Bankruptcy Alternatives
Debt Management Plan's
- Temporary forbearance - a period of time during which reduced or no payments are made
- Reinstatement - often used in combination with forbearance, in which a borrower is allowed to pay the delinquent amount in a lump sum at a future date
- Repayment - a period of time during which the borrower is allowed to pay portions of the past-due amount along with regular payments, gradually becoming current
- Loan modification - actually rewriting the loan contract and changing its terms to make it easier for the borrower to get and remain current (e.g., extending the term of the loan to reduce payments, moving missed payments to the end of the loan, and changing an adjustable-rate mortgage to a fixed rate).
Debt Settlement: The association of Settlement Companies, US organizations for Bankruptcy alternatives, American association of Debt Management Organizations & International Association of Professional Debt Arbitrators
Credit Counseling, Debt Management, and Debt Settlement
- Association of Independent Consumer Credit Counseling Agencies (AICCCA): www.aiccca.org
- Association of Settlement Companies (TASC): www.tascsite.org
- National Foundation for Credit Counseling (NFCC): www.nfcc.org
- U.S. Organizations for Bankruptcy Alternatives (USOBA): www.usoba.org