Actual debt relief dates back to the biblical days, when debtors, (by law) had all of their debts wiped out in one fail swoop. Of course, that type of scenario would never happen in this day and age. In today's economy, "debt relief" is a commonly used term in the debt industry that may mean any number of things depending on who you ask. One point no one argues or debates is the fact that it is a means to get out of debt. Since everyone agrees on that last point, let's examine how various parties define this form of debt solution.
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When Attorneys Use This Term - Mention this term to an attorney, lawyer or judge and they will, in all probability, say that you are referring to filing bankruptcy. If you scan the advertisements by attorneys who perform bankruptcies as a staple of their practice, you'll notice a high percentage of the ads use the term, "Debt Relief." They always have and they always will, due in large part because bankruptcy actually provides relief from debt.
When creditors are demanding payment or else and debt collectors are hounding a person; subjecting them to levied bank accounts, wage garnishment and foreclosure, obviously, they need relief. Bankruptcy provides the ultimate form of relief to debtors. It puts a halt to harassing debt collectors. It immediately and instantly stops all debt collection. It stops foreclosure. It stops wage garnishments. It stops account levies.
The Down Side of Bankruptcy - As great as this form of debt relief is, it does come with some major drawbacks. Bankruptcy adds a serious red flag to your credit report. Generally speaking, when creditors see a bankruptcy on your credit report, some will be reluctant to extend you any credit. In addition, some employers check your financial background, if your career path has you in a field that requires you to handle or invest funds. With a bankruptcy on your credit report, you could hinder your employment chances in that field or career path.
By law, a bankruptcy can remain on your credit reports for up to ten years. That's why we advise that bankruptcy, should only be used as a last resort. Remember, in advertising terms, this form of debt solution is synonymous with bankruptcy. Many companies that advertise this particular debt solution are planning to corral you straight into bankruptcy court.
Relief From Debt Through Non Profit Organizations - There are numerous agencies, ministries and organizations that provide funds to help people in need. These monies are a form of relief from certain debts, generally designated to assist in paying utilities, (i.e., electric, gas, water, phone, etc.) There are also organizations that provide funds to assist renters in paying rent and homeowners with their mortgages. An online search will net results in your particular area.
Student Loan - Unbeknownst to many students there are programs that will help them get out of debt, better known as (SLFPs) Student Loan Forgiveness Programs. This is true debt relief. In this case, the borrower's loans are paid off in exchange for volunteer work, public service or military service. You can contact US Department of Education for more information.
Call It What It Is People... - I said this previously, the debt industry has become so huge and the competition so stiff, that many parties involved use catchy terms to gain any advantage over their competitors. The term "Debt Relief" has a decided ring to it; anyone strapped to the hilt in debt is looking for some fast relief. The problem is, what a company or person is actually providing or selling may not be true relief from debt. Never sign any agreement for services until you confirm what services the company is actually providing.
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