The Forgiveness of Debt

In many cases, debts can be forgiven entirely or in part by the loaning party because of either special qualifications or hardships.

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Example: Student Loans

Student loans can qualify for loan forgiveness by:

  • Volunteer work
  • Military service
  • Teaching in lower-income communities
  • Practing medicine in lower-income communities
  • Other criteria specified by a forgiveness program

For more information, click here.

Unsecured Loan Forgiveness

Many unsecured loans can be settled for substantially less than the total value of the loan (sometimes as much as 60% off). To qualify, there must have been a ligitimate hardship which may or may not have cause the debt.

The types of unsecured debts that qualify:

  • Credit card
  • Credit union
  • Hospital bills
  • Personal loan
  • Attorney fees
  • Past due utilities
  • Repossession balances
  • Vendors for the self employed
  • Balances from pervious rentals or broken lease agreements

The hardships that qualify:

  • Death
  • Illness
  • Divorce
  • Loss of job
  • Medical bills
  • Military duty
  • Incarceration
  • Job relocation
  • Failed business
  • Reduced income
  • Marital separation
  • Death of spouse or co-borrower
  • Adjustable rate mortgage reset-payment
  • Damage to property (natural or unnatural disaster)
  • Other

For more information, click here.

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