Debt incurred by Consumers and small businesses in on the rise in today’s complex and struggling economy. Credit card debt is on the increase, unemployment is prevalent in today’s struggling economy and all of that coupled with the massive swell in home foreclosures have put us all on notice that debt management is perhaps the most imperative skill of the day. The foregoing has created a need to better understand the various debt relief techniques available through the law. This white paper is intended to educate debtors on some of the most important debt relief tools available through either use of strategized negotiation or though relief by way of the 2005 revised Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). The following discussion will focus on many topics, including, loan modifications, short refinancing and short selling techniques, lien stripping, cramming down debt, and debt relief through the bankruptcy code.

Prior to discussing the intricacies of debt relief, it is important to recognize there are two forms of debt relief; one by filing for relief under the Bankruptcy Code, and one by negotiating with your creditors. It is important to note, only bankruptcy is a court proceeding. However, any negotiation you complete is a contract and can be protected by contract law.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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