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Difference between revisions of "Debtor’s Options for Getting Out of Debt"
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Debtor’s Options for Getting Out of Debt (view source)
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A '''proposal''' is an offer a debtor makes to their creditors to settle their debts. The offer can be to pay them a percentage of what is owed, to extend the time to pay them, or both. If the creditors accept the proposal, the debtor pays them under the terms of the proposal, typically for a period of three to five years. If the debtor meets the conditions in the proposal, they will be legally released from their debts — except for a few types of debt, such as support payments. | A '''proposal''' is an offer a debtor makes to their creditors to settle their debts. The offer can be to pay them a percentage of what is owed, to extend the time to pay them, or both. If the creditors accept the proposal, the debtor pays them under the terms of the proposal, typically for a period of three to five years. If the debtor meets the conditions in the proposal, they will be legally released from their debts — except for a few types of debt, such as support payments. | ||
For more on this option, see the section on Consumer and Ordinary Proposals. | For more on this option, see the section on [[Consumer and Ordinary Proposals]]. | ||
=== Bankrupcty=== | === Bankrupcty=== | ||
