A person's debt must exceed $250,000; excluding the debt of their principal residence.
Maximum length of the repayment period is 5 years;
Which debts can I include:
All debts, not limited to but including:
- Credit cards
- Lines of credit
- Personal loans
- Income taxes
The other type of credit that people usually have is called secured debt. Secured debt is money that was borrowed with a condition that if you fail to make your payments one (or more) of your possessions may be seized and sold by the secured creditor. Some examples of secured debt include:- Mortgage
- Car loan/lease
- Financing contract
