Debt Relief Government Grants - Do They Really Exsists

Feb. 15, 2010 - PRLog -- Despite of what one might read in advertisements, the government is not offering grants for any private individuals to pay their debts. Though there are vast options of debt relief programs for an individual, debt relief government grants do not exist in reality. These advertisements are in fact advertising for bankruptcy. There are few programs which might help those who are under the pressure of student loans and possibly with a foreclosure, but only if the person is able to live up to the strict rules of qualification for these debt management plans. But they are not essentially grants for debt relief from the government. The government may waive off a part of loan based on federal laws, but it will not take this as a debt relief grant. This is a major important aspect every individual should know about.

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Though the government does not promote individuals filing for bankruptcy, it might consider some cases, in which this is the only means for a person to get a credit debt relief and start all over again. Many companies some times announce how grants of debt relief from the government would help to get rid off debt, and the only program in which this is possible is the chapter 7 bankruptcy program.

A person must keep in mind that the bankruptcy criteria have become stricter. The federal government has discovered that some people were making use of the bankruptcy court to get rid of their debts, and hence has taken steps to ensure that the creditors do not end up holding recognizable bag for them. The new rules demand a person to take part in budget guidance before they can apply for bankruptcy relief. Since there are no grants from government for debt relief, firms that have advertised for the same are trying to consider the court as a way out of financial obligations.

Both the bankruptcy types seem to be debt relief options as grants, but actually in chapter 7 the person might have to surrender property which will be sold by the court. Chapter 13 is different from chapter 7, where the person is allowed to preserve ones holdings and gets time to pay of debts within certain period of time, as per the rules of the court. This is based on the person’s income.

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Hence people should educate themselves to the available grants for debt relief by research through internet and also by questioning financial companies, to avoid any kind of unauthentic loan and grant processes.

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