Frequently Asked Questions
We have worked with many people over the years to help them develop a plan to achieve Debt Relief. Our System of Debt Relief (“SDR”), based on our experience, is dedicated to educating people on the issues involved in Debt Relief and then helping them step by step to develop and implement a personal Debt Relief Plan. Following are frequently asked questions about the Debt Relief process:
Debt Relief is the process of restructuring, reducing, or eliminating debts so that your overall debt burden is reset at an affordable level and you can move toward financial freedom.
SDR reference: Chapter 1
Debt Relief can be achieved through negotiating with lenders, litigation, bankruptcy, suspension of payments, or a combination of these actions.
SDR Reference: Chapter 3
Our laws provide many protections to borrowers up to and including total forgiveness of debt through bankruptcy. Our bankruptcy laws trace back to the Bible, so you may rest assured that you are not doing anything wrong by pursuing Debt Relief.
SDR Reference: Chapters 2 and 3
First you must diagnose your problem to see if it is caused by lack of income, overspending or excessive debt. You must prioritize your spending to put God, Family, and Country first. Then see what is left over to pay your lenders, and allocate it among them. You, not your lenders, should be in control of your finances.
SDR Reference: Chapters 5 & 6
Lenders understand that most people with financial problems cannot be forced to pay because you can’t get blood out of a turnip. So, ultimately, it is the borrower who normally has to the most bargaining power. With a little patience, reasonable settlements on debt can be made.
SDR Reference: Chapters 3 & 6
Bankruptcy can be a good solution for some people but it does not solve all financial problems. It can be complex and expensive as well. You need to learn about it and find a bankruptcy lawyer if you are seriously considering it.
SDR Reference: Chapter 7
The IRS has vast collection powers but there are ways to negotiate payments, reduce taxes due, and sometimes even wipe out your IRS tax. The key is understanding their procedures and responding in a correct and timely manner. Most people will also need the help of a tax specialist.
SDR Reference: Chapter 9
The first question to be answered is whether you want to stop a foreclosure, because in many cases you may be better off after a foreclosure. Assuming you want to stop it, your best strategy is to negotiate with the lender. A bankruptcy filing will also stop a foreclosure, but may not be a good overall strategy for you. Remember that lenders really do not want the property back if you can make a reasonable payment.
SDR Reference: Chapter 3, 6, and 7
We believe that the best person to run your life is you, and so we first recommend that you use our System of Debt Relief to develop your own plan. However, we also recommend that you find a counselor, such as a retired business man, to look over your plan, and you may also need tax and legal advisors. You can sometimes use credit counseling organizations or debt settlement companies, but make sure that the plan they advise is not worse for you than what you could accomplish through your own plan.
SDR Reference: Chapter 10
If you have money problems you will also ultimately have a bad credit score. Your choice is between having a plan, money in the bank, and a bad credit score or giving all your money to your lenders and still having a bad credit score. You will still be able to obtain credit, albeit at a higher price, and your credit score will improve as your debt problems fade into the past.
SDR Reference Chapter 3
While the System of Debt Relief contains material that can be valuable to anyone, it is designed for those who are struggling to pay their debts and need help. If you have plenty of cash flow you should consider an accelerated debt repayment program such as that developoed by Dave Ramsey. Either way, you can be free from debt and move into Financial Freedom.
SDR Reference Chapter 12