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      September 24, 2017

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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

 

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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.

The Latest: Antigua pleads for debt relief after Irma

UNITED NATIONS (AP) - The latest on the U.N. General Assembly meeting (all times local): 7:40 p.m. Antigua and Barbuda's prime minister is pleading for debt relief to help rebuild from Hurricane Irma, which decimated the tiny island of Barbuda and forced ...

Published:  Thu, 21 Sep 2017 15:51:00 GMT



Damaged by Hurricanes and "Vulture" Capitalism, Caribbean Islands Plead for Debt Relief

Last week, just days after Hurricane Irma thrashed through the Caribbean with record-high winds, the Catholic bishop of the island nation of Dominica sent a letter to the managing director of the International Monetary Fund (IMF). Bishop Gabriel Malzaire ...

Published:  Wed, 20 Sep 2017 01:00:00 GMT



Three Must-Have Debt Relief Tips

GREENSBORO, N.C. -- It's so easy and fun spending money, but boy is it hard to get out of debt! It takes a lot of hard work! Money expert, Ja'Net Adams wrote the book, Debt Sucks: Everyone's Guide To Winning With Money So They Can Live Their Dreams.

Published:  Wed, 20 Sep 2017 07:16:00 GMT



Thousands of private student loan borrowers will get debt relief

NEW YORK (CNNMoney) - The nightmare is almost over for thousands of people who faced illegal student debt collections lawsuits. The Consumer Financial Protection Bureau took action Monday against National Collegiate Student Loan Trusts, which owns more ...

Published:  Tue, 19 Sep 2017 07:27:00 GMT



Greece's Papadimitriou on Bailout, Debt Relief, NPLs - Presented by: The Aol. On Network

Sep.21 -- Greek Minister of Economy and Development Dimitri Papadimitriou discusses the Greek bailout, the timeline for debt relief, non-performing loans and his outlook for the economy. He speaks on "Bloomberg Daybreak: Europe."

Published:  Thu, 21 Sep 2017 00:36:00 GMT



Letters from Cardinal Daniel DiNardo, USCCB president, on debt relief

amenable to this reasonable request. At this hour of need, we pray that God may inspire generosity in people around the world, that those affected may be aided in their efforts to rebuild their lives. We also pray that our bonds of solidarity as one Church ...

Published:  Fri, 22 Sep 2017 13:29:00 GMT



Debt Relief & Consumer Lawyers

Do you have debt problems and are wondering if you should get an attorney to help Below you'll find articles on whether you should hire a debt relief lawyer to help with wage garnishment, car repossession, student loan issues, debt collection lawsuits ...

Published:  Tue, 19 Sep 2017 17:56:00 GMT



To Get Debt Relief Fast - Consult A Competent Bankruptcy Lawyer

With a conveniently located office in Largo, the Law Office of Rowena N Nelson has helped scores of people in and around Maryland and Washington D.C. areas with a variety of legal issues. According to a Rowena N Nelson review, "This well-known attorney ...

Published:  Tue, 19 Sep 2017 22:29:00 GMT



H.R.2362 - Medical Debt Relief Act of 2015114th Congress (2015-2016)

Links from terms open lists of other bills and resolutions to which the term has been assigned. Find Bills by Legislative Subject and Policy Area provides research guidance. View all Legislative Subject Terms for this Congress.

Published:  Tue, 19 Sep 2017 05:54:00 GMT



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