Chapter thirteen Bankruptcy Vs Debt Consolidation

May 3rd, 2015 by admin

Equally chapter 13 bankruptcy and financial debt consolidation are sorts of restructuring financial debt to come to far more manageable terms of repayment for the debtor about a predetermined period. Nonetheless there are significant differences among these two varieties of consolidation. Largely in standard credit card debt consolidation your debts are grouped into one particular mortgage and paid around time at a fee negotiated or set by the consolidating company. There are some positive aspects to credit card debt consolidation above bankruptcy, fairly than owe several collectors you’ll only owe a person and although the interest charge may well be reduce the monthly payments may possibly be bigger.

Credit card debt consolidation also has a lesser impression on your credit score report and it can be a very good alternative for somebody with disposable income and as well significantly client financial debt, but the conditions alter a whole lot per scenario, so while financial debt consolidation can aid you drastically, if you do not adjust your fiscal routines you can conclude up with a lot more trouble than you started with.

The strengths of chapter 13 bankruptcy

Chapter thirteen bankruptcy significantly outweighs any advantage that classic credit card debt consolidation can give. The major advantage of chapter 13 bankruptcies is that it has selected legal aspects that offer a layer of safety that you merely can not get from any other credit card debt consolidation plan. The strength of the federal bankruptcy code stands behind your ideal of bankruptcy safety and that safety stays until eventually your circumstance is sorted out in a federal court.

The energy of the Automated Stay

The ‘Automatic Stay’ also known as the ‘Buy of Relief’, supplies that safety that keeps your creditors from harassing you in their attempts to gather payments from you. This purchase also has the electrical power to avoid foreclosure proceedings, repossession of any collateral house or any assortment judgments against you from taking spot. There are no similar advantages in credit card debt consolidation that can give this stage of safety and your collectors can not be pressured to cease their attempts to accumulate from you.

Repayment of your debts in 3 to five a long time

Underneath chapter thirteen bankruptcy you get involving three and 5 decades to total repaying your debts under a new restructured plan of repayment, which generally can lower your payments by cutting down the balances and the curiosity rate due. Underneath regular consolidation loans the credit card debt can be carried above for several years with out minimizing the harmony considerably.

Guard your home’s equity

Some financial debt consolidation packages may involve you to submit some variety of collateral and typically they prefer your residence if it has a superior degree of equity. Chapter thirteen bankruptcy needs no collateral and additionally it safeguards you home from getting at threat of repossession or foreclosure.

Restructure debts on a degree of priority

A different gain of chapter 13 is that your secured debts have the priority, these are the loans on your property, vehicle and something that has a tangible collateral, then your unsecured debts are taken treatment of if there is income left above. Traditional consolidation loan applications can not delay payment on either kind of credit card debt, it all has to be regarded equally vital.

Most debts are incorporated in your chapter thirteen bankruptcy circumstance

Normally under a debt consolidation program you are not ready to involve all your debts, some packages only function with credit card debt, although a separate agency may specialize in tax debts. In chapter 13 you can contain tax arrears, house loan arrears, kid support and alimony payments, secured and unsecured debts all below the exact same prepare delivering you with the exact same stage of protection from all collectors.

Unclaimed debts are eliminated

When you file chapter thirteen bankruptcy all your creditors are needed to file a proof of claim with the bankruptcy court, usually some collectors will not file this claim for no matter what causes, but it they do not and you end your repayment period of time to satisfy your debts then any unclaimed debts are eradicated and you’re no lengthier obligated to repay them when your scenario is discharged. No other consolidation program can extend this benefit.

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Credit Card Negotiation Secrets How To Threaten Bankruptcy To Eliminate Bad Credit Debt

May 3rd, 2015 by admin

Credit card debt negotiation secrets are very essential for people
suffering with bad credit card debts. Debts have become unavoidable in
today’s society due to the unfavorable financial world economy. The
recession has affected the world economy badly and the community is
under going a tough period.

Since they are unable to pay off the debts, most debtors find
bankruptcy as a fair solution for the problem. But along with the new
innovations found in the field, bankruptcy is considered to be out

Debt settlement has been introduced as a better option to out do
bankruptcy. This has been introduced by the federal government in
order to limit the bankruptcies and create more smart options for the
debtors as well as the creditors.

Therefore you have to go for a debt settlement company other than
trying to file bankruptcy. A bankruptcy deal will eliminate your debt
but at the same time it will, put your asserts at risk.

But unlike in bankruptcy, a debt settlement company has the capability
of reducing a portion of your debt and the make it easy for you to pay
off the rest. The credit card companies are now agreed to accept
settlement plans presented by reputed companies. And they will arrange
the rest to be paid under installments.

The reduction will depend on the amount of the debt, you income, the
credit card company and the performance of the settlement company as
well. A well reputed company has the capability of reducing the debt
by 50 to 70 percent.

You are strongly advised to avoid bankruptcy and go for a well reputed
and an established company for a settlement plan which suits you and
get rid of your debt more easily.

There is no magic bullet to get out of debt. However, debt settlement
can be a viable option to eliminate unsecured debt while avoiding
bankruptcy. is a matchmaker in the debt settlement industry. They have paired up thousands of consumers up with debt settlement companies who are most likely to get consumers the best deal.

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Tips on How to Remove Bankruptcy From your Credit Report

April 24th, 2015 by admin

If you have recently gone through a Bankruptcy, then you know how devastating it can be for you and your credit score. A lot of lenders will look at your credit score and see that you have a Bankruptcy and decide that you are not credit worthy and will not give you a loan. It is important to get the correct information so you can find out how to remove negative items like a Bankruptcy from your credit report.

Find Free: Bankruptcy Help Now

You will hear that it is impossible to remove from your credit report a Bankruptcy, but really you can dispute any negative items that appear on your report. The burden of proof is on the credit agency to verify that the information is correct and accurate. The Fair Credit Reporting Act makes them find out if the negative mark is accurate or they must delete it.

You Can: Eliminate Debt Today

It is important to remember that filing a Bankruptcy is intended to give you a fresh start but it can also cause a lot of problems when it comes to getting a new loan for a car, or a home. You should dispute anything that is not accurate on your credit report because this is the only way you can keep your credit report accurate and up to date. You are responsible for taking your own report in to your hands and making it correct.

A lot of credit card bureaus are not that difficult to work with, but some are more difficult. Remember you have to be patient with them and make sure you do your follow up on information you send them. It can take some time to get everything corrected but it is well worth it in the end.

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Will Bankruptcy Affect My Credit Report

April 15th, 2015 by admin

Copyright (c) 2010 Suzy Vanstrusen

Credit problems are piling up due to the current recession we are experiencing nowadays. Some loses their jobs which reduces their capabilities provide for our loved ones. We often seek high interest credit accounts just to have sufficient amount of money to support our needs. We tend to just settle for the first lender who will extend us credit lines. Just before we can recollect our thoughts, we are faced with a more serious debt problem. These events made us resort to filing for bankruptcy.

Still, bankruptcy has its own set of benefits. This option can allow us to avoid losing our assets to repossession. It can prevent us from having our utilities services cut off. A bankruptcy can also put an end to harassing collection calls and activities of our creditors. And, most significantly, filing for bankruptcy can give us a fresh start. It can allow us to enjoy a life without all the stress and worries that are associated with unsettled credit.

Despite these benefits, a lot of people are still doubtful about this option. They think that having a bankruptcy in their credit report will totally damage their credit information. Others may also think that bankruptcy can eternally prevent them from receiving credit. But are these notions accurate? What is the impact of a bankruptcy in your credit report? Let us discuss the answers to these questions.

Impact of Bankruptcy on Your Credit Report

A bankruptcy court will inform the three credit report firms about its final verdict on your case. The court’s decision will be reflected on your credit report. This mark will be retained in your profile for a maximum period of ten years. However, you can request credit reporting agencies to erase your bankruptcy record after seven years.

What are the reasons why people think that bankruptcy can affect their credit records in a negative way? This is because this option eliminates the credit history that people have tried to establish in the past. It can also reduce credit scores and prospects significantly. It can lower a FICO score by as much as 100 points and cause people to have a difficulty in obtaining new credit lines.

Still, it is important to note that the negative effects of bankruptcy are not permanent. After your debts have been discharged, its impact on your FICO rating also starts to dwindle. By then, you can begin working on your credit history again, for you to recover your financial health.

Life after Bankruptcy

The first thing you need to do to regain credit worthiness is to ask for your credit records. You can always contact the three credit report bureaus to give you your most recent credit file. Once you receive your report, check all the debts that have been deleted because of your bankruptcy. And review all the non-dischargeable credit you still possess. This way, you can see which accounts you still need to settle. Start paying these debts one by one and you will see that doing this will slowly increase your credit rating again.

You may also decide to open new credit accounts. You can always take a secured credit card or a personal loan. Once you get approved for any of these, you need to responsibly manage your new credit. Pay your charges in full and on-time each month. This way you can expect to have high credit scores and soon be worthy to receive low interest credit lines once again.

For people who want to learn how to repair their own credit, Suzy Vanstrusen, a credit analyst and a writer of, has been providing consumers with tips and tricks in repairing your credit. Check the site for more free credit repair and credit report score.

Laws Made by Bankruptcy Courts to Make Bankruptcy a Beneficial Debt Solution

April 12th, 2015 by admin

Bankruptcy can be a beneficial option in case you are struggling to cope with a difficult debt situation. It is a legal procedure of declaring your inability to pay back your debts. However, no matter how helpful it can prove to be, filing for bankruptcy can never be a happy decision for anyone, be it an organization or an individual. Moreover, bankruptcy in some cases can also be forced upon debtors by their creditors who can submit petitions in the bankruptcy courts to declare the debtors bankrupt. Whether bankruptcy is chosen by someone willingly, or forced upon them by their creditors, it can be a difficult and challenging situation. However, in case bankruptcy is the only option left to you to deal with insolvency, it is advisable to consult an expert legal advisor to know the most appropriate type of bankruptcy for you and how it can help you despite the various negativisms it has.

Owing to the vast differences in opinions regarding bankruptcy filing, it can be overly difficult for people to determine whether it can actually help them or turn their already difficult situation even more difficult and challenging. While some holds the opinion that bankruptcy can be immensely helpful in clearing financial difficulties and allowing debtors to make a new start, others claim that bankruptcy is an absolutely negative decision that can only hurt everyone involved in the process.

The only way you can know for certain if bankruptcy can be beneficial for you or can only hurt your financial life is to consult an experienced and knowledgeable bankruptcy attorney having excellent knowledge regarding all the advantages and disadvantages of the procedure. Only after they have examined your financial situation meticulously, can they advice you on whether bankruptcy filing can actually help you overcome your debt crisis.

If you have to resort to bankruptcy, it is overly important to know the various laws and rules made by Plymouth County Court that have to be followed in order for your debts to get discharged successfully. Let us discuss some of the important rules:

There are various debts that cannot be cleared by bankruptcy filing, such as student loans, alimony and child support, most tax debts, secured debts etc.
It is a compulsory rule to get through a credit counseling course before filing for bankruptcy. In case you cannot submit the certificate of completion during the time of filing, the court has the right to dismiss your petition.
In case of certain types of bankruptcies like chapter 7 bankruptcy, it is necessary to pass a means test that proves your eligibility for bankruptcy filing.
During the time of submitting the petition for bankruptcy, the court demands certain important documents that proves your income and expenditures during the six months period prior to bankruptcy filing.
There is no prohibition on bankruptcy filing more than once. Only if you maintain a definite time gap, you can file for bankruptcy as many times as your financial circumstances would require.

Bankruptcy courts have made provisions in the bankruptcy laws to help individuals and organizations get rid of debt crises as efficiently and as methodically as possible.

Clear Money Solutions is a reputed debt solution company providing reliable bankruptcy advice to their clients. If you are trying to file for bankruptcy in the Preston County Court or the Portsmouth Bankruptcy Court, Clear Money Solutions can help you with all necessary information.

How To Rebuild Your Credit After Bankruptcy

April 12th, 2015 by admin

There is no doubt that bankruptcy has a major effect on your credit. That said, going bankrupt does not mean that you’ll never be able to get credit again. This article explains how to rebuild your credit after bankruptcy.

Obtain A Secured Credit Card

One of the first things you should do once your case is finalized is to get a secured credit card. A secured credit card is just like any other credit card, except that your credit line is secured by a deposit you make into a special savings account that is attached to that card. Your credit limit is equal to the amount that you have on deposit in that savings account.

Typically secured cards will not have the best terms, but more often than not, no credit check is run and so long as you can deposit necessary funds, usually between $200 to $500 and pay the application fee, you’re pretty much guaranteed approval.

After a few years of judicious use, you can apply for an unsecured credit card without too many problems.  

Make A Large Purchase

If you can afford to make a large purchase such as buying a car, do so, using a co-signer if necessary. Taking on a large credit line will provide an immediate boost to your credit score, and if you continue to make all of your payments on time, will go a long way to re-establishing your credit.

Pay All of Your Bills, Including Your Utility Bills On Time

Now that you’ve cleaned house and you’re not weighed down by too much debt, you shouldn’t need to bounce bills around. Some lenders will look at bill payment history such as on utility bills which typically do not show up on your credit report as an alternate means of establishing your willingness to pay.

Avoid Overdraft Fees

Having a large amount of overdrafts can signal that you’re in financial peril and like all cash advance type schemes, ends up being more expensive for you in the long run.

You can avoid those overdraft fees by balancing your checkbook against your monthly bank statement and keeping meticulous records of everything you’ve purchased, including those debit card purchases that are all too easy to forget about.

Check Your Credit Report For Errors

Just because you’ve declared bankruptcy, doesn’t mean that there aren’t any errors on your credit report. Negative items are only allowed to be reported for 7 years, and if there is the slightest discrepancy between the information on the report and the actual debt, it can and should be removed.

The main thing to remember about how to rebuild your credit after bankruptcy is that it takes time. As time passes, the older, negative information starts to count less and less. Creditors are concerned about your willingness to pay as reflected in the near past (6 months to a year) and the present and not what happened in the distant past

Start with applying for a secured credit card to rebuild your credit after bankruptcy.

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Lawyers for Bankruptcy La Palma need to be Selected Carefully

April 9th, 2015 by admin

Of course it makes no sense to throw good money after bad but on the other hand neither does false economy. Sometimes you just need to realise that you have to spend some money, even if you can ill afford to do so, in order to rescue a situation. For example, if you are facing small business bankruptcy La Palma it can seem that approaching law firms bankruptcy La Palma in order to hire a lawyer bankruptcy La Palma is just extra unnecessary expenditure.

The reality is in fact that hiring a good bankruptcy attorney La Palma could make all the difference to your situation. The problems arise when it comes to selecting a lawyer bankruptcy La Palma since not all lawyers for bankruptcy La Palma are fully qualified or experienced enough.

How do you know if a lawyer does excellent work?

You want someone who does a lot of cases, but is personally handling your case. At the start you need to ask how many cases the lawyer files each year. You also want to check their past record and see the success rate for the cases they handle.
Does the lawyer use technology like email, phones and other electronic measures to make your life easier? You definitely want someone with experience but you also want someone who keeps up with the times. That kind of lawyer will be more likely to be ‘up to date’ on all the newest ways to help you. Does the lawyer make you feel at ease and inspire confidence? A lot can be said for the way that a good bankruptcy attorney La Palma makes you feel.

Even if you have to spend a couple thousand dollars, the benefit is that all the other headaches go away- permanently. There are many dangers of not having an excellent attorney. The cost of not doing it right is that you lose more money, create problems for yourself and your family members and possibly even lose the bankruptcy.

Every case is different and there is even a difference according to region. You can imagine that it costs more to run an office in New York or New Jersey than it does in rural Michigan or Virginia. In the New York Metro Area, a good to excellent attorney will typically charge around $2,000 for a typical case. In addition there are filing fees and credit counselling and if such issues don’t increase your fees make sure your attorney is really paying attention. Handling these things properly does take time. If an attorney doesn’t value his extra time, his time might not be valuable.

Lawyers for bankruptcy La Palma need to be selected carefully and you should not just go with the first one you meet. If it is possible you should try and obtain a personal reference from a friend or colleague who has used their services. Many people have faced small business bankruptcy La Palma and will have had cause to use one of the law firms bankruptcy La Palma.

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Car Loan After Bankruptcy How to Get a Car Loan and Rebuild Your Credit After Chapter 7 Bankruptcy

March 6th, 2015 by admin

You just completed filing for your bankruptcy; it’s been discharged and now you have a problem. Your car just died and you are in need of a car loan after bankruptcy. This can seem challenging especially after all the stress and confusion of filing for chapter 7. You may be afraid to go to a car dealership because you’re afraid of being denied and laughed off the car lot. Luckily, I have good news for you folks.

Obtaining auto financing for a car loan after bankruptcy is a lot easier now that your bankruptcy has been discharged. Many individuals use automobile loans to begin rebuilding their credit and you can too. By searching for an auto loan online you can receive multiple offers from multiple lenders all within 60 seconds or less.

If you have had any bankruptcy that has been discharged within one year, most lenders and car dealerships are not going to be welcoming you with open arms. They know your bankruptcy will remain on your credit history for 7 years; so chances are the dealers financing company will not want to deal with you. The good news is, there are many lenders willing to overlook this problem and give you a chance to start over again. If you can afford to make consistent monthly payments it is possible to be approved for a car loan after bankruptcy. Quite a few individuals are rebuilding their credit the smart way. Having proved themselves by keeping their car loan payments up to date has improved their credit history significantly.

There are legitimate lenders on the Internet that will offer you a number of auto loans to compare once your bankruptcy has been discharged or dismissed. Don’t expect to pay a 3% interest rate, but you will find multiple offers with various rates that you’ll be able to compare and you will have options to choose that will fit your individual budget. From the comfort of your own home, you can find the best car loan after bankruptcy and begin to rebuild your financial history. Reasonable financing with reasonable terms is only a mouse click away.

Keep in mind the fear of walking into a dealership and getting denied is a thing of the past. Walking into the dealer with a pre-approved auto loan in your pocket will make you a VIP customer in their eyes. The lenders are aware that many folks use this method to rebuild their credit and the dealerships are more than willing to be a part of your financial rebuilding plan. Just make your choice and drive away with your new car or truck. Your new ride can be parked in your driveway by the end of the day.

Chino bankruptcy attorney Straight Bankruptcy

February 28th, 2015 by admin

Bankruptcy is really a protection afforded by law to those that are faced with overwhelming debt. This permits individuals the possibility to make a fresh economic start off. It is vital that bankruptcy is viewed as a protection to debtors since it works on the presumption that individuals always have the intention of paying off something they owe. Even so, when selected uncontrolled events inside a person’s life such as the loss of a job, unexpected sickness or misallocation of funds have produced debt so overwhelming that they become impossible to spend, then the beleaguered debtor will often have recourse in the law.

You will find different varieties of bankruptcy petitions, but the most frequent a single utilized by most folks and married couples will be the ‘straight’ bankruptcy, also known as a ‘liquidation’ bankruptcy. This falls under Chapter 7 from the U.S. Bankruptcy Code and is what is frequently associated by a lot of people about any insolvency petition. In this chapter, the majority of an individual’s unsecured debt– which means debt that doesn’t have any kind of collateral to guarantee it could be discharged. This contains credit card debt, private loans and medical bills. Not all debts are wiped out in a ‘straight’ bankruptcy, nevertheless. Child support payments, by way of example, will nonetheless need to be paid.

In a Chapter 7 filing, all your assets and achievable long term incomes are produced aspect of a ‘bankruptcy estate’ which is going to be presided over by a court-appointed bankruptcy trustee. Taking into consideration such components as the worth from the asset as well as the laws on exempt properties within your state, the trustee will then dispose of the assets or properties that will be sold and distribute the proceeds among your creditors. Take note that exemption laws differ from state-to-state. You will have to consult with a Chino bankruptcy attorney to know what assets or properties you’ve got can survive a Chapter 7 bankruptcy petition in California.

Although it employed to become extremely simple and straightforward to apply for a liquidation, some vital modifications had been created towards the U.S. Bankruptcy Code in 2005 such that you simply may have to pass a Signifies Test to be able to qualify for it. In this test, your earnings and expenses for a family your size are compared with that from the normal in your state for exactly the same family size. If your earnings are much less than the median income with the state, you happen to be eligible to file for a Chapter 7 bankruptcy. Nevertheless, should you earn a lot more than the set median for the state, then you definitely usually are not qualified for Chapter 7 but may opt to file for Chapter 13 which enables you to produce payments in your debt for three to 5 years using your disposable revenue. A mandatory credit counseling is essential for all those who desire to file for insolvency. This is also integral in assisting you analyze your spending budget so you can go through the Implies Test appropriately.

Inasmuch as it is feasible to file for bankruptcy on your personal, it really is very advised that you simply consult a Chino bankruptcy attorney who can greatest enable you to realize the legal implications of such a filing.

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Decision to Get a Credit Card After Bankruptcy

February 28th, 2015 by admin

The decision to get a credit card after bankruptcy is actually one you need to make right away. In order to do things in the future you want to start building up a new credit history as soon as possible because of how long it will take you to get a good rating. Your past financial problems won’t fall off your report for seven years, but with persistence and if you get on things right away, you can have a good rating in as little as two years.

It may seem that the reasonable thing to do would be to avoid using a card at all to avoid future financial problems, but sadly this will also ensure that you never make any moves forward. Your credit history is made up of two kinds of payments, revolving (cards) and installment (loans). If you don’t have a positive history in both of these areas it’s hard to get a good enough rating to be of much use. When you have a good rating you’ll get offered better interest rates, better insurance rates, and have an easier time finding approval for a loan, credit card, apartment rental, or home mortgage.

Getting a secured credit card will be the easiest and fastest way to start building your new financial history immediately. You’ll need to save up a few hundred dollars to get this kind of card. You can apply for one at most companies, including your bank. You’ll deposit the money into a savings account and this will be a collateral on the card, and set your credit limit.

In order to use this card in a positive way you need to not rely on this card for emergency money. Use the card lightly for groceries, gas, or another regular expense and pay it off in full each month. Using the card lightly means using less than 30% of your limit.

Make sure you have an emergency fund because unexpected expenses do come up, and fairly regularly. Most financial experts suggest having a $1,500 emergency savings easily accessible.

The decision to get a credit card after bankruptcy can be a scary one, but a necessary one in order to move forward.

The more you know, the better. For more information about secured credit cards after bankruptcy and all of your options for your finances check out my site, Credit After Bankruptcy.