Is debt relief law only available for certain types of debt?

Yes, debt relief law is only available for certain types of debt in Delaware. Generally, debt relief law requires a creditor or lender to forgive a portion of a loan or debt owed if certain criteria are met. Debt relief law is most commonly used for unpaid medical bills, credit cards, and other types of unsecured debt. It is important to note that debt relief law does not apply to secured debt such as mortgages, student loans, and car loans. In other words, creditors cannot forgive these types of debt through debt relief law. However, it is possible to negotiate with creditors or lenders to adjust the terms of secured debt repayment. This is commonly done through loan modification. Additionally, it is often possible to negotiate a lower interest rate by making a lump sum payment. This can help reduce the amount of interest paid over the life of the loan. Before applying for debt relief, it is important to understand the types of debt that are covered. Different types of debt are treated differently, so it is important to carefully review the agreement to ensure that the debt relief law applies to the type of debt in question.

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Is debt relief law only available for certain types of debt?

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