The Benefits of Debt Prescription
Relief from Old Debts
Debt prescription eliminates the obligation to pay debts that have gone unclaimed for a specific period, usually three years for most types of debt. This provides financial relief from old, unpaid obligations.
Improved Credit Score
Prescribed debts no longer affect credit scores, helping individuals rebuild their financial standing and gain access to better financial opportunities.
Legal Protection
Once a debt prescribes, creditors can no longer take legal action or pursue the debt, offering protection against harassment, lawsuits, or wage garnishments.
Clarity in Financial Planning
With prescribed debts out of the way, individuals can better focus on managing current financial obligations and planning for the future, free from the worry of old debts resurfacing.