Consumer Debt Relief Programs
There are some people who are very responsible with their finances and do better planning than others.
Unfortunately, no matter how well we plan, there are unexpected expenses that sometimes come up.
For example; hospital bills, natural disasters, lost of a job, God forbid a death in the family, the list is endless.
What should you do if you are one of the unfortunate one that finds yourself in this predicament? The credit card companies don't want you to declare bankruptcy, and it is in most cases in your best interest no to declare bankruptcy either.
So what options do you have? File for bankruptcy, consolidate your debts or Settle your debt.
Filling for bankruptcy: In order to file for bankruptcy in my state you need to be delinquent on your payments for 90 days.
There are several types of bankruptcy chapter 7 and chapter 13.
It is not everyone who qualifies for chapter 7.
They will calculate what the house hold income is yearly, than they will add up all of your access, that even includes, clothe.
If you qualify for chapter 7 which is the chapter that is suppose to wipe out your debts, not including any secure debt; secure debts are debts which have physical collateral attach to it, car, house, furniture, and anything that can be taken back.
I personally do not recommend this option, it will follow you for 7-10 years.
Consolidating your debt is nothing more than putting every account that you have open into one account, usually, at a lower rate.
Your bank is good source for consolidating your debt as long as they don't require you to put down the house as collateral.
If that's the case keep looking until someone who is able to do it without any collateral.
Otherwise, you default on your payments they can kick you out of the house.
Be very careful when consolidating your debt.
Do not put any collateral against it, if you think you might default on your payments than you are better off just filling chapter 7 and save whatever you have now, most importantly your house.
If you do not qualify for chapter 7 in my opinion I would not file for chapter 13.
The reason being is that in chapter 13 you still pay your debt.
It would make more sense to me to settle my debt instead of filling chapter 13 Bankruptcy.
Settling your debt is basically finding a debt settling company that will work on your behalf to cut the original amount to half of what you owed or better.
It is in the company's best interest to get that original amount to as less as possible for they work on commission.
When looking for a company for settling your debt make sure it is 100 percent FTC complaint and I would also make sure they are a member of the TASC the largest and oldest association of debt settlements companies.
Remember do some homework when you choose a debt settling company.
It really does pay to get all the information that you can.
Unfortunately, no matter how well we plan, there are unexpected expenses that sometimes come up.
For example; hospital bills, natural disasters, lost of a job, God forbid a death in the family, the list is endless.
What should you do if you are one of the unfortunate one that finds yourself in this predicament? The credit card companies don't want you to declare bankruptcy, and it is in most cases in your best interest no to declare bankruptcy either.
So what options do you have? File for bankruptcy, consolidate your debts or Settle your debt.
Filling for bankruptcy: In order to file for bankruptcy in my state you need to be delinquent on your payments for 90 days.
There are several types of bankruptcy chapter 7 and chapter 13.
It is not everyone who qualifies for chapter 7.
They will calculate what the house hold income is yearly, than they will add up all of your access, that even includes, clothe.
If you qualify for chapter 7 which is the chapter that is suppose to wipe out your debts, not including any secure debt; secure debts are debts which have physical collateral attach to it, car, house, furniture, and anything that can be taken back.
I personally do not recommend this option, it will follow you for 7-10 years.
Consolidating your debt is nothing more than putting every account that you have open into one account, usually, at a lower rate.
Your bank is good source for consolidating your debt as long as they don't require you to put down the house as collateral.
If that's the case keep looking until someone who is able to do it without any collateral.
Otherwise, you default on your payments they can kick you out of the house.
Be very careful when consolidating your debt.
Do not put any collateral against it, if you think you might default on your payments than you are better off just filling chapter 7 and save whatever you have now, most importantly your house.
If you do not qualify for chapter 7 in my opinion I would not file for chapter 13.
The reason being is that in chapter 13 you still pay your debt.
It would make more sense to me to settle my debt instead of filling chapter 13 Bankruptcy.
Settling your debt is basically finding a debt settling company that will work on your behalf to cut the original amount to half of what you owed or better.
It is in the company's best interest to get that original amount to as less as possible for they work on commission.
When looking for a company for settling your debt make sure it is 100 percent FTC complaint and I would also make sure they are a member of the TASC the largest and oldest association of debt settlements companies.
Remember do some homework when you choose a debt settling company.
It really does pay to get all the information that you can.
Source...