Archive for the ‘Debt Consolidation’ Category

Saturday, February 13th, 2010
bankrupt debt
Jason Holmes asked:


If you are in profound debt and struggling to find a way out, opt for debt solution. None of the debt solution measures can eliminate all your debts. But it can certainly reduce your debt burden. Debt consolidations, debt settlement, bankruptcy, are some of the effectual debt solution measures. Not all the procedures will suit you. To choose the most relevant debt solution you should understand the different means of debt solution.

1. Debt consolidation: Debt consolidation is the most accepted debt solution method. This process helps you to lower your interest rate and waive off the late fees. If you opt for debt consolidation, the debt consolidation company merges your multiple debt payments like the medical bills, credit card bills, unsecured debts and all other payments into one. You would have to make a single monthly payment to the debt consolidation company and the company shall pay your debts.

2. Debt Settlement: This is the most effective means of debt solution. In fact it is an alternative solution to bankruptcy. The debt settlement company negotiates with all your creditors to reduce your payable amount to nearly 40% to 60%. This is the process by which you stop paying to the creditors but keep saving the money instead. After your have accumulated at least 50 % of the loan amount, your debt settlement company shall negotiate with your creditors. Even you can negotiate with your creditors while settling your debts. But if you are unable to do so certainly contact a debt settlement company. However it is very important to take the correct decision at the exact time, while opting for debt settlement. Be careful while selecting the correct debt settlement firm.

3. Bankruptcy: While opting for debt solution, if all other options fail, you can file a bankruptcy. It is the easiest way to reduce or eliminate debts. When all other options, to come out of the debt phase are closed, you can declare yourself as a bankrupt. Basically, it is a legal process in which the person or the company declares that he is unable to pay his debts. The process of bankruptcy helps them to eliminate their debts or repay them under the protection of the bankruptcy court. The total number of bankruptcies in US is at a rise. Recently 1,794,795 number of people have been discovered to be bankrupt.

Despite having several advantages, bankruptcy should be avoided. If you are declared a bankrupt, then it will be reflected on your credit report for at least 10 years, from the day when you have been declared a bankrupt. Bankrupt people cannot easily purchase or rent a home or purchase insurance. Personal Bankruptcy can spoil your social status to a great extent.

Though you can pick up a debt solution process yourself, but always contact a financial expert before opting for a reliable debt solution.



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Tuesday, January 26th, 2010
bankrupt debt
Musa asked:


As everyone struggles to come to terms with the menace of the credit crunch and the fact that it makes a debtor of many of us, one important thing on the minds of most people is how to rid themselves of a debt burden. While many have taken steps to either repay or work out alternative means of settlement, a trend that is increasingly getting popular is the decision to become bankrupt.

Although this option may provide a relief for borrowers who are unable to repay debts, it does come with its price. For example there could be some credit and financial restrictions imposed on anyone who is bankrupt. Regardless of this, it is still the only outlet for many who are debt-ridden.

In Scotland the issue of debt has posed so much concern for the government and people that in April, this year, a new set of rules that would allow people take the easy way out was introduced. Intended to help people who are unable to shed their debts by other means, the policy allows those who are classed as Low Income, Low Asset debtors declare themselves bankrupt and be free of the crippling burden.

Before the introduction of the LILA rules debtors who had no means of repaying debts only had to wait for their creditors to start a legal process seeking the recovery of their money and the courts could in the end let such people become bankrupt and off the hook.

However, many creditors would rather use debt recovery companies to harass debtors until they pay up or seek a resolution, somehow, Citizen Advice Scotland lamented. This means debtors were at the mercy of their creditors, perpetually.

But the turn around in this situation was the introduction of the LILA rules, which now give an alternative means to insolvency. Even as it has been estimated that up to 5,000 people in Scotland may take advantage of it and sort themselves out, the main worry for many people is that there is a £100 application fee that must be paid to be able to access the scheme. And many debtors that are genuinely in need of help can’t afford to pay the fee.

Citizen Advice Scotland is therefore worried about this problem and argues that many people may end up not being able to shed their debt through bankruptcy. Basing its position on a report compiled by its head of social policy and public affairs, Susan McPhee, the advice agency said there was evidence that although some of its clients were able to access the scheme and get the help they needed, some could not afford to pay the fee and have been excluded. Crucially, those who are in the list of the excluded are people who are ordinarily the ones who need the scheme most, according to Citizens Advice. And in this group are the low incomes and those with health conditions.

This complaint has already drawn a response from the Scottish government, whose spokesman admitted that the rules were made to cater for the needs of those who could neither repay their debt nor use other means to become bankrupt. But he swiftly denied that the £100 fee constituted a barrier for many who would opt for insolvency through the policy.

Although the government may be right in saying that they were unaware of such claims, the fact that it comes from a credible source makes it worthy of a serious attention. One way to get round the issue is for them to properly investigate and see whether the policy is helping those it set out to help. Otherwise, it becomes unnecessarily a failure.



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Thursday, January 14th, 2010
bankrupt debt
Debt Settle Inc asked:


10. Not having a plan in case of emergency

A lot of people cut their budgets very close.  If you have you money portioned out precisely for your regular expenditures and you haven’t left anything in the budget for emergencies, how will you pay for repairs if your car breaks down?  If your house suddenly needs repair?  If you have emergency medical bills not covered by your insurance?  It is important to make sure you have a plan to cover emergency spending.  If that means cutting things out of your regular budget that may not really be necessary, make sure you do that.

9.  Spending money on luxury items you don’t need

This one should be obvious, but a lot of us violate this simple rule anyway.  When you see a new car, an article of brand-name clothing or piece of electronics equipment, ask yourself a couple of questions.  1) Is there money in my budget for this? And 2) Do I really need this?  If it’s an impulse buy, odds are first answer is no.  The second answer is probably no in any event.  Think about whether you’d rather have the item or financial stability.  

8.  Buying extravagant gifts for friends and family

This is basically the same as the previous item on this list.  The difference is that some people have a problem not with buying things for themselves, but with buying things for others.  Selflessness is commendable, but it doesn’t have to be as expensive as you might be making it.  It’s not going to do your friends and family any good for you to go bankrupt buying them extravagant birthday presents.

7.  Letting small expenditures add up

If your money is disappearing every month and you can’t figure out where it’s going, odds are you’re not keeping track of minor expenditures.  Say you take a trip to the grocery store to pick up a gallon of milk for three dollars.  While you’re there you pick up some ice cream, maybe a twelve pack of soda.  You spend three dollars on candy for the kids in the checkout line.  Swing through a drive-through on the way home to get some food.  Why not get the large for only a few cents more?   Each of these items individually may not be very significant, but by the time you get home, you may have spent $30-$40 during you trip out for some milk.  If these sound like the kind of expenditures you might make without keeping track, that’s probably where your money is going.

6.  Not saving money

If despite your best efforts you find yourself owing more money than you expected, it can be a huge relief to realize you have some money saved up that can help gt you out of trouble.  Try putting a percentage of every paycheck into a savings account you never touch.  If something you didn’t expect rears up and you have to pay a lot of money, you may find that you can take care of it without declaring bankruptcy.

5.  Not keeping track of your funds

How much money do you currently have in your checking account?  How about your savings?  What have you put on your credit card in the past week?  If you don’t know the answer to all three of these questions, you’re probably going to wind up overspending.

4. Putting too much on your credit card

Credit card debt is a serious problem in this country.  One main reason is that people treat them as free money without really planning how they will pay off the money they put on them.  Another is that people don’t think about the interest rate they will have to pay on purchases on their credit card.  If you are making a purchase on credit that you could pay in cash, it may be better to use cash than to risk interest rates running away from you.

3. Letting late fees build up

Almost everyone is late with a bill from time to time.  What can really kill you is being late with your bills so often that late fees and surcharges start to build up.  Before long, the late fees you pay every month may be as large as any of your other bills.

2.  Ignoring bills

This should be obvious, but some people simply don’t take action.  If you don’t pay your creditors, they are within their rights to take collection action against you.  Most of them, however are willing to be lenient if you will simply talk to them.  A lot of companies will allow you extensions if you need them as long as you talk to them in time.  Give it a try.

1.  Spending more than you earn

Everything else on this list is derived from this one simple rule:  Know how much you make, and spend less than that.  It’s sounds simple, but it can fell complicated.  Once you start keeping track of you earnings and expenses, however, you’ll probably be surprised at how easy it becomes.

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Saturday, November 21st, 2009
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Greg Smith asked:


Most people don’t understand bankruptcy until they are faced with it. Even then, a lot of people still don’t understand what is really happening. In the most general terms, bankruptcy allows a person having financial difficulties to wipe out his or her debt and start fresh. People file bankruptcy for numerous reasons: divorce, unemployment, death in the family, lawsuits, illness, medical bills, foreclosures and credit card debt.

Bankruptcy allows the creditor to receive a fair share of the money that the debtor can pay back, while giving the debtor a fresh start. There are two types of bankruptcy to fulfill this need: Chapter 7 and Chapter 13.

Under a Chapter 7 bankruptcy, all unsecured debts are wiped out. These debts include medical bills, legal fees, utilities, deficiency balances and credit card debt. The debtor may lose property to the court that will be sold in order to pay creditors. There are certain debts that will remain. By law, they cannot be discharged through Chapter 7. These debts include alimony, child support, taxes, certain student loans and debts from fraud, larceny and fines.

Chapter 13 bankruptcy helps people with regular incomes that wish to pay their debts but are unable to do so at the current time. With court supervision, a repayment plan is established between the debtor and his creditors that will pay the debts under an extended period of time.

In 2005, a new law was established — the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. So many consumers were abusing bankruptcy. You may have heard of people simply filing for bankruptcy repeatedly. Some simply had their debts discharged and went out and bought until they were in the same situation again. Other consumers needed protection from unethical lenders. This law makes it more difficult for consumers to file for bankruptcy.

Before a bankruptcy can be filed, the debtor must enroll in a credit counseling session. Before the bankruptcy is complete, the debtor must complete a financial management seminar. The consumer will learn to budget, manage money, use credit wisely and the basics of consumer information. These classes aren’t always free, some come with a mandatory fee.

Means testing will also apply to bankruptcy filings. The means test is an effort to force more debtors into Chapter 13. Any debtor who is able to repay 25% of what they owe, or $10,000, to his or her creditors will not be allowed to file for Chapter 7 bankruptcy. Basically, if the debtor is proven to be able to pay back a significant portion of his debts in the next five years, then he should be required to.

Financial advisors will tell you that bankruptcy should be your absolute last option. It will ruin your credit history. It isn’t easy to be granted bankruptcy and it isn’t easy to get over it. You should consider every available option before you decide to file bankruptcy. Often, you can go ahead and attend a consumer financial management class. Learn how to get out of debt and avoid bankruptcy.



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Saturday, November 21st, 2009
bankruptcy file
Frank Vanderlugt asked:


There are 2 sides to the changes in bankruptcy rules. It will be a lot harder to file bankruptcy under chapter 7 and get a totally clean slate.

For businesses, relying on issuing credit, the new personal bankruptcy law is doing great, reducing personal bankruptcy claims from the thousands to double digits.(In the short run).

However, lawyers working with the actual people filing for bankruptcy say that the new law is seriously flawed because it puts more financial burdens on already broke clients and reduces potential debt repayment to small businesses.

And then of course you have the credit card companies charging high interest rates which in quite a few cases caused the bankruptcy in the first place. According to some financial specialists, much of the debt people accumulate is a result of keeping up with the Joneses and not thinking ahead.

For 80% of clients counseled each month, the debt is credit card related and averages $32,000 - a result of six to eight cards. Consumer credit organizations say the new law provides debt-reducing strategies for those considering filing bankruptcy and curbs abuse.

Under the new law it has become a requirement that the person filing bankruptcy obtains credit counseling both before and after filing for which that person will be charged..

So now the consumer would then know the advantages and disadvantages of declaring bankruptcy. Yet it seems merely another expense for an already financially stressed individual.

People filing bankruptcy in general are not overspenders, but merely faced with temporary financial disasters such as medical costs, layoffs, a divorce, gambling debts or other crises. Before you can file bankruptcy,you are now required to complete credit counseling with an agency approved by the U.S. Trustees office.

This credit counseling is designed to help you determine whether or not bankruptcy is appropriate.

Once you complete your bankruptcy, the law requires you to attend another credit counseling session.

These are new requirements, before this law was passed the law did not require a person to go through counseling either before or after the filing of bankruptcy.

Second, under the old law, a person could decide to file under Chapter 7 or Chapter 13. Under the new law, the court will look at your monthly income and apply a means test relating to the state in which you live. If your income is less than or equal to the medium income then you will be allowed to file Chapter 7 which in effect will give you a clean slate.

This medium income can vary from $28,000 in Missouri to $56,000 in Alaska. If your income is greater, you may be forced to file Chapter 13 unless you can demonstrate you do not have enough disposable income.

Under Chapter 13 you will not get a clean slate but will have to make payments on your debts.

Also, your attorney now has to personally certify that your bankruptcy filing is accurate. This means more work for the attorney, with higher legal fees.

Advantages of declaring Bankruptcy: Legal protection from creditors Takes care of all or most debt In some cases, can keep home and car May stop complete financial ruin Provides a fresh start

Disadvantages of declaring Bankruptcy: Bad credit May have to repay partial debt load and return collateral to creditors May lose assets, including house and car (If the house is worth more than a certain amount). Bankruptcy becomes public record, and Remains on credit record for seven to 10 years

“In the past, a bankruptcy offered a fresh start for the filer,” said Columbia attorney Gwen Froeschner Hart. “The new federal legislation offers language directed at helping creditors.”

If you analyze credit card expenses for most people you’ll see that they often include medical bills and day-to-day expenses for the elderly or those earning low or fixed incomes. Records show that 50% of credit card holders do not pay their full credit card bills every month.

33% of the population can’t afford medical insurance so have to charge their prescription drugs. With the recent Medicaid cuts and rigid bankruptcy legislation who knows what is going to happen to these people.

There are some who say consumers are abusing creditors. The irony is that credit card companies are begging for customers and offering large amounts of unsecured credit, yet at the same time, lobbying for stricter debt controls.



Bankruptcy Questions

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Saturday, October 31st, 2009
bankruptcy
Pnreddy asked:


Bankruptcy is one option to consider in order giving yourself a “fresh start,” when you have more debts than you have assets. There are in fact many types of bankruptcy provided under the law but the most common is Chapter 7 bankruptcy, which is also known as liquidation.

When filing under Chapter 7 bankruptcy, all your assets, excluding those that are exempt under the law of your state, are dissolved and liquidated. Generally, the person tasked to do this is the court-appointed official, called a trustee.

All in all, the vital task of the trustee is selling your properties and using the proceeds to pay your creditors. After doing such, the court will then cancel many of your remaining debts, thus affording you a “fresh start” to life.

Here is a step-by-step guide to filing a bankruptcy under Chapter 7 bankruptcy:

Step 1: Decide whether you should file bankruptcy or not.

Filing bankruptcy is a personal decision, influenced by many factors, such as the amount of serious debts and your ability to meet the original payments or pay the full amount. For starters, when you are broke, it is never a nice experience getting harassed by creditors for debts incurred. For another, your decision to file should not be made for the sole purpose of putting a stop to your demanding creditors.

This is a significant point as secured creditors may apply for “relief from stay,” thus allowing them to continue their efforts to repossess or foreclose even though you already filed for bankruptcy.

Step 2: Get an attorney

While the law on Chapter 7 bankruptcy does not need individual consumers to hire an attorney who would represent them in court, it is still advisable to ask for legal help, particularly concerning critical decisions involved in bankruptcy.

Step 3: Comply with the legal requirements.

File your petition with the bankruptcy court serving in your area. If you are a business debtor, then file with the bankruptcy court in the place where the business was organized or has its principal place of business or principal assets. Your attorney should be able to advise you on how to deal with these required legal forms.

Step 4: Pay the necessary fees.

As with any other court cases, there are certain fees required, such as:

• Case filing fee

• Miscellaneous administrative fee

• Trustee surcharge

Upon filing, you are usually asked to pay these fees to the clerk of court.

Note that the number of installments is limited only to four. Additionally to that, you are also required to make the final installment no later than 120 days after filing the petition.

Step 5: Notice to the creditors and meeting.

After filing your petition for bankruptcy under Chapter 7, paying the necessary fees, and complying with the legal requirements, an “automatic stay” is granted to you by operation of law. This stay will efficiently stop most collection actions against you and your properties. This means that as long as the stay is in effect, creditors cannot initiate or continue lawsuits, wage garnishments, or even telephone calls demanding payments.

After the bankruptcy case has been filed, the bankruptcy clerk will give notice to all creditors whose names and addresses you provided. Then, the case trustee will hold a meeting of creditors between 20 and 40 days after you filed your petition.

Step 6: Cooperate with the trustee.

The case trustee has a vital role in a bankruptcy case. His primary responsibility is to liquidate your nonexempt assets in a manner that maximizes the return to your unsecured creditors. He does this by selling your property, if it is free and clear of liens and as long as it is not exempt, or if it worth more than any security interest or lien attached to the property and any exemption that the debtor holds in the property.

In view of the broadness of a trustee’s power, it is significant therefore that you cooperate with the trustee. Provide any financial records or documents that the trustee requests and answer questions, which the trustee is necessary to ask at the meeting of creditors under the Bankruptcy Code.

Step 7: After the discharge…

If all goes well with your Chapter 7 bankruptcy case – that is, no one files a complaint objecting to the discharge or a motion to extend the time to object – the bankruptcy court will issue a discharge order relatively early in the case, about 60 to 90 days after the date first set for the meeting of creditors

A discharge order is an order issued by the bankruptcy court, releasing you from personal liability for most debts and preventing your creditors from taking any collection actions against you. As a rule, excluding cases that are dismissed or converted, individual debtors receive a discharge in more than 99 percent of Chapter 7 bankruptcy cases.

For someone filing under Chapter 7 bankruptcy, a discharge of almost all of your debts is the ultimate goal. With the release of all your debts and creditors stopped from pursuing any further collection actions against you, the opportunity for a fresh start is apparent.



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Top Ten Reasons People File for Bankruptcy

Saturday, September 5th, 2009
bankruptcy
Bankruptcy Home asked:


1. Eliminate the legal obligation to pay many of your debts.. This process of wiping the slate clean is called a discharge of debts. The goal of a discharge is to reduce debt to give you a fresh start. Whether it is through straight bankruptcy (Chapter 7 Bankruptcy) or through reorganization (Chapter 13 Bankruptcy), most or all of your debts can be cleared.

2. Stop foreclosure on you house and allow you to effectively make payments to catch up on missed payments of your mortgage. If your home is in foreclosure, Chapter 13 Bankruptcy will stop the foreclosure any time prior to the sale. Bankruptcy does not eliminate mortgages on your property without payment. Rather, bankruptcy will structure a plan in order to repay your mortgage arrears (the amount that you are behind).

3. Prevent your car or other property from being repossessed.

Even if the creditor has repossessed your car, filing bankruptcy can effectively force them to return your car or other personal property (if the bankruptcy is filed quickly enough). The past payments you have missed will be consolidated into your Chapter 13 Bankruptcy plan. After this you will no longer pay the finance company, rather you will make monthly payments to the trustee of your Chapter 13 Bankruptcy who will then pay the finance company.

4. Reduce or even eliminate high medical bills.

Sometimes an unfortunate accident or major recently discovered illness can completely ruin a family. Many families have to make choices on allocation of bills. Often, bills that were once important become insignificant to the large medical bills acquired by a loved one. Filing Chapter 7 Bankruptcy can greatly reduce the amount of medical bills. 5. Recent loss of employment.

Studies show that loss of work is one of the most common reasons people file for bankruptcy. This is very easy to see. A family can get comfortable on two maybe even one salary. They can take on regular amount of debts, join clubs, and pay normal bills with relative ease. All of a sudden one or both spouses lose a job and a family must go from two salaries to one. Losing a job is closely tied to high medical bills. Losing a job means this family may be left without the protection of insurance that was once provided by their employer. Often times these two factors combined create an almost impossible mountain to climb without the help of bankruptcy.

6. Stop harassing behavior from creditors.

Some creditors do not always take the right course of action when attempting to collect a debt. Often, creditors will persistently call the home of a particular debtor with demeaning and abusive behavior. Not only is this unethical it can rise to the level of unlawful. In essence, bankruptcy will put on hold the demands of many creditors and stop the harassing phone calls and other inappropriate behavior all together.

7. Restore or prevent your utilities from being shut off.

As you have probably seen many of these reasons overlap. Some lead to another. If your home is in risk of foreclosure then your utility bill may also be in risk of being terminated. Filing bankruptcy can prevent the utility company from leaving you in the dark.

8. Provide help for large amounts of student loan debt.

While it is true that your student loans will not be eliminated like several other types of unsecured debt, bankruptcy can consolidate your student loan debt. This consolidation will allow a debtor to make monthly payments through Chapter 13 Bankruptcy that are within the financial ability of the debtor.

9. End wage garnishments.

Chapter 7 Bankruptcy will stop wage garnishment. Wage garnishment basically takes away your weekly earnings often times leaving you without necessities. Chapter 7 Bankruptcy allows you to purchase necessities for you and your family. Chapter 13 Bankruptcy will also help in this regard.

10. Challenge certain claims of fraudulent creditors.

Bankruptcy will allow you to challenge these claims from creditors who are trying to collect more money from you than you really owe. An attorney can provide the support and the backing you will need to step up to these creditors. Attorneys often even the playing field between a big creditor and a single debtor. Filing bankruptcy with an attorney can stop fraudulent reporting by a creditor.



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Saturday, August 29th, 2009
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Cornie Herring asked:


People loves credit card because it provides convenient on spending that meets today’s lifestyle, but they also **** it because it may cause them to trap in overwhelming debt, some people even need to go for bankruptcy filing to relief themselves from credit card debt. If you are at this worse financial situation due to large credit card balances that beyond your financial affordability to clear it, what are the options available for you to resolve your debt problem?

Many heavy credit card debtors tend to think of going for a bankruptcy filing so that they can relief themselves from hassling phone calls and surprising visits from their creditors to ask for their debt payment. But, they did not or might not aware of the consequences of filing a bankruptcy that will follow them for years (7 to 10 years) before they can freely reuse their credit again. Hence, bankruptcy filing should always be your last option after you have explored all alternatives for better options than bankruptcy which can potentially resolve your debt issue.

Credit card debt consolidation can be your alternative to bankruptcy. You should always explore this option for debt relief before you go for extreme solution such as bankruptcy filing which may badly hurt your future credit worthiness. You either can choose to consolidate debt with an unsecured or secured loan. But, if you have reached the status of receiving harassing phone call and getting visits from debt collectors, then you may already hurt your credit ratings due to the late payment or default payment. Then, it might be hard for you to get an unsecured loan to consolidate your credit card debt; however, it still worth to try to search for one, but be prepared that you won’t be able to get the best interest rate. If you manage to get an unsecured loan with interest rate that is good enough to consolidate the debt and bring it to current status, then you can avoid the need to filing for a bankruptcy.

If you own a home, you will be at a better situation to resolve the overwhelming credit card debts by consolidating them into a secured loan. You can apply for a home equity loan or refinance a mortgage to cash out money to pay off your debt. By pledging an asset for a loan, you should be able to find a good loan with low interest rate which you can use it to consolidate your debt. Remember, using your home to secure a loan also means that you are risking your home because you may lose it if you default the loan, so you should always make your loan repayment on time and don’t build more new debt before you clear the loan.

Summary

Bankruptcy filing is not the only solution for heavy debtors to get a relief from their overwhelming debt problem. You should always explore other alternatives for better debt relief options such as debt consolidation, which can potentially resolve your debt problem and able to minimize impacts on your future credit worthiness.



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Wednesday, August 12th, 2009
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Cornie Herring asked:


Debt relief related industries are in a rapid growth rate showing that more and more people are looking for debt free solutions to get them out of debt. The fact shows 40% of American households are holding at least ten thousands of debt and many of them are at overwhelming level that urgently need a solution for relief. The bad news is many of debtors are getting out of debt with the worst option: bankruptcy filing. If you are in a serious debt trouble, you want to avoid bankruptcy with your best effort. Then, what are the alternative options available for you other than bankruptcy?

Before finding a debt solution that can pull you out of debt, you must first understand your debt situation. Don’t ignore your debt problem and let your debt continue to snowballing from month to month, you will be very surprise when your debt is piling up to the level that is out of your expectation if you keep ignoring them. The earlier you face your debt problem, the more chances your will resolve it with the best option.

The first thing your need to do it is “Get to know your debt”. Although it very scaring to look at all your credit card bills and loan balances that are over due and need immediate payment, you must take out all these statements and do a summary on what you owe and the overdue amount that need immediate attention. If you are too stressful to calculate all your debt, you may get help from your family members, spouse or friends to help you. If you are considering of getting help from professional counselor to analysis your debt situation, then you may contact a consumer credit counseling agency. Most of credit consumer credit counseling services are free. Their purpose is to help and educate anyone who needs help in handling their debt issue. A counselor will be assigned to handle your case and he will help you to analysis your debt situation before propose to you a debt solution.

Once you know your total debt. You next action is to think of the best solution to settle your debt and this is the hardest part. The immediate action that you can do is carefully thinks of what are the ways to cash out in the shortest period of time. You may perform garage sell or sell your home items at eBay or at your local newspaper free ads column to cash out as much cash as possible. If you have more than one car at home, you may want to reduce to one and sell the rest to cash out the money or reduce your monthly auto loan installment.

The next thing to do is reduce as much as possible your monthly expenses so that you don’t add more debt to your current balance and able to squeeze more money out to be allocated for debt payment. You should create a budget plan so that you know where your money goes and what expenses can be cut to reduce your monthly spending. With that you know how much money left each month that you can dump into your debt payment.

After knowing how much money you can cash out and the amount of money that you can allocate for monthly debt payment, it’s time to negotiate with your lenders for a settlement with discount. Many lenders are willing to reduce the amount you owe as long as you can settle your debt in one settlement. You probably can save 20% to 30% if you have enough cash for settlement. If you have not enough money for one time settlement, lenders may accept to waive the interest as long as you promise to pay an agreed amount each month. Try to negotiate with your lenders to come to an agreement that benefits both parties. If you feel that you are not confident enough to perform the negotiation with your lenders, then you can get help a debt settlement company to do the negotiation on your behalf. But, be aware that there will be fee involved. In most case, lenders do not want you to file a bankruptcy because they won’t really benefit from it. If the negotiate terms are acceptable by lenders, you can be avoided from filing a bankruptcy while working your way out of debt.

Summary

The bottom line is bankruptcy may not be the ultimate option. There are other options available which should be better that bankrupt filing. What you need to do is understand your debt situation, get help from professional if needed to explore the available options and work out with your lenders to get yourself relief from overwhelming debt problem.



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Sunday, August 9th, 2009
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Roy Barker asked:


In the 21st century, many men and women find themselves struggling to keep their heads above water financially. With ever mounting debt, these people oftentimes need to seek relief by filing for bankruptcy. Perhaps you are such a person who is fighting to make ends meet. As a result, you may be wondering how to file for bankruptcy.

The first step in learning how to file for bankruptcy is to make a comprehensive list of all of your creditors and outstanding debts. When you are working to determine how to file for bankruptcy, you need to appreciate that if you to proceed with a bankruptcy case, you must be sure that all of your debts are disclosed and listed in a bankruptcy petition.

The next step in filing for bankruptcy is to determine exactly what assets you have available to you. Your assets include your recurring income from your job, your home and major items of personal property that you might own (including such items as motor vehicles).

The third step you need to undertake when it comes to seeking bankruptcy relief is to contact all three major credit bureaus. When all is said and done, the three major credit bureaus may have the best record of all of your outstanding debt. By obtaining your credit reports from the three major credit bureaus, you will be able to cross reference your list of debt to make certain that you have all accounts covered and listed.

The forth factor that needs to be considered on the road to filing for bankruptcy, is to determine whether you will seek professional assistance in the pursuit of a bankruptcy case. Some people do elect to file for bankruptcy on their own without the aid and assistance of a lawyer. However, in most instances, it probably is in your best interest to seek the professional assistance of a lawyer in order to properly pursue a bankruptcy case. Therefore, unless you have a very simple bankruptcy on the horizon and unless you actually have some definite, practical legal experience, you should seek out the assistance of a lawyer to aid you in pursuing your case.

In working towards fully understanding how to file for bankruptcy, if you do make the decision to hire a lawyer, you will need to begin an organized search to find the best attorney to meet your needs. Keep in mind that in this day and age there are lawyers that specialize specifically in the area of consumer bankruptcies. As a result, you most likely will want to narrow your search to those specific attorneys who do have experience in dealing with bankruptcy cases. In the long run, you will be best served by engaging the services of a lawyer who has dedicated his or her career to bankruptcy law.

Once you narrow down the list of attorneys you are considering, the next phase in considering bankruptcy is to obtain references in regard to each of these attorneys’ prior performance. References will provide you with specific information on how a particular lawyer handles his or her business and on how successful he or she has been in the pursuit of prior bankruptcy cases. Your local bar association can provide you with the names of lawyers that specialize in the practice of bankruptcy law.

The final step in considering bankruptcy is to actually engage the services of an attorney. At this juncture, you attorney will prepare a bankruptcy petition on your behalf that will be filed in the bankruptcy court. With the filing, your creditors will have to suspend seeking debt collection from you during the period in which the bankruptcy case is pending.

By following the steps outlined in this article, you will be able to take serious action in order to get your financial house in order. Of course, bankruptcy really is an option of last resort when it comes to dealing with impossible debt. Therefore, you need to make sure you have exhausted any alternative options before you actually begin the course of pursuing a bankruptcy case.



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Monday, August 3rd, 2009
bankruptcy file
Cornie Herring asked:


People loves credit card because it provides convenient on spending that meets today’s lifestyle, but they also **** it because it may cause them to trap in overwhelming debt, some people even need to go for bankruptcy filing to relief themselves from credit card debt. If you are at this worse financial situation due to large credit card balances that beyond your financial affordability to clear it, what are the options available for you to resolve your debt problem?

Many heavy credit card debtors tend to think of going for a bankruptcy filing so that they can relief themselves from hassling phone calls and surprising visits from their creditors to ask for their debt payment. But, they did not or might not aware of the consequences of filing a bankruptcy that will follow them for years (7 to 10 years) before they can freely reuse their credit again. Hence, bankruptcy filing should always be your last option after you have explored all alternatives for better options than bankruptcy which can potentially resolve your debt issue.

Credit card debt consolidation can be your alternative to bankruptcy. You should always explore this option for debt relief before you go for extreme solution such as bankruptcy filing which may badly hurt your future credit worthiness. You either can choose to consolidate debt with an unsecured or secured loan. But, if you have reached the status of receiving harassing phone call and getting visits from debt collectors, then you may already hurt your credit ratings due to the late payment or default payment. Then, it might be hard for you to get an unsecured loan to consolidate your credit card debt; however, it still worth to try to search for one, but be prepared that you won’t be able to get the best interest rate. If you manage to get an unsecured loan with interest rate that is good enough to consolidate the debt and bring it to current status, then you can avoid the need to filing for a bankruptcy.

If you own a home, you will be at a better situation to resolve the overwhelming credit card debts by consolidating them into a secured loan. You can apply for a home equity loan or refinance a mortgage to cash out money to pay off your debt. By pledging an asset for a loan, you should be able to find a good loan with low interest rate which you can use it to consolidate your debt. Remember, using your home to secure a loan also means that you are risking your home because you may lose it if you default the loan, so you should always make your loan repayment on time and don’t build more new debt before you clear the loan.

Summary

Bankruptcy filing is not the only solution for heavy debtors to get a relief from their overwhelming debt problem. You should always explore other alternatives for better debt relief options such as debt consolidation, which can potentially resolve your debt problem and able to minimize impacts on your future credit worthiness.



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Thursday, July 30th, 2009
bankruptcy file
Cornie Herring asked:


Bankruptcy has become a chosen route for more than 1.8 millions Americans to get a debt relief from their overwhelming debt problem, according to the reports found. However, filing for bankruptcy should be avoided seeing it drawbacks that may cause bad impact on your credit history. You should not choose to file a bankruptcy just get a debt relief before you explore other alternative options. There might be a solution to your debt problem other than bankruptcy filing.

Drawbacks of Bankruptcy

Why do you need to avoid bankruptcy? If you have read some of debt relief guides, you will find that most of these guides don’t offer bankruptcy as the solution for debt relief. This is because its drawbacks follow you for years. A bankruptcy filing will be remarked in your credit report for 10 years. During this time, you may find hard to obtain loans, mortgages, and credit cards. If you really need a credit during the 10-year period, you may need to go for secured loans which may be more expensive to acquire. Even you are offered with an unsecured loan, you need to pay much higher interest rate than those offered to people with clean credit history; this is to compensate the risk faced by the lenders.

Obtaining attractive low interest-rate unsecured credit card may be impossible because most credit card companies reject applicants who have filed a bankruptcy. You may only be able to get secured credit card which the credit limit depends on the amount you deposited to secure the card. Moreover, secured credit card normally has higher annual fee and the issuer may charge an application fee.

In filing a bankruptcy, all your assets may need to be liquidized for debt payment. However, under the Federal law, some of your assets needed to support you and your dependents can be exempted. Such exemptions may include a portion of your IRA account and other retirement accounts which are subjected in case by case basis. Basically, you will lose most of your asset if you choose bankruptcy as your debt relief solution.

Alternatives to Bankruptcy

Since bankruptcy should be avoided, then what are the alternative options to resolve your debt problem? There are a few options to go for in getting a solution to resolve your debt problem. If you are out of your mind and do not know what can be done other than bankruptcy filing, then try to approach a credit counseling agency and get them to propose to you a few potential debt relief options that tailors to your financial situation.

Alternatively, you can also try to negotiate a payment plan with your creditors. Besides that, you can also get helps from professional debt-negotiation company to perform the negotiation on behalf of you. Most creditors would prefer to get some of the money you owe them rather than get nothing if you file a bankruptcy to erase the entire debt. So, your creditors may accept what you may offer to them through the negotiation process.

Summary

Bankruptcy filing is an extreme option that may seriously impact your future credit worthiness. You should avoid this option by exploring other alternatives for a better debt relief solution.



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Wednesday, July 8th, 2009
bankruptcy
Mark Cella asked:


The New Bankruptcy Laws - Truth about the unconstitutional new BK law changes. On April 20, 2005, George Bush signed the new “Bankruptcy Abuse and Consumer Protection Act” into law.

Bankruptcy Abuse? Do you know anyone personally who has abused the Bankruptcy laws, and are consumers really protected? Or, should this new bankruptcy bill be called the “Abuse the Consumer and Protect the Fraudulent Banks Act”?

We’ll soon see…

In order to understand these unfair new bankruptcy laws, and to help you see that you must avoid bankruptcy, lets cover the original purpose of the BK laws.

According to U.S. Bankruptcy Courts, the primary purpose of the old bankruptcy Chapter 7, bankruptcy Chapter 11 and bankruptcy Chapter 13 laws were: 1) to give an honest debtor a “fresh start” in life by relieving the debtor of most debts, and 2) to repay banks and creditors in an orderly manner to the extent that the debtor has property available for payment.

Apparently the primary purpose of the new credit card bank BK laws is: 1) to repay banks and creditors in an orderly manner to the extent that the debtor has property available for payment.

However, with the new BK laws, giving an honest debtor a “fresh start” in life by relieving the debtor of most debts has been done away with.

The finance companies and credit card banks all blame the necessity of the bankruptcy changes on the .003% of abusers of the old bankruptcy laws.

Sponsors of the bill claim that most bankruptcy personal cases involve irresponsible spenders who have shopped or gambled their money away and now do not wish to pay their creditors so the new BK legislation, will eliminate “filing bankruptcy for convenience”.

There is NOTHING further from the truth then these claims alleged by the credit card banks and finance companies. And, as you dig deeper into these pages, you’ll see who’s really abusing who in America’s credit, finance and banking game.

They claim that bankruptcy costs the credit card banks billions of dollars each year and that those costs are passed on to customers in the form of higher interest rates.

That of course would be true if the credit card banks were actually lending any of their own money, or their customer’s deposited money. For more details, read our page a history of money and banking secrets that banks don’t want published.

And, by making bankruptcy filings harder for those with financial trouble, legislators say that more people will pay their bills, the credit card companies will save billions of dollars, and the resulting savings will be passed on to consumers in the form of lower interest rates.

We’ve never ever heard of a credit card company lowering interest rates voluntarily, and we know they never will.

New Bankruptcy Law Highlights

The key highlights of the credit card banks new bankruptcy laws are:

The new bankruptcy laws apply a means test for people filing bankruptcy. If a debtor has at least $100 per month left over after an IRS determined monthly expense plan, (can you picture that?) the debtor will be forced to file Chapter 13 and pay for five years.

Just imagine life after bankruptcy now.

They will not be able to file Chapter 7 of the Federal bankruptcy code, which would have eliminated all of their unsecured debt.

There are no provisions in the bankruptcy law for debt problems caused by job loss, illness or other traumatic events, despite studies that show that these are the cause of most bankruptcy cases.

Can you say Debt Slave?

With these new, credit card BK laws, attorneys are now responsible for the accuracy of paperwork filed by their clients. So in other words, your attorney must now search your dresser drawers for those hidden family heirlooms.

This will no doubt result in fewer bankruptcy attorneys, with the remaining ones raising their fees in order to cover this additional liability.

With the new bankruptcy laws most consumers are now completely unprotected from losing a job or having medical problems. They can no longer start over by filing for bankruptcy Chapter 7.

They will have less affordable help from capable BK attorneys due to the new bankruptcy law liability stipulation.

Giving an honest debtor a “fresh start” in life by relieving the debtor of most debts has been done away with completely thanks to the new bankruptcy laws.

However an amazing discovery has been made that you cannot miss learning about. Now that you must avoid bk as there is no PROTECTION for consumers provided by the new Bankruptcy Abuse and Consumer Protection Act if filing bankruptcy under the new bankruptcy laws.



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Saturday, April 11th, 2009
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Muna wa Wanjiru asked:


Going bankrupt is something that is hard to imagine happening to you. When bankruptcy does occur though, you have some options that you can try. For these bankruptcy options to work you will need to consider bankruptcy filing. The options will include chapter 11, 13, and 7.

Each of these types of bankruptcy filing allows you a breathing space while you try to sort out your financial mess. The most well used bankruptcy claims are chapters 13 and 7. In these two options you will be able to talk with your lawyer and find the best method for paying off your payments.

In general chapter 7 and chapter 13 bankruptcy claims ensures that you can’t be forced to pay further debts once you have placed a bankruptcy filing. For your creditors to stop contacting you it is essential that you file a bankruptcy claim.

Once the bankruptcy filing has been accomplished your payments will commence. These payments will be made depending on the type of bankruptcy that you have filed for. As both of these bankruptcy filings are very different it is best if you understand what happens when you file bankruptcy claims.

In the chapter 7 bankruptcy filing you agree to liquidate all of your disposable and non-exempt assets. These assets, money, and property are turned over to a court appointed bankruptcy trustee. This individual will start the process of turning your disposable assets into cash. Once the amount of money that you owe has been found, the trustee will distribute them amongst your creditors.

You should make sure that when you are preparing for bankruptcy filing that you have given your lawyer a list of all of your creditors so that the proper payments can be finalized.

This step in bankruptcy filing will wipeout all of your debts, excepting for certain non-dischargeable debts. You will however need to discuss with your lawyer the best ways to go about bankruptcy filing for chapter 7 and in some cases chapter 13.

The chapter 13 bankruptcy filing will allow you to make arrangements with your lawyer to pay off these payments as best as you can. The lawyer will examine your bankruptcy case history before you can begin the bankruptcy filing process. Once the filing has been finalized you have a period of 5 years to pay off your debt.

Bankruptcy filing is the best way to make sure that your bankruptcy claim is following in the proper path. Your lawyer should be able to advise you on the best route of bankruptcy to file for.



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Thursday, April 9th, 2009
bankruptcy
David Ebert asked:


Declaring bankruptcy is a difficult decision for any person or a company and without the help of an experienced bankruptcy attorney the whole process can get very complex. In the recent years the bankruptcy laws have changed a lot and this has further led to an increase in the demand for experienced bankruptcy attorneys for consumers and businesses. Most Chapter 13 Personal Bankruptcy cases are filed because a person is no longer able to pay back the creditors with his or her present income and in future too there is no way of being able to pay back.

According to the new bankruptcy laws, those who want to file bankruptcy have to go for pre-bankruptcy credit counseling requirements. As the new laws aim to deter people from filing a bankruptcy, it is advisable that a person should take bankruptcy advice from attorney legal services of an attorney who has experience in dealing with bankruptcy cases. An experienced attorney can judge the bankruptcy case in the light of the new laws and thus help a person in properly filing bankruptcy without any loopholes in filing the case or documentation. An attorney can also advise whether the bankruptcy case should be filed under Chapter 7 or Chapter 13, as both chapters of bankruptcy law have their own merits and demerits.

The laws regarding bankruptcy involve both the creditors and the debtors and it is the right of both the parties to be justifiably catered. By filing the application for bankruptcy, a debtor needs to inform all his creditors how he plans to repay their money. It is important to know that once bankruptcy is filed, the records will stay in the credit report for ten years and in this time a person can work his way towards paying back the credit. There are several firms that can help a person in coming up with a detailed plan to file bankruptcy petition properly and also pay debts in time.

Filing bankruptcy can save a person from the constant pressure from the bill collectors as the court can make arrangements for a person to pay all his debts. This means that a person can make a fresh start when all his debts are paid and bring life back to normal.

If you are considering filing Chapter 13 personal bankruptcy or filing Chapter 7 bankruptcy, then Ebert Law Offices, P.C can help you with all the legal formalities. Fort Worth bankruptcy attorneys in this affordable legal services firm has over 10 years of experience in dealing with bankruptcy cases, and they also offer bankruptcy, debt and credit counseling service for free. To find out more about Fort Worth bankruptcy attorneys, please visit http://www.ftworthbankruptcy.com or call (817) 268-2468 to schedule a meeting.



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How to Find a Good Debt Consolidation Company?

Monday, March 16th, 2009

How can you find a good debt consolidation company?

High interest rates and heavy minimum payments can weigh a burden not only on you, but on your family also. In this case, seeking debt consolidation is a good option. Most often, this is the only way left for you. It can help you to come out of your debt easily and make you stress free.

The reason you cannot keep paying your minimum payments only to come out of your debts, is that it will take a long time, almost forever for you to ever be able to make it out of your debt. Additionally, it will also cause you to pay up more than you borrowed. However, you should keep making the minimum payments so that your credit report stays clear and you can assure your creditors about your intentions of paying off your debt.

When you seek help from some debt consolidation company, then it does affect your credit history. However, when there is no way out then this is a good option.

However, you should beware of those companies who will do more harm to you than good as far as paying off your debt is concerned. Their fees and galore of hidden charges can cause you to end up taking just as much time to pay off your debt as you would on your own.

Not all companies are the same. There are some who will genuinely help you out and help you pay off your debt. Read on to find out how you can search for such companies and what precautions you can take.

Check with BBB

It is always important to check them with BBB. This will ensure that they are safe and legitimate. You can see the symbol of BBB on the company’s website, if it is registered. You simply have to click on that symbol and it will show you the company’s rating as well as the complaints along with the resolutions of the company. However, when you are checking this you should take into account the company’s size because depending upon the size, they may have had more or less issues. The important thing to note is how they have handled their problems.

Beware of quick-fixes

There is nothing like an easy quick fix. It may take only a short while to secure the loan but it may take a long while to get out of it. Therefore, be very careful before you get into any such dealings.

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Bankruptcy-try it When Debt Relief Options Take You No Where

Tuesday, March 10th, 2009
bankruptcy
Jason Holmes asked:


Bankruptcy is a Federal Law, whereby the assets of an individual or an organization are handed over to a trustee so that the outstanding debts can be paid off. Bankruptcy is usually declared by debtor(s) when more money is required to be paid back than the debtors can afford to shell out. Financial experts suggest that bankruptcy should be treated as one of the last debt solutions.

People with debt problems try to find a solution on their own. They try out different debt solutions like debt consolidation, debt settlement and debt management program. However, it has been proved that if you take the assistance of a professional, the process of getting out of debt becomes faster.

Opting for debt help can save you from the fury of the collection agencies. The collection agencies are known to harass debtors to no end this further agonizes a debtor.

Changes brought about by the new bankruptcy law:

In the last couple of years, many changes have taken place in bankruptcy laws. The new bankruptcy law introduced recently brought about certain key changes. They are as follows-

A legitimate reason for filing for bankruptcy-

Earlier you could file for bankruptcy as per your requirements and your whims. Filing for bankruptcy was not difficult and you could start all over again if you had not been maintaining a very healthy financial status. However, with the introduction of the new bankruptcy law, several changes have set in and you are required to have a good reason to file for bankruptcy. A good reason may include someone’s death, an unexpected event etc. The reason should be legitimate enough for you to qualify.

Waiting period-

Previously, if you had been facing debt problems, you could file for bankruptcy more frequently. As per the new bankruptcy law, the waiting period before you can file for bankruptcy again has been greatly increased.

Types of debts qualifying for bankruptcy-

In previous years, a debtor could just wipe out all his debts by filing for bankruptcy. According to the new bankruptcy law, only certain type of debts can be wiped out and a debtor has to pay for the debts that do not qualify under the new bankruptcy law.

Approval from a bankruptcy judge-

The decision of filing for bankruptcy no longer rests in your hands. A bankruptcy judge has to first approve that your financial condition is bad enough for you to file for bankruptcy. It is the decision of the judge alone whether you should file for bankruptcy or not.

However, if it is found that you are eligible for filing for bankruptcy, you should always seek help from a trained professional handling such cases.

Statistical data indicating the rise in the incidence of bankruptcy filings-



The period 30th June 2007 to 30th June 2008 manifested the following changes-

Filing for Chapter 7 bankruptcy increased by 36.7% Business related bankruptcies increased by 41.6%.

Non Business bankruptcies increased by 28.4%

Total filings for bankruptcy (business as well as non business) was 617, 660 in 2006.

As of 2007 total filings recorded were 850, 912. This included both business as well as non business filings.



Statistics given here indicates that the incidence of filing for bankruptcy has increased over the years. Since the laws pertaining to bankruptcy was more lenient in the previous years, majority of the debtors seeking debt solutions used to file for bankruptcy. However, the new bankruptcy law lays down stringent rules and the decision to file for bankruptcy is at the discretion of the judge handling bankruptcy.



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California debt consolidation – how it is helping the debt-ridden people of California

Wednesday, November 12th, 2008

The debt consolidation companies in California are helping those people who are facing problems with their increasing amount of debts. These companies are offering various forms of debt solutions to solve the borrower’s financial troubles and make them debt free.

A large number of people living in California are in need of debt consolidation. This process helps the borrowers lower the interest rates and subsequently monthly payments.

In the past, California debt consolidation programs have helped many people get rid of their debt related problems. Nevertheless, the number of debtors in the state is also going up and this is due to the reason that people are using their credit cards indiscriminately and they are experiencing difficulties in repaying those credit card debts.

If you are a resident of California, finding a debt consolidating company is not at all a tedious task. However, you should authenticate the credibility of that particular company. These companies will suggest various options so that you become debt free quickly.

How debt consolidation in California can help you become debt free?

With the help of different debt consolidation programs and loans available in California, you can reduce your monthly payments for credit card debts and other unsecured debts. You should follow a well thought-out strategy to make yourself debt free. You can consolidate your debt by availing a number of such strategies.

A debt consolidation program will help you consolidate all your debts into a single debt account. The debt consolidating companies will negotiate with your creditor for designing a suitable repayment plan for you and in this way you can pay off all your debts without any hassle.

A debt consolidation loan is a loan which you can use to repay your other loans. Here the remaining balances of your existing loans are paid in a single installment.

In addition, a free debt counseling session can play an effective role in helping you get out of debt.

What are the benefits provided by debt consolidation in California?

You may get the following benefits by consolidating your debts in California:

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• You can eliminate your debt in a faster way
• You can avoid bankruptcy if you consolidate your debts
• You can minimize the harassment from collection agencies and embarrassing calls from the creditors
• You are able to decrease your interest rate and monthly payments
• You can steer clear of the over the limit fees and late fees often charged by the creditors
• You can improve your credit rating through consolidating your debt

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Need Help With Debt Consolidation?

Monday, June 30th, 2008

If you are more than $10,000 in debt, visit Debt Assistance Today

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