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Discover the Truth About These 3 Myths About Bankruptcy

March 9th, 2010

Stop the calls and collection efforts made by creditors by using the bankruptcy process created by Congress. The Congress of the United States established the bankruptcy system specifically to all a person who is financially in debt to get a fresh financial start. Good people, with good intentions often suffer life circumstances that cause them to be in debt with payments much greater than they can reasonably pay.

Experienced Bankruptcy Attorney Dan Scott reports that bankruptcy filings continue to rise. As the economy continues in its downward spiral, good people are often left with very few options but bankruptcy. In fact over 1,446,000 bankruptcy cases were filed in 2009. It seems that there are many myths about Bankruptcy. I want to dispel 3 Myths about Bankruptcy in this article.

Don’t Believe these 3 Myths about Bankruptcy.

Myth No. 1: Filing Bankruptcy Can be Pricey. Sure it costs money to file bankruptcy. It costs money to drive your car, but you wouldn’t consider not driving your car. Compared to the benefit of wiping out your debts, the court costs and attorneys fees will likely be minimal. There’s simply no realistic way to use the money you’ll pay for your bankruptcy to reduce your debts in any meaningful way….there simply isn’t enough money go go around. Don’t be deceived when creditors tell you, “Just pay the money to me

Myth 2: You may lose your property in a bankruptcy: If you weren’t paying all the other debts could you pay your house note and your car payment? For most folks the answer is YES. Because the answer is yes (if it is) under most circumstances you will not lose your property when you file a bankruptcy case. The Exemption Statutes passed by Congress allow you to keep a specific amount of property if you file your case. Because of the values of your property, in most instances you won’t lose your property in a bankruptcy case.

Myth 3: Not all your debt can be discharged. This is not exactly a “myth” but it is often over stated. Most of the debt individuals have WILL be discharged in a Chapter 7 Bankruptcy. (For the difference between a Chapter 7 and a Chapter 13 check out the video at http://www.danwillhelp.com.) Unsecured debts such as credit cards and signature loans are dischargeable. However, if you have student loans, back child support, certain taxes debt, claims arising from fraud or a DUI will not be discharged. Yourbankruptcy lawyer can give you more guidance on this.

Everyone knows someone, and usually many “someones” who are having financial challenges. With all the layoffs and cutbacks money problems are the norm, not the exception. Don’t avoid looking into bankruptcy just because of uncertainty. You may want to take a look at the video series published by experienced bankruptcy lawyer Dan Scott at http://www.danwillhelp.com.

If you are drowning in debt it’s time to get straight talk from an experienced bankruptcy attorney. Check out the video series which is absolutely free. Take back the power away from your creditors today!

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What To Know About Bankruptcy In Massachusetts

March 6th, 2010

Taking a look at bankruptcy in Massachusetts invariably becomes necessary whenever a person — regardless of the broader economic environment — has hit a point in his or her financial life where bankruptcy may be the only option. It just happens that times are tougher than usual lately, so knowing what bankruptcy’s about, either in the Bay State or elsewhere, could be important.

Keep in mind that the U. S. Congress made a number of changes (25 of them, to be exact) to the federal bankruptcy laws that govern bankruptcy throughout the nation. These changes were made in 2005, meaning that certain older practices may not now be valid. Additionally, each state has ensured that certain exemptions to the federal law have been placed on the books that also govern what most hope is a very last resort financial action taken by people.

Massachusetts exemptions revolve around the kinds of property that can be excluded from possible seizure and sale in the event of a bankruptcy, but there’s no simple hard-and-fast rule for determining just what can and cannot be included in a bankruptcy filing. As well, when to file (and the form of bankruptcy to file for) also depends on many different factors. Generally, these include doing so to stave off a home foreclosure or when a job is lost.

Whatever the reason for filing might be, it’s also smart to understand that there are two different kinds that can be filed for in Massachusetts and every other state; Chapter 7 (sometimes called “clean slate” or “liquidation” bankruptcy) and Chapter 13 (sometimes called “Wage Earner Bankruptcy”). The kind of bankruptcy option that should be selected depends on what’s trying to be done on the part of the filer in accordance with bankruptcy laws.

Generally speaking, the most common form of bankruptcy filed for is Chapter 7, and it’s most often thought of as a fresh start for the filer. There’s now a means testing process, a preliminary hearing and then an affirmative or negative judgment on whether or not Chapter 7 may proceed. If it’s allowed to, an asset sell-off will occur (except for exempted property) and a payment made to creditors. Chapter 13 is a filing and then a repayment to creditors on a set schedule.

Bankruptcy in Massachusetts filings begin with an official petition, a schedule and a statement of financial affairs, all of which are filed with the federal bankruptcy court. The Chapter 7 filing fee is $299 and the process can be quite intrusive in terms of personal and financial information that’ll need to be supplied. In most cases, it’s best to work with an experienced bankruptcy attorney when thinking of going this route.

Understanding the issue of bankruptcy in Massachusetts can be scary. It’s important that you have confidence in your decisions and a qualified bankruptcy attorney MA can help guide you down the right path.

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What Is An IVA?

March 5th, 2010

An Individual Voluntary Arrangement (IVA) is an alternative for people looking to avoid bankruptcy; it is an agreement with the creditors of an individual looking to continue to pay their debts but, due to a change in financial circumstances, can no longer make the originally agreed repayments.

The circumstances of the individual’s are considered in making the agreement and are flexible based on a mix of capital, income and other payments. For an IVA to go ahead, creditors will make a decision via a vote which must see over 75% agreement.

An IVA, although not mutually exclusive, can be used as an alternative to bankruptcy. A person can apply for an IVA which requires approval and a Court annulment of the bankruptcy order if they have filed for and been made bankrupt.

An IVA can have advantages and disadvantages depending on the situation of the individual debtor, professional advice is usually required to choose upon the best option. An IVA will not automatically limit the debtor from attaining credit but a proposal usually will.

Unlike with bankruptcy, an individual will not have to disclose the fact they have an IVA but some lenders will usually ask. An IVA will not be viewed as bad as bankruptcy by creditors as it shows a commitment to repayment however the existence of an IVA in the first place would suggest poor credit on behalf of the debtor and both will stay on the individual’s credit file for 6 years.

A creditor is restricted by the decision to approve an IVA proposal and cannot take any enforcement action to retrieve the debt. Unlike bankruptcy, an IVA proposal doesn’t usually include any property of a debtor but in some cases the creditor may recommend a re-mortgage or propose a degree of income based assistance because of the debtor’s equitable interest in the property.

Do you have a problems repaying your debt, then visit The Debt Advisor to see if you could qualify for anIndividual Voluntary Agreement.

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Debt Settlement In Michigan

February 27th, 2010

It is fairly commonregular for individuals to attempt to resolve their credit problems by working with debt negotiation companies rather than talking with a bankruptcy lawyer. However, it is important to keep in mind that you do not have the protection of the bankruptcy courts. Generally, it is better to have the protection of the bankruptcy courts during a chapter 7 bankruptcy.

What will the financial settlement service do for your debt issues in Michigan? First, these agencies will need you to create a specific list of your outgoing expenses. They will then attempt to work out a deal of a portion of the total you owe to the credit card companies. It is important to note that these debt negotiation programs take part of your money to make payments to your creditors.

People are trying to preserve their credit rating by doing anything to pay off their debt. The problem with these debt settlement services is that you are now sending them checks and they are sending them to the creditor. Often times they do not send out payments on a timely basis and their obligations are not binding so the creditor does not have to abide by the negotiation to accept payments for less.

Sparing your credit may be vital to you. But, you don’t need a debt resolution service to work out a agreement with your creditors. You can do this yourself. Instead, you can always file Chapter 13 and make payments to your creditors under the protection of court or Michigan Bankruptcy law. This is typically done at a lower rate than what debt negotiation companies can negotiate. In addition, the court makes sure you can afford to pay the agreement. If filing for a Chapter 13 the payments range from 3-5 years based on your income.

People often inquire if these services don’t work then why are they still available? They can work depending on your circumstances. However, you are giving up control of your finances and if you are worried about your credit, your credit report will still reflect that the account was settled for less than the total debt owed and therefore you are still tarnishing your credit.

Debt problems? Learn your options. We offer FREE in-office consultations with experienced bankruptcy legal professionals in Southfield. This valuable legal advice only costs you a little of your time. Learn your options from experienced Southfield bankruptcy legal professionals.

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Worthless Credit Scores

February 22nd, 2010

Credit scores and credit bureaus and FICO look like a three-headed monster living under your bed. Pull back the covers and see if you even care what your FICO score is this month.

So why are we (the average consumer) brainwashed into taking on debt and maintaining credit cards to keep our FICO scores high?

Simple. We have been taught to buy first, and worry about how to pay later.

A high FICO/credit score can only guide you down the path to crushing debt. Living beyond your means is the American Way. Here are 5 reasons to take a different approach and to tear up your credit report:

1. FICO Does Not Cover Your Expenses.

Credit is worthless if your bills are covered by your income each month. If your income falls short, you have bigger problems than a low FICO score.

2. No Control.

Trying to raise your credit score, as the countless credit repair books will teach you, is a thankless task. At any time, the credit bureaus can alter their algorithms and change their emphasis to change your score – all beyond your control.

Not all bills are created equal. The credit score might improve if you pay certain bills on time, such as a POTS line phone (Plain Old Telephone Service – it’s a real term), mortgage, gas, electric, and other utilities. But let your debt-to-credit ratio get too high on your credit cards and you can get slammed no matter how current your payments are.

3. Inaccurate and Incomplete.

Credit bureaus are not human, but boy can they make mistakes. And usually not in your favor.

What’s missing? Your income. Someone who just landed a big paying job gets no higher FICO score. Someone who pays cash (credit ghost) who has no debt is treated like a leper. Mistakes also happen. Credit bureaus are notorious for confusing similar names and keeping bad information on file even after notification by effected consumers.

4. Too Much Debt.

A high FICO paves the way to take on and use more debt. No one who pays their bills each month with a couple of dollars left over has any need for credit. A high credit score is meaningless for the wealthy and the modest.

If you have a high credit scores, banks will flood your mailbox with offers to give you more credit.

Lose your job, suffer an illness, or don’t pay on time, and you will wonder how the word easy was ever attached to credit.

5. No Legacy.

When your eulogy is read at your funeral, trust me, your FICO score will not be mentioned.

Wealth matters. Your credit score does not.

Eat well. Get a full night’s sleep. Make love to your wife.

Live happily within your means.

Don’t lose a moment of your life to worry about a mathematical score your cannot control.

Our site – Burn Down the Freaking Mission – offers additional information on destroying debt, recovering your privacy, and living debt free.

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About Astrive Student Loans

February 5th, 2010

If you are require supplemental money to help pay for college, Astrive student loans could be what you need in order to get the extra financing you require. Astrive student loans are actually private loans that were established to assist with the costs of your education that are not covered by the standard federally funded financial aid packages.

There are several ways that you can get Astrive student loans. First, you can apply by yourself. In order to do this, you must have an extremely good credit history that has matured for no less than 26 months. This is normally difficult for teens to meet, so the majority of people making use of Astrive student loans apply through a co-signer.

A co-signer is someone with a good credit rating who is willing to vouch for you and take responsibility for your student loan. A co-signer must meet a certain list of requirements in order to be eligible.

There are a few requirements that you will need to meet in order to be eligible for Astrive student loans. First, you must already know which college you want to attend. This is important, as Astrive must get in touch with the school and ask for information on the loan process for that specific college. On top of that, they will verify that you will be attending that college, and set up the process of fund transfers from Astrive to the college.

Moreover, Astrive student loans function in a very similar way to how federally funded loans work. For example, there is the same six month grace period associated with federal funding and a very similar process of application. However, unlike federal funding, Astrive student loans are not bound by exactly the same limitations that federal funds are.

Also, federal funding only permits a certain amount per student, while Astrive student loans are more flexible. If your credit rating and history, as well as that of your co-signer, support a higher limit, you can receive the limit that you require. This is extremely useful for those students who are enrolled in famous higher education centers, as these colleges are usually a lot more expensive.

However, just like many financial centers, but unlike federal funding, Astrive student loans applications can be refused for any reason they like. Those reasons may vary from economic downturns to the possibility that you may default on the loan. The higher the risk you represent, the more chance there is that your application will not be accepted.

If you are interested in Astrive student loans, please go to our website, which specializes in Student Loans Get a totally unique version of this article from our article submission service

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0 APR Credit Card Offers-How To Find The Best

January 31st, 2010

You should not be surprised when I tell you that money is extremely tight right now in this economy. Are you like the thousands of people across the nation who are in credit card debt? If you are then you might want to take a look at 0 APR Credit Card Offers. By the time you are done reading this article you will know exactly what they are and all the things they can be used for

1-Are you struggling to pay off the bills right now?

If you and your credit debt are starting to take a nose dive into the ground, then a 0 APR credit card offer may be your best way to go. When you switch over to this kind of card, you can also switch over your debt. This is cool because with a 0 APR card you won’t have to pay your debt at all, you will only be paying the money that you actually spent.

2-These cards are easier to use

When most people get a credit card, one of the most frustrating things out there is trying to do the math to figure out how much they actually need to pay. For example, if the credit card you got has 20% APR you not only have to pay the amount you spent but you have to pay the 20% interest which can add up if it takes a while to pay off. When a 0 APR card is used, you don’t have to pay the interest.

3-These cards are perfect for first time card holders

Do you have a student? Or maybe you have someone in your family who is getting a credit card for the first time. These cards are great for people like that. Not only will it teach them responsibility but it will do it without having to pay the horrible interest rate. If we are going to be honest, we know that most kids spend way more money with a credit card than they should the first month they use it because they don’t actually see the money leaving. If this is going to happen you might as well not pay any interest on it.

When looking at 0 APR Credit Card Offers you need to make sure you are getting the correct information. To learn about these cards just check out http://0AprCreditCardOffers.info

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FAFSA Financial Aid

January 29th, 2010

College is generally the next step for young adults. While they may look at the different colleges and universities, they can attend, there is another matter which needs to be thought of. This matter is that of paying for the entire college education. To help you out with the costs, there are various avenues you can try. One such avenue is that of getting FAFSA financial aid.

This aid is one that will help you out, but there are conditions to which you must be willing to adhere. As you look at these details you must make sure that you understand the conditions. These conditions are also applicable to your future repayments.

As this is a vital aspect of the FAFSA financial aid program, you will need to have all of this information to hand. Once you have this information including that of the repayment scheme, it is time to take some time to consider.

You should talk over the information you have discovered with friends. These people will be able to advise you about any items that you may have forgotten to think about. Since this is very important you should take notes on the important points that you will need to have explained.

After having obtained this information, you will be able to see what part of your future education is covered by the FAFSA financial aid scheme. To augment this aid you may have to work, but these decisions will come after you have signed and agreed to the financial aid.

There are various methods that you can apply for the financial aid you must have from FAFSA. One of the ways is to fill out their online FAFSA form. You could also look for a hard copy.

Read all of the terms and conditions, that are given on the form. Furthermore, you will need to have someone else (your parents or guardian, if you are under 18 years) read the form too. This is vital as the grant of the FAFSA financial aid scheme depends on the information that is provided by these people.

The FAFSA financial aid program is an excellent method to help with the costs of attending university. However, you will have to apply for this aid every year that you need it. By applying for your student aid in a timely manner you can be sure that you will have a good chance of receiving the financial assistance that can help you in the coming term.

There are many different ways that you can get financial aid to help you with college or university fees. The FAFSA financial aid is a federal government approved program. With the aid you will get from FAFSA you can start planning for your future.

If you are interested in FAFSA Student Financial Aid, please go to our website, which specializes in Student Loans You are welcome to reprint this article – but get your own unique content version here.

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0 APR Credit Cards-Can They Get You Out Of Debt?

January 22nd, 2010

You would not be surprised if I told you that we are in an economy that is desperate for money would you? If you find yourself struggling but are not doing everything possible to save some money, you need to start right away. One of the best ways to save money is by using 0 APR Credit Cards. There has been a lot of confusion lately about what this is and what it can do.

Once you are finished reading this report you will know what these are and how they can help you.

By far, the best thing about using a 0 APR credit card is the fact that for the first couple of months you will not have to worry about paying interest on your card. With most credit cards, you usually have to start off paying an interest of an average of 20%. But when you first use your 0 APR card you do not have to pay anything

If will greatly benefit the user of the card. If you have never used a credit card before or you have a student in your family who you are trying to teach responsibility to, then the 0 APR credit cards are perfect for you and for them. A lot of students or people who have never actually used a credit card before will spend way to much money the first time they use it because they can’t actually see the money leaving. This can cause the bill to add up and by the end of the month you will find you need to pay an amount you cannot afford.

Each time you do not pay the amount you need to pay the interest goes up making it even more impossible to pay it off. 0 APR Credit Cards make this super easy because you will know the amount you spent is the amount you will have to pay, you do not need to worry about the interest at all.

0 APR Credit Card Offers are great for those of you who are in debt or are have never used a credit card before. To learn more about these cards just check out http://0aprcreditcardoffers.info/

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Consolidating Student Loans

December 29th, 2009

There are several ways for students to find relief from debt – for example by the consolidation of student loans. If you are sinking in student loans, you should be aware that there are several options for the consolidation of student loans.

However, to get started you must work out your loan amount and types of loans you have. Next, you should get in touch with the lenders or college financial agents and request a loan drop. If you are in debt over your head, then this is a better solution than the consolidation of your student loans.

But, if that doesn’t work and you fail to seek the consolidation of your student loans, then you are at risk of lawsuits, tax refund losses and the possibly of wage garnishes. Again, whether or not you can ask for a cancellation of the student loans will be depend on the type of student loans you took out, when they were issued, and for how much they were issued.

While it is rare, some schools have issued student loans fraudulently. If this is true in your case, then you may demand a cancellation of the loan. Furthermore, if you have suffered from an accident or became ill and the injuries or sickness have disabled you for life, then you can also ask for a cancellation on the loan.

Military personnel and members of some particular organizations qualify for a cancellation of student loans too. If you are able to get the loan dropped, imagine the money you will have to restore your creditworthiness and cancel some of your other debts too.

And finally, if you have paid your monthly instalments in good faith until times got hard, you may qualify for a postponement of payments. This is named a deferment request.

The student loan lenders may present you with the “forbearance” option if you ask for a deferment. The “forbearance” means that the lenders will minimize your student loan repayments temporarily until you are back on top of your debt problem.

As a student, you have several methods of manage your debts if you are currently in over your head. Do not assume that there is no solution; instead, spend your time researching the consolidation of student loans options instead of just worrying about it.

If you are interested in the consolidation of student loans, please go to our website, which specializes in Student Loans Don’t reprint this exact article. Instead, reprint a free unique content version of this same article.

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