DRP (Debt Relief Plan)


The lawyer can help a debtor by formulating a repayment proposal stating the repayment ability of the debtor together with the new repayment amount, interest rate, number of installments and method of repayment, etc. By negotiating for a mutual agreement acceptable to both the debtor and lender, the debtor can reduce the monthly interest and principal repayment, and get a fixed repayment schedule without having to go through bankruptcy.