While many debt-relief options work in relatively similar ways and provide relatively similar results, debt assumption works much differently than other methods of debt relief.
Debt assumption can:
- Offset your debt
- Help to protect against lawsuits
- Restore your credit without the threat of tax liability
Debt Assumption uses a proprietary process that has been proven highly successful for thousands of clients, but you will have to meet certain qualifications in order for debt assumption to be an option.
What is Debt Assumption and How Does It Work?
Debt assumption is a special form of debt refinancing, involving three parties:
- A creditor
- The original debtor
- A third party willing to assume the debt obligation
When you begin the debt assumption process, your debt will undergo two simultaneous transactions. One transaction to cancel the original debtor’s obligation to the creditor, and another transaction to create a new debt contract between the original creditor and the third party, or new debtor, who will assume the debt obligation.
What Can I Enroll Under Debt Assumption?
Debt Assumption can be a great option for many debtors because you can enroll as many of your unsecured debts as you choose. You can even enroll all of your unsecured debts. This could include unsecured credit cards, loans, medical bills, or even business bank loans. Another thing that can be offset during debt assumption is private student loans.
With debt assumption, it does not matter if, or how long, you have been delinquent. Even close accounts and third party collections are accepted.
The debt assumption program can last from one to three years, and if lawsuits occur, you can expect to be assisted, in most circumstances, through attorneys or arbitration proceedings. Keep in mind that your credit will be damaged in the debt assumption process, but credit restoration is possible.
Everyone deserves to live free of debt. If you are in need of debt relief services, contact us today.
Navigating debt assumption can be tricky, and no one should have to do it alone. If you’re looking for expert guidance when it comes to debt relief, contact us now.