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Bankruptcy allows debtors an alternative method to repay some or all of the money that they owe to creditors. This repayment can be done in a variety of ways. While some debtors choose to create repayment plans that extend over a longer period of time, there are other options available that may allow a debtor to pay off their debt in one lump sum. Depending on the debt relief approach a person takes and their financial situation, this may be a potential option and can be beneficial as it allows a person to not have to worry about interest or other issues.
For many debtors, a lump sum repayment is not possible. However, there are a few circumstances in which a debtor may be able to make such a payment. These include:
In many cases, making a lump sum repayment is beneficial; however, it’s not always possible and is something which should be discussed with a knowledgeable legal professional first.
Bankruptcy can be a difficult process if you are unsure which form of repayment is best for you. However, if you believe that a lump sum repayment may be the best option for you, then the attorneys of Russell Van Beustring P.C. can help you learn whether this is a viable option. Call 713-973-6650 to learn more about how we can help you alleviate your debts.