Debt Forgiveness - What Really Works

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  • Significantly lower your monthly payment
  • Reduce your debt to a fraction of what you owe
  • Be debt free in as little as 24 to 48 months

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Debt Forgiveness

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Debt forgiveness is when a lender writes off some or all of your outstanding debt. Although this looks great on paper, most debt forgiveness options come with some sort of catch. There’s also the chance that you may come across fraudulent debt forgiveness scams, so it’s crucial that you research thoroughly and read all of the fine print before signing up for a debt forgiveness program or service.

Your debt forgiveness choices vary greatly depending on the type of debt you are addressing, and each option comes with its own set of requirements, rules, tax bills and potential credit impact. Below are a few common debt forgiveness options:

Debt Forgiveness for Student Loans

When it comes to student loan debt, your options vary based on whether the loan is a private or federal loan.

Student loan forgiveness programs for federal loans are typically difficult to qualify for, as they’re often based on your income, the kind of work you do and the amount you owe. The most common student loan forgiveness programs are available to those who work in public service, the military or education. More details on the available types of loan forgiveness, cancellation and discharge plans can be found on the Federal Student Aid website.

Those dealing with private student loans may be able to find partial debt forgiveness with the help of a debt consolidation service. Many also pursue relief from their debt through debt consolidation loans and credit counseling, but it’s important to remember that these options cannot reduce your original balance.

Medical Debt Forgiveness

If you are struggling to keep up with your medical bills, you should first reach out to your healthcare provider and attempt to work out a discount. Your service provider may offer an income-based sliding scale payment program or a repayment plan that allows smaller payments over a period of time. Be sure to take a careful look at the items and services you were charged for, as there’s always a chance that there may be billing errors.

If you qualify for Medicaid, you might be able to have a portion or all of your outstanding medical bills covered. Medicaid programs vary by state; more information can be found at


Although you may be able to receive a form of debt forgiveness through bankruptcy, the legal process comes with some disadvantages. Besides the costly legal fees, bankruptcy can have long-term consequences. At the end of both the Chapter 7 and Chapter 13 bankruptcy process, the court could choose to discharge your remaining unsecured debts. However, the bankruptcy filing could stay on your credit report for up to 10 years, which can greatly affect your future credit applications. Also, unless specifically sealed, bankruptcy cases are available for public viewing.

But even with these drawbacks, depending on your unique financial situation, bankruptcy might still be your best option. Always speak with an attorney before proceeding with a bankruptcy filing.

Is Debt Forgiveness Right for Me?

It’s crucial to create a plan and take action if you want to regain control of your finances. Reaching out to your creditors directly to discuss any debt forgiveness or repayment options could result in receiving much-needed assistance.

If your negotiations with creditors are unsuccessful, don’t panic - your next best step is to consult with debt solutions specialists. Accredited Debt Relief’s experienced team has helped people across the US get closer to living a debt-free life. Contact us today for a free consultation.