in light of reduced lines of credit and direct borrowing.
As Alderete sees it, an important part of building a budget is focusing on your priority expenses first, so that you can free up money to put toward a debt reduction plan while hopefully still ...
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