TopConsumerReviews.com
      November 22, 2017

Home  >  Debt Relief  >  Articles

Your Information Is Secure
60+ Ways to Save Money Newsletter

Latest Reviews

Baby Cribs

Credit Card Consolidation

Graduation Invitations

Gutter Guards

Hair Care Products

Installment Loans

Makeup

Reverse Mortgages

Tickets

Web Hosting

 

Related Articles

Benefits of Debt Settlement

Debt Consolidation vs Debt Settlement

Debt Relief vs Bankruptcy

Pitfalls of Declaring Bankruptcy

Reasons for Debt Consolidation

The Bankruptcy Process Explained

What Is Debt Consolidation?

What Is Debt Negotiation?

What Is Debt Settlement?

What To Do if You're In Debt

 

Top Consumer Reviews Articles

TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

The Bankruptcy Process Explained

All it takes is one lost job, one serious medical condition or one unforeseen tragedy to plunge someone into the depths of debt.

Figures provided by the United States Census Bureau indicate that over 1.5 million Americans file for bankruptcy each year. Of those who file, over 60 percent of them have found themselves in dire financial straits due to medical bills.

Consumers have a variety of options available to them when they reach a point where their debt is weighing them down.

Debt negotiation, debt consolidation and debt settlement are a few of the solutions consumers may be exposed to if they listen to the many ads on the television and radio for debt solutions. Debt solution companies are a dime a dozen in this country. A simple search of the internet will turn up more choices than a consumer can reasonably sort through.

And not all debt solution companies are created equal. Most for-profit agencies make promises they have no intention of keeping, which ends up costing a consumer even more money than they already owe. There are a few non-profit agencies which are able to help and do not charge consumers for their services. So if you are one of the 69 percent of Americans who are swimming in debt, a non-profit credit counseling agency would be a good place to start.

For some consumers, their amassed debt may be so great that they need to resort to what should always be the final solution for ridding oneself of debt – bankruptcy.

There are two classifications of bankruptcy in the United States: Chapter 13 and Chapter 7.

Chapter 13 bankruptcy, also known as “reorganization bankruptcy,” allows a consumer to pay creditors either all of their debts, or a portion of what they owe. Consumers usually have a three to five year window by which to complete the repayment process. In Chapter 13 bankruptcy, the debtor gets to keep their assets because they have agreed to work out a repayment schedule for creditors.

In order to qualify for Chapter 13 bankruptcy, an individual must be able to prove that they earn enough money to be able to repay their creditors during the length of the repayment process. Those who cannot prove they have enough income to do so will not be permitted to file for Chapter 13 bankruptcy.

The other kind of bankruptcy is known as Chapter 7, which involves full liquidation of a consumer’s assets in order to repay their debts. All or some of a person’s property may be sold in order to settle their debts. Some property, such as clothing, vehicles and furniture, is considered exempt and cannot be liquidated during Chapter 7 bankruptcy.

Prior to being able to file for either Chapter 13 or Chapter 7 bankruptcy, consumers must first complete credit counseling through a legitimate consumer credit counseling agency. Credit counseling agencies may be able to assist the consumer in repaying their debt without actually filing for bankruptcy. Only if the credit counselor determines that all other options have been exhausted will bankruptcy proceedings be permitted. As part of the counseling process, consumers will learn how to better manage their finances so they are not repeat filers for bankruptcy.

It is also important to note that those who successfully file for bankruptcy can expect it to have a negative effect on their credit report for seven to 10 years. It will lower your credit score, making it harder to secure new lines of credit. Debt consolidation and debt settlement are two options which consumers should consider before declaring bankruptcy. Finding a quality debt relief service that can tailor a financial plan to a customer’s needs should be pursued first.

Freedom Debt Relief Offers 5 Tips to Help Consumers Avoid Becoming Victims of Identity Theft

SAN MATEO, Calif., Nov. 21, 2017 /PRNewswire/ -- As travel and online shopping ramp up during the holiday season, the risk of identity theft grows as well - and these common crimes can result in increased cost of debt for people who do not catch the ...

Published:  Tue, 21 Nov 2017 03:00:00 GMT



Saving Somalia Through Debt Relief

Somalia needs humanitarian aid to stem its short-term suffering, but that cash will not break the country's deadly cycles of drought, hunger, and poverty. To do that, the IMF must forgive Somalia's crushing debt, just as it has for nearly every other ...

Published:  Thu, 16 Nov 2017 15:00:00 GMT



Browne calls for Paris Club debt relief

Yesterday, Prime Minister Gaston Browne seized an opportunity to call on the Paris Club group of lenders to grant his country some breathing space on its debts, as the nation looks to recover from the devastation wreaked by Hurricane Irma in September.

Published:  Mon, 20 Nov 2017 16:00:00 GMT



China makes no offer of debt relief for Venezuela

BEIJING - China isn't offering debt relief to Venezuela but says it's confident the country can deal with the matter. The statement Thursday from the foreign ministry came a day after Russia and Venezuela signed a deal in Moscow that envisages Venezuela ...

Published:  Thu, 16 Nov 2017 03:58:00 GMT



The Trump Administration Has Yet to Approve a Single Student Debt Relief Claim

For-profit college magnates Corinthian Colleges and ITT Technical Institute shuttered operations in recent years after facing state and federal investigations into fraudulent and predatory practices. After the school chains closed, tens of thousands of ...

Published:  Thu, 16 Nov 2017 01:28:00 GMT



Freedom Debt Relief Suggests 8 Steps To Aid Financial Recovery From Disasters

SAN MATEO, Calif., Nov. 17, 2017 /PRNewswire/ -- This year, more Americans than ever are dealing with the aftereffects of fires, floods, hurricanes, accidents and acts of violence. Plus, the season of snowstorms and blizzards is not far away. For people ...

Published:  Fri, 17 Nov 2017 03:00:00 GMT



Debt Consolidation Reviews: Top 10 Jungle Warns That Household Expenses Are Driving the Debt Boom

Top 10 Jungle produces debt consolidation, debt relief and personal loan comparison charts for consumers and small business nationwide. DALLAS, Nov. 11, 2017 /PRNewswire/ -- Top 10 Jungle, a leading provider of slick digital content and online product and ...

Published:  Sat, 11 Nov 2017 06:19:59 GMT



Tips to Save Money With the Groceries Shared by National Debt Relief

Saving money while doing the groceries for the family might be challenging but it is possible according to National Debt Relief. The article titled 'How To Save Money On Groceries Family Style" released November 13, 2017, aims to help consumers save money ...

Published:  Mon, 20 Nov 2017 00:09:00 GMT



Share Us!    Share TopConsumerReviews.com on Twitter Share TopConsumerReviews.com on LinkedIn Share TopConsumerReviews.com on Google+ Share TopConsumerReviews.com on Pinterest

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure