tag:blogger.com,1999:blog-18193368023537063142024-02-08T09:31:51.274-08:00Avoid Bankruptcy Get Debt ConsolidationDebt Consolidation and Debt Settlement advice to Avoid Bankruptcy and Free your DebtCherry Joehttp://www.blogger.com/profile/13671590916500306871noreply@blogger.comBlogger19125tag:blogger.com,1999:blog-1819336802353706314.post-40856204075788133742008-04-15T01:25:00.000-07:002008-04-15T01:30:33.550-07:00Debts You Will Still Owe After Chapter 13 Bankruptcy<a href="http://avoid-bankruptcy-get-debt-consolidati.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://avoid-bankruptcy-get-debt-consolidati.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://avoid-bankruptcy-get-debt-consolidati.blogspot.com" title=" Debt Consolidation "> Debt Consolidation </a> or <a href="http://avoid-bankruptcy-get-debt-consolidati.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><br /><strong>Debts You Will Still Owe After Chapter 13 Bankruptcy </strong><br /><br />Even if you successfully complete your Chapter 13 plan, it’s possible that you’ll still owe money to your creditors when your case is over. Debts that are non dischargeable cannot be discharged in any kind of bankruptcy case, whether Chapter 7 or Chapter 13. IF the debt was one on which the creditor was entitled to collect interest (such as a student load or tax debt), you’ll owe more than the unpaid balance. The creditor can and will probably tack on interest that accrued during your Chapter 13.<br />The debts that my escape discharge in a Chapter 7 case if a creditor successfully objects are treated the same as regular unsecured debts in a Chapter 13 bankruptcy (such as credit cards and medical bills). As long as you satisfy the requirements of your Chapter 13 plan, the balance on these debts is wiped out at the end of your case, under what is referred to as Chapter 13 bankruptcy’s “super discharge”.<br /><br />Bankruptcy and Joint Debtors<br />Debts for which you have a joint debtor, another debtor with you on the same debt, raise some tricky issues. Let’s look at the different kinds of joint debtors and what your bankruptcy filing might mean.<br /><br />Consigners and Guarantors<br />Someone may have signed onto your debt, in order to back up or guarantee your payment. If the underlying debt for which you have a consigner or guarantor is dischargeable, your joint debtor will get stuck owing the fill if you file for Chapter 7 bankruptcy and wipe out your own liability for the debt.<br />If you want to file for Chapter 7 bankruptcy but don’t want to stick it to a cosigner or guarantor, you can agree with the creditor as a part of your bankruptcy case to reaffirm the debt, that is, to be fully liable for it when your bankruptcy ends.<br /><br />Spouse<br />Most married couples file for Chapter 7 bankruptcy together, because their debts are joints. However, if you are in a relatively new marriage, have not accumulated any joint (marital)property, and want to get rid of separate (premarital) debts, you probably safe filing alone, In addition, you may want to file alone if any of the following are true:<br />a) Your spouse owns separate, valuable property, such as a second home. Your spouse would probably lose it to the bankruptcy court.<br />b) You and your spouse own a house in tenancy by the entirely. This form of property ownership can apply to property owned by married couples in some non community property states. <br />c) You and your spouse have separated. In such a situation, filling alone makes sense unless you haven’t yet allocated debts and divided property.<br />d) You live in a community property state. In community property states, virtually all debts incurred during marriage are considered community, or jointly owed. Under bankruptcy law, if only one spouse files for Chapter 7 bankruptcy in a community property state, the community property is considered property of the estate and the order spouse’s share of the community debts is also discharged. <br /><br />In a Chapter 13 bankruptcy, it rarely makes sense for only one spouse to file. The filing spouse must list the income, expenses, and property of both spouses, and the bankruptcy case will have an impact on both spouses.<br />IF you are married, you should file for Chapter 13 bankruptcy alone only if all the following are true:<br />a) You are separated form your spouse<br />b) You’ve divided your property<br />c) You’ve agreed to pay the jointly incurred martial debts<br />d) You’ve otherwise ended your financial entanglements (other than paying or receiving alimony or child support)<br /><br /><em>Bankruptcy Is it the right solution to your debt problems? Attorney Robin Leonard </em><br /><br /><strong>Debts You Will Still Owe After Chapter 13 Bankruptcy </strong><br /><br /><a href="http://avoid-bankruptcy-get-debt-consolidati.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://avoid-bankruptcy-get-debt-consolidati.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://avoid-bankruptcy-get-debt-consolidati.blogspot.com" title=" Debt Consolidation "> Debt Consolidation </a> or <a href="http://avoid-bankruptcy-get-debt-consolidati.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.Cherry Joehttp://www.blogger.com/profile/13671590916500306871noreply@blogger.com6tag:blogger.com,1999:blog-1819336802353706314.post-77713987586786335342008-03-31T00:07:00.001-07:002008-04-03T05:08:46.412-07:00Chapter 7 Bankruptcy Eligibility Requirements<a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><br /><strong>Chapter 7 Bankruptcy Eligibility Requirements</strong><br /><br />Although bankruptcy might be a fine solution to your debt problems, you may not be eligible to file. For example, Chapter 7 bankruptcy isn’t available if you’ve already received a Chapter 7 discharge in a case field within the previous 6 years. And you can’t file Chapter 13 bankruptcy if your debts exceed a certain amount. Your eligibility file is something you should figure out right away.<br /><br />Chapter 7 Eligibility Requirements<br />There are several basic eligibility requirements you must meet to file a “consumer” Chapter 7 bankruptcy (the standard liquidation bankruptcy for individuals).<br /><br />You must be an Individual (or Married Couple) or Small Business Owner<br />To file a consumer Chapter 7 bankruptcy case, you must be an individual (or a husband and wife filing jointly) or s small business owner. As a small business owner, you can include all business debts on which you have personal liability. For example, if you operate your business as a sole proprietor or in partnership with your spouse, you, or you and your spouse, are personally liable for the debts of the business. For bankruptcy purposes, you and your business are one and the same. You can included all of the business debts in your consumer Chapter 7 bankruptcy case.<br />Similarly, if you are a member of a business partnership with people other than your spouse, you can file for Chapter 7 bankruptcy as a consumer and include all business debts on which you are personally liable. Your partners will remain fully liable for the debts you wipe out, however.<br />If you are a member of a business partnership, you’ll probably want to consult a small business lawyer before you file for a bankruptcy. Your obligation to your partners may be governed by any buy sell agreement that requires you to terminate your partnership interest before filing for bankruptcy. If you don’t follow that agreement or any other understanding you and your partners have, you probably will putting the partnership property at risk. Your partners (or ex-partners) may ask the bankruptcy court to lift the automatic stay so they can file a lawsuit against you.<br />You cannot file a consumer Chapter 7 bankruptcy case on behalf of a corporation, limited liability company, or partnership. In that situation, you must file a “business” Chapter 7 bankruptcy.<br /><br />You Haven’t Had a Previous Bankruptcy Discharge<br />You can’t file for Chapter 7 bankruptcy if you got a discharge of your debts in any Chapter 7 or Chapter 13 bankruptcy case begun within the past 6 years. Note that the 6 year period runs from the date you filled the earlier bankruptcy case, not the date of your discharge.<br /><br />You Aren’t Barred by a Previous Bankruptcy Dismissal<br />You can’t file for Chapter 7 bankruptcy if a previous bankruptcy case was dismissed within the past 180 days for any of the following reasons:<br />a) You violated a court order<br />b) The court rules that your filing was fraudulent or an abuse of the bankruptcy system.<br />c) You requested the dismissal after a creditor asked the court to lift the automatic stay.<br /><br />You Couldn’t Pay Off Your Debts Outside of Chapter 7<br />If you have enough assets or income to repay most of your debts, either in a Chapter 13 bankruptcy or outside of bankruptcy altogether, the trustee may request the judge to consider your Chapter 7 filing a “substantial abuse” of the bankruptcy system and require you to either convert your case to Chapter 13 bankruptcy or have your case dismissed. Trustees are, as of recently, required to asses the feasibility of a Chapter 13 filing under policies issued by the Office of the U.S. Trustee.<br />Even if the trustee pushes this issue, a judge isn’t likely to find substantial abuse unless both of the following are true:<br />a) You have an adequate and steady income.<br />b) With a feasible downward modification of your lifestyle, you could pay off all or most of your debts over 3 to 5 years.<br /><br />You’ve Been Honest With Your Creditors<br />Bankruptcy is geared toward the honest debtor who got in too deep and needs the help of the bankruptcy court to get a fresh start. Your Chapter 7 bankruptcy case many be challenged or dismissed if you have tried to cheat your creditors or concealed assets with a mind to keeping them through bankruptcy.<br />Certain activities are red flags to trustees. If you have engaged in any of them during the past year and are caught, your eligibility to file a Chapter 7 bankruptcy case is likely to be challenged. The most common no no is unloading assets or cash to your friends or relatives to hide them from your creditors. Even if you undo such a transaction before you file Chapter 7 bankruptcy, you may still get your bankruptcy dismissed if the trustee finds out about it. It’s also a no no to:<br />a) Run up large debts for luxury items when you clearly are broke and have no prospects for paying the debts.<br />b) Conceal property or money from your spouse during a divorce proceeding.<br />These activities case a suspicion of fraud over your entire bankruptcy case.<br /><br /><em>Bankruptcy Is it the right solution to your debt problems? Attorney Robin Leonard </em><br /><br /><strong>Chapter 7 Bankruptcy Eligibility Requirements</strong><br /><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.Cherry Joehttp://www.blogger.com/profile/13671590916500306871noreply@blogger.com0tag:blogger.com,1999:blog-1819336802353706314.post-90934530136694009952008-03-31T00:05:00.001-07:002008-04-03T05:08:32.266-07:00Manage Your Debt: #4 Choose Your Path and Take Action<a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><br /><strong>Manage Your Debt: #4 Choose Your Path and Take Action</strong><br /><br />When faced with unappealing choices, it’s natural to procrastinate. But after you’ve assessed your situation, gathered the relevant information, and sought expert help, the path you need to take should be pretty clear.<br /><br />Option1: The Pay-Off Plan<br />If you can pay off your unsecured debts without help or with the help of home equity borrowing, you’re ready to take the first step: cutting up your credit cards. “What?” you might be saying. “Cut up my cards? How can I live without my cards? News flash: People do it all the time.<br /><br />You can’t get out of debt if you keep digging. And if you have easy access to your cards, you’ll keep using them. Your credit cards need to be off limits until you’re debt free. Debit cards with Visa or Mastercard logos are accepted at most places that take credit cards. The difference is that the money comes directly out of your checking account, so it’s much tougher to overspend.<br /><br />Option 2: Credit Counseling<br />If you decide you need a credit counselor’s aid, make the appointment to get started on a debt management plan. Everyday you delay is costing you more in interest and putting off the moment when you’ll be debt free.<br /><br />Understand that paying off your debts will be a longer term commitment, and that living on the tight budget necessary may be frustrating. If you need motivation to keep going, consider joining the message boards of one of the frugality-oriented web sites to get support and keep your spirits up.<br /><br />Option 3: Bankruptcy <br />If bankruptcy is the nest of bad options, then file. The bankruptcy laws were designed to give people a fresh start, and if you’ve done your best to find money to pay your bills and failed, you shouldn’t shun this option.<br /><br /><em>Your Credit Score Liz Pulliam Weston</em><br /><br /><strong>Manage Your Debt: #4 Choose Your Path and Take Action</strong><br /><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.Cherry Joehttp://www.blogger.com/profile/13671590916500306871noreply@blogger.com0tag:blogger.com,1999:blog-1819336802353706314.post-46842833722792373992008-03-30T23:46:00.001-07:002008-04-03T05:08:15.733-07:00Manage Your Debt: #3 Evaluating Your Options (Part II)<a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><br /><strong>Manage Your Debt: #3 Evaluating Your Options (Part II)</strong><br /><br />Task 3: Figuring Out a Repayment Plan<br />Your mission: To see if can pay off those nonessential debts, other than friends and family loans, in 3 to 5 years.<br /><br />Why that particular time period?<br />Because that’s the standard generally used in bankruptcy court. If you have enough income and assets to pay most or all of your bills within that time frame, a judge probably wouldn’t let you pursue a Chapter 7 bankruptcy.<br /><br />You also could consider, carefully using a home equity loan or line of credit to pay your cards. But do so only if you can commit to the following:<br />1. Not using your credit cards pile up more debt. (for most people, this will mean not using cards at all until the home equity borrowing is paid back).<br />2. Not borrowing more than 90% of your home equity (and preferably less than 80%) when your mortgage and home equity borrowing is combined. Home equity can be an important source of emergency funds that you don’t want to squander.<br />3. Paying off the debt in the same 3 to 5 years period. In other words, don’t use the home equity loan as an excuse to stretch out your debt.<br />Remember: If you don’t commit to these steps, you’ll ultimately just drive yourself deeper into debt.<br /><br />But, as far as your credit score is concerned, you should keep these points in mind:<br />1. Although late payments can really hurt a credit score, a charge off is even worse. If at all possible, you should try to avoid letting an account lapse for so long that it’s charged off.<br />2. If an account has not yet been charged off, try to pay the balance in full either at once or over time. Setting the account with the original creditor for less than you owe can really hurt your credit score. (Settlements on collection accounts typically don’t have as negative an effect)<br />3. If an account has need sent to collections, you’ll have the most leverage to negotiate if you can pay a lump sum. But eve n if you have to make payments, try to negotiate to have the collection action deleted from your credit report if at all possible. Although having the collection deleted won’t erase the negative marks from your file, the most damaging mark is the charge off, which the original creditor typically won’t drop, getting rid of the collection notation often helps your score.<br /><br />What if you can’t find a way to get all your unsecured debts paid off, or you’re simply not sure if your plan will work? You essentially have two options: Credit counseling or Bankruptcy .<br /><br /><em>Your Credit Score Liz Pulliam Weston </em><br /><br /><strong>Manage Your Debt: #3 Evaluating Your Options (Part II)</strong><br /><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.Cherry Joehttp://www.blogger.com/profile/13671590916500306871noreply@blogger.com0tag:blogger.com,1999:blog-1819336802353706314.post-1608825464624231512008-03-30T23:45:00.001-07:002008-04-03T05:07:55.659-07:00Manage Your Debt: #2 Evaluating Your Options (Part I)<a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><br /><strong>Manage Your Debt: #2 Evaluating Your Options (Part I)</strong><br /><br />Task 1: Prioritize Your Bills<br />If you’re being hounded by creditors or are simply stressed by debt, it can be easy for your priorities to get out of whack. You might wind up paying a credit card bill when the rent or mortgage is due just because a collection agency is making your life miserable. You’d be risking eviction or foreclosure over a bill that could be wiped out in bankruptcy court, or at least postponed without major consequences.<br /><br />Dividing your bills into three:<br />Essential Bills<br />Important Bills <br />Non-Essential Bills<br /><br />Essential Bills are the ones that if you don’t pay, would result in catastrophic consequences.<br />Important Bills are the ones that you should pay if at all possible, because failure to pay them would have serious consequences.<br />Non-Essential Bills are the debts they aren’t secured by property. Failure to pay these debts could have serious repercussions for your credit score and might eventually result in lawsuits and judgments. <br /><br />Task 2: Match Your Resources to Your Bills and Debts<br />Look at the first two categories of savings that you identified in step 1, the easy stuff to cut, and the harder stuff, and then add those to your monthly net income (what you get in your paycheck after all the taxes and other deductions have taken). Now compare that income to your first two priorities, essential bills and important bills. Can you cover the minimums required?<br /><br />The first you can do yourself, just by talking into your lender; for IRS help, you’re probably best off using a tax pro. Even child support has worsened, but this can take awhile and might require a lawyer’s help.<br /><br />Other possibilities: You might take that second job we talked about earlier. You could increase your paycheck by eliminating or reducing 401 (k) contributions temporarily or, if you get a tax refund, by reducing your withholding.<br /><br />If you still can’t pay for essential and the important, you’ll probably need to take some last resort action, such as selling a house if you own one or renting cheaper digs. You’ll also need to consult a bankruptcy attorney about wiping out any nonessential debts, because those obviously aren’t going to get paid.<br /><em><br />Your Credit Score Liz Pulliam Weston </em><br /><br /><strong>Manage Your Debt: #2 Evaluating Your Options (Part I)</strong><br /><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.Cherry Joehttp://www.blogger.com/profile/13671590916500306871noreply@blogger.com0tag:blogger.com,1999:blog-1819336802353706314.post-21127109949662073842008-03-30T23:44:00.000-07:002008-04-03T05:07:40.655-07:00Manage Your Debt: #1 Figure Out How To Free Up Some Cash<a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><br /><strong>Manage Your Debt: #1 Figure Out How To Free Up Some Cash</strong><br /><br />One of the most common mistakes people make in a financial crisis is not cutting back hard enough, fast enough.<br /><br />Or maybe you need to take a hard look at some of your bigger bills. Even your so called “fixed” expenses, such as your mortgage or rent, aren’t really set in stone. Some people who struggle to hang on to homes that are simply too expensive for them, when the smarter course would be to move.<br /><br />Don’t panic quite yet. For the moment, you don’t have to do anything, other than write down the potential savings you can identify. You might find it helpful to break those savings down into categories:<br />1. The easy stuff: Expense that you could ditch with little effort<br />2. The harder stuff: Expenses that would require more sacrifice to trim<br />3. The last ditch stuff: Expenses you would cut only as a last resort<br /><br />There are two other good ways to raise cash:<br />By selling stuff and by making more money. If you can sell an extra vehicle, hold a yard sale, or auction unused items on eBay, you might be able to free up a good chunk of change. You also might consider freelance work or a second job temporarily. If you’re already working full time, this can seem pretty daunting, but you might be able to do something for a few months that you’d never be able to sustain permanently.<br /><br />You might notice that I haven’t included some of the most touted “fixes” for credit problems: home equity loans, other debt consolidation loans, and withdrawals or loans from retirement plans. That’s because these “solutions”, as typically applied, often make matters worse in long run.<br /><br />Home equity loans, lines of credit, and cash out mortgages refinances are particularly seductive, because they tend to offer low rates and tax deductible interest, to boot. But they come with big problem:<br />1. Most people who use home equity to pay off credit card and other unsecured loans ultimately end up deeper in debt within a few years. That’s because they haven’t changed the fundamental problem of overspending that got them in trouble in the first place.<br />2. Such loans usually turn what should be short term debt into long term debt. You could end up paying more in interest, and again, wind up poorer, than if you’d buckled down and just paid off the cards of your current income.<br />3. Using these loans to pay off credit cards, medical bills, or personal loans turn unsecured debt, which could have been erased in bankruptcy court, into secured debt that can’t be wiped out, and that puts your home at risk as well.<br /><br /><em>Your Credit Score Liz Pulliam Weston </em><br /><br /><strong>Manage Your Debt: #1 Figure Out How To Free Up Some Cash</strong><br /><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.Cherry Joehttp://www.blogger.com/profile/13671590916500306871noreply@blogger.com0tag:blogger.com,1999:blog-1819336802353706314.post-19119378363332172322008-03-27T00:09:00.000-07:002008-04-03T05:07:22.142-07:00Credit Card Balance Transfer?<a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><br /><strong>Credit Card Balance Transfer?</strong><br /><br />Opening a new credit card may seem like the last smart thing to do when faced with mounting credit card debt. In one case, however, this may make sense and wind up saving you a lot of money as well. This special exception is a credit card balance transfer, and is oftentimes available to anyone with a mailbox and social security number.<br /><br />Credit cards are a big business nowadays, with many companies making affluence off finance arraigns. The typical yearly percentage rate is about 16% on most credit cards. With that kind of pursuit, it's tough to pay down a credit card, because it is consistently charging pursuit and adding to the rule. Even hot stocks are pushed to grow at 16% a year. Luckily, companies are so anxious for your business the balance transfer was false.<br /><br />In an attempt to decoy patrons to their credit card, many companies agreement open balance transfers from your old credit card. Once the money is carefully billed to the new band, they will regularly present a embellish interval where they arraign far fewer on the transferred balance. Decision two, one, or even zilch percent pursuit is workable. Oftentimes this introductory rate lasts for around six months to a year after the balance transfer takes place.<br /><br />For a sense consumer, this can be a brilliant reasoning of dropping credit card debt. It designed the being open to pay down the balance on a credit card lacking incurring pursuit arraigns. With this strategy, a being could potentially open a new account that agreements a balance transfer when the old one expires. Then transfer all of the balance to the new card to launch a new embellish interval of low or non-present finance arraigns. If you design to do a balance transfer, be indeed to close your old account immediately; having more than two credit card accounts open may break credit scores.<br /><br />Making a balance transfer work for you is a brilliant tradition, but industry is vital. Sometimes there is penalty carry friendly with unknown arraigns. Some invests may arraign a transfer fee that can be a percentage of the balance transferred. Be indeed that there is a cap on the total, like fifty or seventy-five dollars, or also a balance transfer in the thousands may end up price a join hundred dollars. Also, be indeed the invest doesn't arraign a high yearly fee, or fusion fee. The credit card companies are already receiving your business, so don't let them take the high hand in a balance transfer.<br /><br /><em>Atciles Source: Betty Bowler writes for http://www.transferakocard.com where you can find out more about Balance Transfer Cards and other topics.</em><br /><br /><strong>Credit Card Balance Transfer?</strong><br /><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.Cherry Joehttp://www.blogger.com/profile/13671590916500306871noreply@blogger.com1tag:blogger.com,1999:blog-1819336802353706314.post-44592651869784609002008-03-27T00:06:00.000-07:002008-04-03T05:07:02.445-07:00Reducing Credit Card Debt - It's Never Too Late To Start<a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><br /><strong>Reducing Credit Card Debt - It's Never Too Late To Start</strong><br /><br /> Reducing credit card debt usually is not a big topic you find being discussed at a dinner party. No one wants to admit they have not managed their money or credit cards well.<br /><br />In fact overspending has it's own TV series called 'Big Spenders' and credit cards debt usually find itself at the root of the problem. The problem of bad financial choices and over spending is not uncommon.<br /><br />Reducing debt on credit cards does not need to be a complicated exercise. The actions to take are simple and basic. A few calculations and tracking expenses will quickly show you where the money is draining from your bank account. You'll also discover where you need to begin to take action to keep yourself out of the bad credit zone.<br /><br />Budgeting Guidelines<br /><br />Most consumers hate the word "Budgeting" and look at it as a restrictive money item.<br /><br />That simply is not true. A budget actually tells your money WHERE it will go before the money arrives instead of money going where it wants to go. Budgets are tools nothing more nothing less.<br /><br />Financial institutions and leading companies use a different kind of "budget" when reviewing loan applications for debt consolidation and approving loans in general. When looking over your financial statement they want to make sure your expenses are within the recommended guidelines.<br /><br />If your income and expenses are out of balance a flag goes up quickly. This flag puts your loan or credit application in jeopardy or at a higher of being approved.<br /><br />Keeping your expenses within the recommended budget guidelines plays an important part of reducing your debt and living with less stress.<br /><br />How does your budget or expenses stack up against the lending communities guidelines?<br /><br /> *<br /> Housing 35% - This includes not only your mortgage or rent but property taxes - insurance - maintenance and utilities<br /> *<br /> Transportation - 20% - Monthly payments - insurance - gas - oil - repairs - maintenance - tolls - parking or any other transportation needs.<br /> *<br /> Debt 15% - Credit cards - student loans- consumer loans- personal loans and any other payments on debt<br /> *<br /> All other expenses 20% - Food - clothing - personal items - insurance (health) - prescriptions - doctor & dental visits<br /> *<br /> Savings and Investments 10% - Retirement - stocks - bonds - mutual funds - cash reserves - rental income - royalties - art - etc.<br /><br />Ratios for Debt Income<br /><br />The debt/Income ratio is calculated by taking the amounts required to pay the regular monthly bills or debts each month and divide that number by the after tax take home pay.<br /><br />Knowing this debt income ratio or percentage will help you gain a better understanding of your debt load and how it relates to your current financial situation.<br /><br />For example if your income take home pay was $3500<br />Mortgage including taxes and insurance - $1250<br />Auto payments - $325<br />Credit Cards - $500<br />Other monthly expenses - $750<br /><br />You would be spending $2825 per month with a debt income ratio of 81%.<br /><br />Anything over 50% and you should begin to look for ways to reduce your debt.<br /><br />Credit To Debt Ratio<br /><br />Many people close or cancel their credit card account once they have paid it off. Depending on you financial position it may not be the best steps to take. Canceling the account can in fact have a negative impact on your credit score.<br /><br />The negative impact comes from the Debt to Credit ratio which works similar to the Debt Income ratio but in reverse. The Credit/Debt ratio is the relationship between your total debt and the credit limits you have available. By canceling a credit card you actually raise the amount of money you owe vs. the amount you can borrow.<br /><br />One item to be aware of in keeping a zero balance credit card open. If you are planning on getting a mortgage a zero balance credit card could have a negative impact on your loan being approved. Why? Lenders may look at the zero balance on the card as the method you will use to furnish the home. This in turn would raise your credit to debt ratio.<br /><br />Pay Yourself First<br /><br />The idea of paying yourself first is not a new idea. Read the classic "Richest Man in Babylon." The key to insuring long-term financial stability and protecting future success begins by paying yourself before anyone else. The task by itself looks easy when in reality few people do it. The fun of "living" paying bills and increasing debt seem to come way before paying yourself.<br /><br />If you stop and think about it for a moment - do you want credit card companies to prosper more than yourself? Start today paying yourself. Make it a habit! Start small if you have to - but start doing it.<br /><br />If you have a 401K at work look at increasing the money they take out each pay period. Do it by percentage and not dollar amount.<br /><br />Creating a Snowball With Credit Card Payments<br /><br />You're probably familiar with the picture of a snowball rolling down a hill getting bigger and bigger. You can pay off your credit cards using the same snowball affect.<br /><br />Take all your credit cards and list them from the highest balance to the lowest. Start paying the minimum balance on all the credit cards except for the card with the lowest balance.<br /><br />Now get aggressive and take any extra money you can squeeze and pay as much as you can on that card each month until it has been paid off. Even $10 per month will make a difference.<br /><br />Then start to apply the money you would pay on that card to the next lowest balance. Continue to do that on each card until all the cards are paid off. This is the snowball affect in action.<br /><br />The extra money you are paying each month compounds as each card gets paid off just like interest and starts hammering away at the balance in big chunks.<br /><br />Get Financial Smart<br /><br />Unfortunately much of the school system teaches little on getting financially smart. You do not need to be a money whiz to manage your credit or debt. All that is required is some basic financial knowledge and calculations.<br /><br />Spend less than you earn and invest the difference - That's financial smarts! <br /><br /><em>Article Source: http://everlife.com/reducing-debts.php</em><br /><br /><strong>Reducing Credit Card Debt - It's Never Too Late To Start</strong><br /><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.Cherry Joehttp://www.blogger.com/profile/13671590916500306871noreply@blogger.com0tag:blogger.com,1999:blog-1819336802353706314.post-85211479540343313862008-03-27T00:03:00.000-07:002008-04-03T05:06:46.512-07:00Consolidate Credit Card Debt To Solve Financial Problems?<a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><strong> <br />Consolidate Credit Card Debt To Solve Financial Problems?</strong><br /><br />Credit card debt is a major problem in the United States. It is so easy to acquire credit cards, and it is not difficult to get carried away with purchases. A person can purchase one thing, realize that they don't have to pay right away, and just keep going.<br /><br />Before long, it is possible to have multiple maxed out credit cards and seemingly endless charge card debt. With other bills and high interest rates, it can be very difficult to make the monthly payments. This can really help you reduce your burden in these situations. The are multiple options once you decide to consolidate. The information below will help explain some of your choices.<br /><br />When you consolidate your debt, you will lower your monthly payment and probably your interest rate as well. A lower interest rate is a huge advantage in that it saves you quite a bit of money in the long run.<br /><br />Home Equity Loan Consolidation<br /><br />Taking out a home equity loan to pay off your charge cards is possible, but only if you have equity in your home. The definition of equity is the difference of the appraised value of your home minus your current mortgage. You can use the equity to get a loan to pay off your credit card debt. You will obviously still owe the money, but you will have the advantage of a single payment with a much lower interest rate than your credit cards have.<br /><br />Debt Consolidation Loan<br /><br />If you don't own a home, or you don't have much equity in your home, a debt consolidation loan is another option. A debt consolidation loan is a personal loan that you can take out to pay off the debt. This also has the benefit of a single monthly payment with a lower interest rate than your credit cards.<br /><br />Credit Card Consolidation<br /><br />If you have a low interest credit card with available credit, it is possible for you to consolidate all of your other debt onto that one low interest card. You should seek out the lowest interest rate possible. Make sure to read the fine print, because sometimes there are fees or penalties for transferring other credit card balances over even when reducing the APR on the credit card.<br /><br />After you consolidate, you must work hard to pay off your debt, while avoiding getting into such a tough position again in the future. You need to get control of your finances. To help you with this, you should dispose of all but one credit card to have for emergencies -- a necessity, not just a want or desire.<br /><br />Credit card consolidation can really help you become financially free again. You will save money and pay off your debt more quickly.<br /><em><br />More knowledge, more power, more success when you better understand the subject of reducing credit card APR. Check us out at http://www.everlife.com/reducing-debts.php</em><br /><br /><em>Article Source: http://EzineArticles.com/?expert=Landon_McGehee</em><br /><br /><strong>Consolidate Credit Card Debt To Solve Financial Problems?</strong><br /><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.Cherry Joehttp://www.blogger.com/profile/13671590916500306871noreply@blogger.com0tag:blogger.com,1999:blog-1819336802353706314.post-32295834170246756422008-03-26T04:15:00.000-07:002008-04-03T05:06:30.761-07:00Bankruptcy Will I Lose My House or Apartment?<a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><br /><strong>Bankruptcy Will I Lose My House or Apartment?</strong><br /><br />One of the biggest worries you may face in deciding whether to file for bankruptcy is the possible loss of your home, whether you own or rent. Take a deep breath and understand that the bankruptcy system is not designed to put you out on the street. If you’re current on your home or rent payments and can afford to keep paying them your chances of staying in your current abode look good. If you’re behind but can now afford to make your payments, you might be able to get back on track through bankruptcy. Even if you can’t afford your payments, bankruptcy may provide a little breathing room to deal with the inevitable: finding a new place to live.<br /><br />Homeowners Filling for Bankruptcy<br />Whether you’ll be able to keep your home after filing for bankruptcy will depend on a number of factors, including whether you are current or behind on your mortgage payments, how much equity you own, the state in which you live, and whether you file a Chapter 7 or Chapter 13 bankruptcy. There are two general rules.<br /><br />a) If you are current on your mortgage payments. Whether or not you will lose your home in a Chapter 7 bankruptcy depends on the amount of equity you have in the property and the amount of any homestead exemption to which you are entitled. If you filed for Chapter 13 bankruptcy , you will not lose your home as long as you continue to make your mortgage payments.<br /><br />b) If you are behind on your mortgage payments. You will almost certainly lose your home if you file a Chapter 7 bankruptcy. Your mortgage lender will ask the bankruptcy court to lift the “automatic stay”, and the court will probably grant the request, allowing the mortgage lender to begin or resume foreclosure proceedings. In a Chapter 13 bankruptcy, you will not lose your home, no matter how much your equity is, if you immediately resume making the regular repayments called for under your agreement and provide for possible of your missed mortgage payments through your Chapter 13 bankruptcy plan.<br /><br />Bankruptcy Is it the right solution to your debt problems? Attorney Robin Leonard<br /><br /><strong>Bankruptcy Will I Lose My House or Apartment? </strong><br /><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.Cherry Joehttp://www.blogger.com/profile/13671590916500306871noreply@blogger.com0tag:blogger.com,1999:blog-1819336802353706314.post-87150199008640288142008-03-26T00:15:00.000-07:002008-03-26T04:14:51.655-07:00<a href="http://technorati.com/claim/wnuq9tideg" rel="me">Technorati Profile</a>Cherry Joehttp://www.blogger.com/profile/13671590916500306871noreply@blogger.com0tag:blogger.com,1999:blog-1819336802353706314.post-25010549376901015172008-03-26T00:10:00.000-07:002008-04-03T05:06:03.533-07:00Bankruptcy Will I Lose My Job?<a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><strong><br />Bankruptcy Will I Lose My Job?</strong><br /><br />The government can’t discriminate against you for having filed for bankruptcy. If you work for a local, state, or government agency, you cannot be fired. Nor can your public employer take other punitive action against you, such as demote you, reduce your salary, or take away responsibilities. Private employers can’t fie you or punish you solely because you filed for bankruptcy. <br /><br />In fact, it’s rare that an employer ever finds out about a Chapter 7 bankruptcy filing. About the only time this might happen is if a creditor has sued you, obtained a judgment against you, and started garnishing your wages. The bankruptcy will stop the wage garnishment, and your employer will be notified about it. In such a situation, your employer (or at least the payroll department) already knew you were having financial problems and will probably welcome the bankruptcy as a way for you to take affirmative steps to put your problems behind you.<br /><br />On the other hand, if you file for Chapter 13 bankruptcy, your employer is likely to learn of your bankruptcy case. This is because, if you have a regular job with regular income, the bankruptcy judge may order your Chapter 13 payments to be automatically deducted from your wages and sent to the bankruptcy court. This is called an “income deduction order”.<br /><br />You may not like the idea of the income deduction order, but the bankruptcy court is likely to deny your Chapter 13 plan if you refuse to comply with it. And realize that the order will probably make it easier for you to complete your plan. The success rate of Chapter 13 cases is higher for debtors with income deduction orders than for debtors who pay the trustee themselves. <br /><br />Many jobs require you to get a security clearance. If you are a member of the armed forces or an employee of the CIA, FBI, another government agency, or private company that contracts with the government, you may have a security clearance. Do you risk losing your security clearance of you file for bankruptcy? Probably not, in fact, the opposite may be true. Accordingly to credit counselors for the military and the CIA, a person with financial problems, particularly someone with a lot of debts, is a high risk for being blackmailed. By filing for bankruptcy and getting rid of the debts, you substantially lower that risk. Bankruptcy usually works more in your favor than to your detriment.<br /><br /><em>Bankruptcy Is it the right solution to your debt problems? Attorney Robin Leonard </em><br /><br /><strong>Bankruptcy Will I Lose My Job?</strong><br /><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.Cherry Joehttp://www.blogger.com/profile/13671590916500306871noreply@blogger.com0tag:blogger.com,1999:blog-1819336802353706314.post-26987362249077893262008-03-26T00:07:00.000-07:002008-04-03T05:05:46.636-07:00Bankruptcy Will I Lose Child Custody? Lost My Freedom? Change Job? Get Divorced?<a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><br /><strong>Bankruptcy Will I Lose Child Custody? Lost My Freedom? Change Job? Get Divorced?</strong><br /><br /><strong>Will I Lose Custody of My Children?</strong><br />There are no reported cases from any state of a parent losing custody because he or she filed for bankruptcy. Bankruptcy and divorce (or separation) are so often related these days that one frequently follows the other. Bankruptcy judges are becoming experts on family law matters, and family law judges are becoming experts in bankruptcy. Don’t worry about your bankruptcy affecting your custody status. Keep in mind, however, that bankruptcy does not relieve you of your child support and alimony obligation, past or present.<br /><br /><strong>Will I Lost My Freedom?</strong><br />We Americans are used to some basic freedoms, and many people fear loss of those freedoms if they file for bankruptcy. Relax. Except in some unusual cases, this just not going to happen.<br />Can I move? You are free to change your residence after you file. Just be sure to send the trustee a change of address form if your case is still open. If your move involves selling your house and you’ve filed a Chapter 13 bankruptcy, the trustee may want to use proceeds of the sale to pay off your creditors.<br /><strong><br />Can I change my jobs?</strong><br />You can certainly change jobs while your bankruptcy case is pending, and after its ends. If you’ve filled a Chapter 13 case, be sure to tell the trustee so he or she can transfer the income deduction order.<br /><br /><strong>Can I get divorced?</strong><br />No one can force you to stay married, not even a bankruptcy judge. If you’ve filed for Chapter 7 bankruptcy and want to end your marriage, go ahead. Your bankruptcy case will probably end long before your divorce case does.<br /><br /><br /><em>Bankruptcy Is it the right solution to your debt problems? Attorney Robin Leonard </em><br /><br /><strong>Bankruptcy Will I Lose Child Custody? Lost My Freedom? Change Job? Get Divorced?</strong><br /><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.Cherry Joehttp://www.blogger.com/profile/13671590916500306871noreply@blogger.com0tag:blogger.com,1999:blog-1819336802353706314.post-22521264398964061682008-03-26T00:06:00.000-07:002008-04-03T05:05:29.815-07:00Chapter 7 Bankruptcy vs Chapter 13 Bankruptcy<a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><br /><strong>Chapter 7 Bankruptcy vs Chapter 13 Bankruptcy</strong><br /><br />The best feature of Chapter 13 bankruptcy for many people is that they can arrange their affairs to replay their debts without giving up any property. Other than selling property voluntarily, to augment the income you denote to your Chapter 13 plan, you only risk losing property if you’ve missed payments on a secured debt, and the bankruptcy court then lets the creditors repossess or foreclosure on the “collateral” (the property securing the debt).<br /><br />Chapter 7 bankruptcy is different. If you won property that is considered “no exempt”, you may lose it, unless you arrange to give its cash equivalent or other (exempt) property of the same value to the bankruptcy trustee. The cash could come from earnings or loads received after your filing date.<br />In addition, if you aren’t current on a secured debt or can’t afford to make payments on it in the future, you may, in a Chapter 7 case, lose the property that secures the debt.<br /><br /><br /><em>Bankruptcy Is it the right solution to your debt problems? Attorney Robin Leonard </em><br /><br /><strong>Chapter 7 Bankruptcy vs Chapter 13 Bankruptcy</strong><br /><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.Cherry Joehttp://www.blogger.com/profile/13671590916500306871noreply@blogger.com0tag:blogger.com,1999:blog-1819336802353706314.post-91205500400382604952008-03-25T23:23:00.000-07:002008-04-03T05:05:13.541-07:00Types of Bankruptcies: Chapter 13 and Chapter 7<a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><br /><strong>Types of Bankruptcies: Chapter 13 and Chapter 7</strong><br /><br />There are 2 kinds of bankruptcy: “liquidation” and “reorganization”. In a liquidation bankruptcy, your nonessential property items may be sold to pay down your debt, and most or all of your debts may be wiped out. The liquidation bankruptcy is called Chapter 7 bankruptcy, and it can be filed by individual (a “consumer” Chapter 7 bankruptcy) or business (a “business” Chapter 7 bankruptcy). A Chapter 7 bankruptcy typically last 3 to 6 months. <br /><br /><strong>Chapter 7 Bankruptcy</strong><br />In a Chapter 7 bankruptcy, you got to cancel, or “discharge”, certain types of debts. In return, however, you must be willing to give up certain types of property, to be sold for the benefit of your creditors. In fact, most Chapter 7 filers get to keep most or all of the property they need to get on with their lives, because the law considers it necessary for a fresh start.<br />The typical Chapter 7 bankruptcy case takes between 3 and 6 months from filing to discharge. It costs $209 in filing and administrative fees, and it commonly requires one physical appearance at what’s called a “creditors’ meeting”.<br /><br /><strong>Chapter 13 Bankruptcy</strong><br />Chapter 13 bankruptcy, sometimes called the wage earner’s plan is quite different from Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, you use your income to pay some or all of what you owe to your creditors over time. Most Chapter 13 bankruptcies last 3 years. Some last longer, a court can approve a case as long as 5 years. A few are shorter, if you pay off 100% of your debts in less than 3 years, your case will be over sooner.<br />Chapter 13 bankruptcy isn’t for everyone. If your income is too low or irregular, you may not be eligible. To file for Chapter 13 bankruptcy, you must have a steady income.<br />If your total debt burden is too high, you are also ineligible. Your secured debts cannot exceed $922,975 and your unsecured debts cannot be more than $307,675. A “secured debt” is one that gives a creditor the right to take a specific item of property (such as your house or car) if you don’t pay the debt. An “unsecured debt” doesn’t give the creditor this right. Common examples of unsecured debts are credit card and medical bills.<br /><br /><em>Bankruptcy Is it the right solution to your debt problems? Attorney Robin Leonard </em><br /><br /><strong>Types of Bankruptcies: Chapter 13 and Chapter 7</strong><br /><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. 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Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><strong>Credit Score: Coping With A Credit Crisis</strong><br /><br />A credit crisis, being unable to manage your debts, can come on slowly as the result of overspending for many years. The balances on your accounts grow and grow; pretty soon you’ve able to make only the minimum payments, and then not even that.<br /><br />Other times a credit crisis comes at you in a rush as a result of another financial setback, a job loss, a divorce, a major illness. Suddenly, you have more “outgo” than “income”, and you’re not sure where to turn.<br /><br />A friend I’ll call Charlie experienced a crisis that resulted from a combination of both forces. For years, he’d make a successful living as an animator, earning as much as a quarter million dollars a year. He and his family didn’t have to worry much about money, because so much was flowing their way.<br /><br />Like hundreds of others in his field, though, he was caught in the industry’s downturn at the beginning of the millennium. By the time he contacted me, he had been unemployed for more than a year.<br /><br />His primary concern was how he could get his home refinanced so that he could lower his interest rate and reduce his monthly expenses. Among the problems, though, was that he and his wife had pretty mediocre credit scores, and, of course, very little income, just what he could scrape together from occasional freelance gigs.<br /><br />The steps you need to take are fairly straightforward:<br />1. Figure out how to free up some cash: You might not need to tap every source of income you identify, but it’s good to know what’s available before you go any further.<br />2. Evaluate your options: If you find enough cash, you might be able to set up a repayment plan and put the crisis behind you. If you don’t, you have an array of tough but important choices you’ll need to consider.<br />3. Choose a path and take action: You might not like all the consequences you’ll have to face, but further delay will simply make matters worse. The quicker you pick a plan and get started, the sooner your credit can start to recover.<br /><br /><em> Your Credit Score Liz Pulliam Weston</em><br /><br /><strong>Credit Score: Coping With A Credit Crisis</strong><br /><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. 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Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><br /><strong>FICO Score: How Your Score Is Calculated</strong><br /><br />When most of us think of scores, we think of the relatively straightforward systems used in sports or in school tests. You get points (and possibly demerits) for certain actions, behavior, or answers, and those are totaled to determine your scores.<br /><br />Credit scoring isn’t nearly so easy. Credit scoring models uses “multivariate” formulas. That basically means that the value of any given bit of information in your report might demand on other bits of information.<br /><br />To understand how this works, let’s use a non credit example. Say that your sister calls you to report that her husband is more than an hour late in coming home from work, and she asks if you think he’s having an affair. To answer the question, you would need to review what you know about this man, including his attitude about his family, his general moral standards, and whether he’s had dalliances in the past. Using all these variables, you could try to predict whether your brother-in-law is likely to be stepping out, or might just have stopped off to buy his wife an anniversary present.<br /><br />Let’s supposed that your brother-in-law is a stand-up guy. But you’ve personally observed your neighbor in a clinch with a woman who was not his wife. If your neighbor was an hour late in coming home and his wife asked you your opinion of his likely faithfulness, you might reach quite a different conclusion. So the same behavior, coming home late, could evoke two very different predictions based on the information at your disposal.<br /><br />The number of factors that the FICO formulate evaluate is infinitely greater, so you can see how difficult it can be sometimes to predict the outcomes of certain behaviors.<br /><br />There’s one thing that’s always true, though: The FICO model is set up to place more value on current behavior. That means that the effect of your old credit troubles lessens over time if you start handling credit more responsibly.<br /><br />However, the score are also designed to react strongly to any signs that a once good risk might be turning bad. That’s why someone with a good score might suffer more heavily from a late payment.<br /><br />It’s generally a lot easier to lose points on your score than it is gain them back, which is why it’s so important to know how to improve and protect your score.<br /><br /><em>Your Credit Score Liz Pulliam Weston</em><br /><br /><strong>FICO Score: How Your Score Is Calculated</strong><br /><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. 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Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><br /><strong>FICO Score: What Is a Good Score?</strong><br /><br />One of the first questions many people have about credit scoring is what score lenders consider “good”. There is, however, no single answer to that question.<br /><br />Generally, of course, the higher the scores, the better. Each lender makes its own decision about where to draw the line, base on how much risk it wants to take and how much profit it thinks it can make with a given blend of customers. Many lenders don’t have a single cut off but may have many, with each segment qualifying for different rates and terms. Finally, as noted earlier, a credit score is usually only one factor in the lending decision. Although scores typically have a big influence, a lender might decide that other factors are more important.<br /><br />You can see from this national distribution chart of FICO credit scores that most of the U.S. population has a FICO score of 700 or higher. Many lenders use 700 or 720 as the cutoff for giving borrowers their best rates and terms. Many also use 620 as a cut off point. Companies that deal with borrowers below that level RE OFTEN CALLED “subprime” lenders, because their riskier borrowers are considered less than “prime”.<br /><br />FICO Credit Score Percent with Score<br />300-499 -------------------------- 1%<br />500-549 -------------------------- 5%<br />550-599 -------------------------- 7%<br />600-649 -------------------------- 11%<br />650-699 -------------------------- 16%<br />700-749 -------------------------- 20%<br />750-799 -------------------------- 29%<br /><br />The company that creates the FICO is now marketing an updated version called the NextGen. The NextGen has a wider possible score range: instead of 300 to 850, the lowest possible score is 150 and the highest is 950. Your actual score, though, predicts about the same amount of risk in both systems. So, a 750 is considered a low risk score under both the FICO and NextGen formulas.<br /><br /><em>Your Credit Score Liz Pulliam Weston</em><br /><br /><strong>FICO Score: What Is a Good Score?</strong><br /><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. 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Get <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Refinance Loans"> Refinance Loans </a>, <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Consolidation "> Secured Debt Consolidation </a> or <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Debt Settlement "> Debt Settlement </a> Advices.<br /><br /><strong>Credit Score: How Your Credit Score affects You</strong><br /><br />In recent years, a simple three digit number has become critical to your financial life.<br />This number, known as a credit score, is designed to predict the possibility that you won’t pay your bills. Credit scores are handy for lenders, but they can have enormous repercussions for your wallet, your future, and your peace of mind.<br /><br />If you credit score is high enough, you’ll qualify for a lender’s best rates and terms. Your mailbox will be stuffed with low rate offers from credit card issuers, and mortgage lenders will fight for your business. You’ll get great deals on auto financing if you need a car, home loans if you want to buy or improve a house, and small business loans if you decide to start a new venture. If your score is low or nonexistent, however, you’ll enter a no man’s land where mainstream credit is all but impossible to come by. If you find someone to lend you money, you’ll pay high rates and fat fees for the privilege. A bad or even mediocre credit score easily can cost you tens of thousands and even hundreds of thousands of dollars in your lifetime.<br /><br />You don’t even have to have tons of credit problems to pay a price. Sometimes all it takes is a single missed payment to knock more than 100 points off your credit score and put you in a lender’s high risk category.<br /><br />That would be scary enough if we were just talking about loans. But landlords and insurance companies also use credit scores to evaluate applicants. A good score can win you cheaper premiums and better apartments; a bad score can make insurance more expensive and a place to live hard to find.<br /><br />What credit experts know, is that ignorance about your credit score can cost you. Sometimes people with great scores get offered lousy loan deals but don’t realize they can qualify for better terms. More often, people with bad or mediocre credit get all the loans they want, but they don’t realize the high price they’re paying.<br /><br /><em>Your Credit Score Liz Pulliam Weston</em><br /><em></em><br /><strong>Credit Score: How Your Credit Score affects You</strong><br /><em></em><br /><a href="http://debt-solution-reduction-relief.blogspot.com" title=" Avoid Bankruptcy "> Avoid Bankruptcy </a> and <a href="http://debt-solution-reduction-relief.blogspot.com" title=" Free Your Debt "> Free Your Debt </a>. 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