Debt Relief Agency
Definition - What does Debt Relief Agency mean?
A debt relief agency is a party that aids a person facing bankruptcy in exchange for financial compensation. Debt relief agencies offer services such as advice, document preparation, legal information, etc. The goal of a debt relief agency is to help the person facing bankruptcy go through the whole bankruptcy process or develop a plan to pay back their debts without filing for bankruptcy. Banks, government agencies, and non-profits cannot qualify as debt relief agencies.
Justipedia explains Debt Relief Agency
The process of filing for bankruptcy and going through the entire legal procedure can be time consuming and extensive. Some people do not want to file bankruptcy and need someone to help them develop a plan to repay their debts. So, some people choose to seek the help of a debt relief agency.