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Debt retirement refers to the paying off of a debt in order to avoid future interest payments, this can only be done if the current funds available are able to clear the outstanding balance of the debt.
Debt forgiveness on the other hand can be considered to be an amnesty by lending institution for countries who are heavily indebted, this is usually done to help alleviate the debt burden faced by such countries.
Therefore the difference between debt retirement and debt forgiveness is that one is paid off by the country who is able to pay off the debt and the other is an amnesty given to remove the debt for countries who cannot afford to pay it off.
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If you have debt but have retirement accounts is it better to pay off the debt with the money in the retirement accounts?
Yes. Paying off debts is always in your best interests. Not necessarily. Unless the debt is substantial, it's far better to pay off the debt with money outside of a retirement account. Otherwise you are sacrificing your retirement and years of compound interest that can't be replaced. Your retirement accounts aren't a piggybank--if you aren't of retirement age, they should only be tapped in the case of an emergency, and just having a debt isn't an emergency.
Can retirement accounts be seized by the government for student loan debt?
NO.
What companies offer forgiveness in regards to credit card debt?
No companies were found that give forgiveness. The only things seen were places the help to consolidate debt. Some companies will lower interest rates to make payments easier, but forgiveness does not appear to be possible through any specific company or service.
What does credit debt reduction mean?
Credit debt reduction refers to the process of trying to reduce someone's debt through various means, such as renegotiating debt repayments, debt forgiveness, reduced interest rates, or eliminating late fees.
What term is assigned to a person or company that is reduced to a state of financail ruin?
A person that is in a state of financial ruin in bankrupt. They can be in a reorganization or in debt forgiveness.
Distinguish between bankers debt and ordinary commercial debt?
a)Name of amount due b)demand of repayment
If you have debt but have retirement accounts is it better to pay off the debt with the money in the retirement accounts?
Yes. Paying off debts is always in your best interests. Not necessarily. Unless the debt is substantial, it's far better to pay off the debt with money outside of a retirement account. Otherwise you are sacrificing your retirement and years of compound interest that can't be replaced. Your retirement accounts aren't a piggybank--if you aren't of retirement age, they should only be tapped in the case of an emergency, and just having a debt isn't an emergency.
Can the spouse's retirement be garnished if the debt was before the marriage?
No.
Can retirement accounts be seized by the government for student loan debt?
NO.
What companies offer forgiveness in regards to credit card debt?
No companies were found that give forgiveness. The only things seen were places the help to consolidate debt. Some companies will lower interest rates to make payments easier, but forgiveness does not appear to be possible through any specific company or service.
What is difference between mutual funds and debt?
Mutual funds are usually used to save for retirement, so you're increasing your assets. Debt is used to fund liabilities, actually the exact opposite of investing. Mutual funds add to wealth, debt takes it away.
What does credit debt reduction mean?
Credit debt reduction refers to the process of trying to reduce someone's debt through various means, such as renegotiating debt repayments, debt forgiveness, reduced interest rates, or eliminating late fees.
Where do I apply for tax debt forgiveness?
you can check on this www.irs.gov/individuals/article/0,,id=179414,00.html
Benefits of the Student Loan Forgiveness Act?
If you accumulated student loan debt while you were in college, it is important to research the stipulations of the Student Loan Forgiveness Act. This piece of legislation was designed to reduce the load of debt repayment in some situations. The Student Loan Forgiveness Act provides for Income-Based Repayment. This benefit can help if you are a low-income household. The Act also provides for debt to be forgiven in some situations after a certain time period has passed.
Am I eligible for tax debt forgiveness?
It is possible but one can't know for sure without taking a look at your debt. You would have to consult with the IRS to find out your eligibility status.
What is the statute of limitation on credit card debt forgiveness in AZ?
That would be classified as a written agreement in Arizona. They have set the limit at six years from the last acknowledgement of the debt.
Where can an individual go to find information about government debt help?
The US government does little to help indebted individuals beyond the offer of bankruptcy; bailouts are generally reserved for large corporations. However, some options exist, such as student loan forgiveness. More information can be found on the eHow article "Types of public debt relief and debt forgiveness," and other such articles on eHow.
