|Debt Relief Information||
Let us create a 3d Digital eBook for you! DigyCat.com
Credit Counseling or Bankruptcy: Which is Best for You?
People often get to a place where they simply can't pay their bills, especially in today's economy which is not particularly sympathetic toward the poor or even the middle class. Inflation has impacted nearly every facet of daily life including food, gas, rent, clothes, utility bills and more. At the same time, salaries, especially in the lower ranges, have utterly failed to keep pace. When you get to the place where you cannot pay your bills and have money left over for food and other necessities, there are some hard decisions that have to be faced. The options are credit counseling and debt management services, or bankruptcy. Both have their pros and cons, so which road to take depends largely on the individual and how severe his or her financial problems have grown.
There are numerous credit counseling/debt management services available, both in most local communities and over the Internet. The services vary considerably, for example some charge fees and exist to make a profit, while others are strictly operated by volunteers and don't charge fees for their services. Some services are certified or accredited, and others are not. Some guarantee confidentiality, and unfortunately, others do not.
If your debt situation has not yet reached a point of no return, credit counseling and debt management may be the best option for you. This is the way it works:
ท Check out a variety of counseling services, both in your community and on the Internet to determine which best suits your needs. Avoid those that charge high fees, do not guarantee your privacy and that don't have any credentials or accreditations to offer.
ท Make an appointment with the agency of your choice. When you go to the appointment, take as much of your paperwork and documentation with you as possible, i.e. proof of your expenses and income, along with verification of the debts you owe.
ท The counselor will review your situation and develop a plan to help you pay off your bills. Legitimate counseling services can often persuade your creditors to take less than the total amount you owe and arrange for longer periods of time to pay the debt off.
ท Instead of paying your bills directly, in most cases, you make one monthly payment to the counseling service, which then distributes that amount among your creditors according to the agreements they have worked out. The arrangement leaves you enough money to live and halts collection procedures. Over a period of time, all your bills are paid in full and you essentially have a new start, provided you don't get yourself back into additional debt in the meantime.
On the other hand, if you have too much debt and your creditors are not inclined to work out payment arrangements with you, the best possibility may be declaring bankruptcy. There are numerous bankruptcy attorneys and, again, it behooves you to shop around to obtain the best possible services at the least possible price.
It is wisest to work with an attorney who does a lot of bankruptcy work because he or she will be most familiar with the rules and regulations as well as with the judges and bankruptcy trustees who work in the local system. A good attorney will know what the trustees and the courts will allow and what they won't, and will be able to advise you as to your best options.
There are two kinds of bankruptcies available to individual debtors. Those are Chapter 7 and Chapter 13. Chapter 7 is a complete discharge of all nonsecured debts, and some secured ones, generally including everything except taxes and school loans. The debtor generally has to give up anything of value that can be sold to pay his or her debts, although in most cases a person's home and their primary transportation are exempted. In a Chapter 13, nothing has to be given up, but the debts have to be paid in full. The court simply works out a repayment plan and instead of paying the money to your debtors, you pay it to the bankruptcy trustee who then distributes it to the creditors. There are advantages and disadvantages, as well as eligibility requirements, for both types of bankruptcy and the bankruptcy attorney can best advise you which option will work better in your particular situation.
Whether you choose credit counseling or bankruptcy, either one can help you eliminate debt and get back on your financial feet. Both can stop collections procedures and eliminate annoying and harassing phone calls from collectors. The bottom line is, you don't have to continue suffering; there are ways to get out of the debt situation and begin again. The most important thing is, once you are out of debt, carefully manage your money so you don't land back in the same situation again.
Ethan Hunter is the author of many credit related articles. If you are looking for help with Payday Loans or any type of credit issue please visit us at http://www.PaydayLoanChoice.com
Debt Releif - Google News
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news
Bankruptcy - The Easy Option?
Incredibly, since the changes in the bankruptcy law in April 2004, debtors are more likely to petition for their own bankruptcy rather than their creditors! You would think that most people who have been threatened with the prospect of being made Bankrupt would be riddled with fear of the possibility. It is more widely referred to as the "Big B" rather than the dreaded word itself.
Your Ticket Out of Debt Relief
If you are in debt over your head and wondering if you will ever find a way out, the answer is yes! Serious financial problems can make life miserable and cause a great deal of stress and worry. Many people have found themselves in the situation of avoiding calls from creditors and wondering how they will ever get out of debt.
Getting Past The Idea Of Budgeting & Saving Money
I'm sure you'll agree that budgeting, saving money, and eliminating debt are very appealing ideas. If effectively tackled, these goals can secure your financial status for the future, and allow you to live a comfortable, debt-free life.
Bankruptcy Interest Increases as Deadline Approaches
Congress recently passed sweeping legislation that will significantly reform American bankruptcy law. Designed to eliminate the "convenience bankruptcy" of compulsive gamblers and the financially irresponsible, this legislation will make it more difficult for those seeking bankruptcy protection from the courts to have their debts relieved.
The Bankruptcy Code Acknowledges the Validity of the Homestead Exemption
Many times the subject of bankruptcy seems baffling in its complexity. Actually the basic principals of bankruptcy are fairly simple even though the federal statuses on bankruptcy are extensive.
Different Ways Of Dealing With Debt
Bills, creditors, debt collectors. Are you yearning for the days when all you had to worry about was the money in your piggy bank? If so, you are far from alone.
Learn The Five Key Debt Reduction Steps You Must Take Immediately!
Step 1. The purpose of this first step is to bring you back to reality.
Debt Consolidation Versus Debt Negotiation
Debt consolidation versus debt negotiation are two options that are available to you if you need debt assistance. When your monthly bills become too much for you to handle, it makes sense to use debt consolidation or debt negotiation for solving debt and credit problems.
Bankruptcy - The New Scarlet Letter
Nathaniel Hawthorne's book The Scarlet Letter states in Chapter 2, "On the breast of her gown, in fine red cloth, surrounded with an elaborate embroidery and fantastic flourishes of gold thread, appeared the letter A." The letter A stood for the word adulterer and represented one of the worst insults in society.
Corporate Debt Management - Perspective on the Why
Entrepreneurs have a tough time in their formative years. They try too many things to get a foothold on this competitive business climate, and that too they try them too soon.
Free Quick and Easy Money Saving Tips - Part 2
Although many consumers would argue differently saving money doesn't have to be difficult. In fact by making just a few changes in your normal lifestyle you can find ways to free up extra cash that can be put to better use in a savings account or an investment account.
The Last Debt Solution Should Be Bankruptcy
A debt solution like bankruptcy should really only be used as a last possible solution. The problem with this solution of debt problems is that it includes a lot more than simply eliminating debt.
How to Reduce Your Debt in 5 Easy Steps
If you have incurred substantial personal debt, consider these options: budgeting, debt consolidation, credit counselling from a reputable organization and working with your creditors. You will need to choose a debt reduction method that will work best for you? The method you use will depend on your level of debt, how much spare money you have, your level of discipline, and how quickly you want to get out of debt.
Bankruptcy: Which Chapter Do I File?
There is more than one kind of bankruptcy. You should understand your options before deciding which chapter of bankruptcy you are going to file for, or if you are going to file for bankruptcy at all.
Debt Validation: Do you have to pay ?
It happens all the time. Debt collectors try to collect on debts that consumers have no knowledge of or never owed in the first place.
The 7 Secrets to Getting-and Staying-Out of Debt
As vice president of the American Credit Foundation, a nonprofit organization that helps individuals and families manage their debt, Mike Peterson knows firsthand how financial problems can wreak havoc in one's life. Each day, counselors at the Midvale, Utah-based foundation help desperate clients dig themselves out from under piles of unpaid bills, stern notices from collection agencies and ominous foreclosure threats.
Creating A Realistic Budget
Budgeting -- ooh, what a scary word! If you want to frighten someone whose finances are out of control, suggest that they tally up their expenses on a piece of paper. We all understand the value of such an exercise, but when it comes to the practicality of putting a budget together, we get cold feet.
Bankruptcy: Who is to Blame?
If you are considering bankruptcy as a solution to your financial problems, you are not alone. Bankruptcy is on the rise in this country as consumer debt piles higher and higher.
Learn The 15 Debt Elimination Steps You Must Take Immediately!
What Everybody Needs To Know..
Purchase Your Future Now While It Is Still Inexpensive
Leaving school, getting a new job, or even a raise at your current one, has most people considering their next great purchase. Few think about the affect this could have on their future.
PrimeNews Domain Is For Sale - $5,000 For Enquiries eMail Us
© www.PrimeNews.biz - 2012