New Jersians are always amazed when they learn that the United States Government sponsors a debt consolidation plan designed just for them and it’s much better than anything that’s available from any bank or credit union. If you reside in South Jersey and feeling overwhelmed by your growing debt and you are currently in a traditional debt consolidation plan, you are wasting your time and money. Yes, that is correct, you really are wasting your time participating in a traditional debt consolidation plan because the government sponsored plan is much better for you and your family.
YOU ASK HOW IS IT BETTER?
I will give you three reasons why the government sponsored debt consolidation plan is better than the traditional plans.
YOUR PAYMENT IS BASED ON WHAT YOU CAN AFFORD TO PAY!
The government plan calculates your payment on what you can afford to pay and not based on what your creditors demand you pay. The repayment amount is determined after a careful analysis, by you and your lawyer, of your income and expenses then it is determined what payment you can afford.
YOUR REPAYMENT TERM IS 3-5 YEARS AND WHAT DOESN’T GET PAID IN THAT TIME FRAME GETS WIPED OUT!
For illustration purposes, let’s say that you have $100k in credit card debt. Additionally, let’s assume after your income/expense analysis you can afford a payment of $300.00 per month for 36 months. $300/month X 36 months comes to $10,800. That’s a far cry from satisfying all your debts. It falls $89,200.00 short from paying it all off. But that’s alright. With the government debt consolidation plan that $89,200.00 debts gets WIPED OUT – FOREVER!
YOUR UNPAID DEBT ($89,200.00) GETS WIPED OUT – AND BETTER YET, IT GETS WIPED OUT TAX FREE!
Debts that are forgiven or discharged in a Title 11 Bankruptcy, which Chapter 13 Bankruptcy is, is not taxable to you.
In conclusion, the government sponsored debt consolidation plan is called a Chapter 13 Bankruptcy. When you are ready to face your overwhelming debt, when the time is right and you are ready for a fresh start call PIKUNIS LAW at (856) 282-5505.