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February 2017 Archives

How an automatic stay benefits debtors

Many people who have found themselves drowning in debt have turned to bankruptcy. It is no secret that bankruptcy has many benefits, the most appealing is that you will have your debts cleared. Your debts being erased is a huge plus to filing bankruptcy, but one advantage to filing bankruptcy that people can appreciate long before they can be sure they no longer owe their creditors is an automatic stay.

What should be included in the letter to my creditor?

It is not unusual for creditors to be aggressive when trying to collect a debt. They will call repeatedly, send letters in the mail, occasionally drop an email in your inbox and whatever else they feel will get you to pay what you owe. Anyone would be annoyed by this, but when you can't make payments, you will want to find a way to end all communications.

Child Support and Bankruptcy

Many Americans are facing difficult times with mounting debt, and the anxiety of not being able to meet their monthly payments on mortgages, credit cards, and auto loans is extremely stressful. When you are responsible for paying child support, concerns regarding how you can still support your child also come into play. Freeing yourself from the stresses of the financial burden with creditor protection action can be a very real solution to financial debt without affecting your child support payments. As an increasing number of people are left unemployed, ill or injured and facing large bills with little resources, a growing number of Americans are learning that bankruptcy is a viable option.

Reducing credit card debt

A growing problem in America today is the trend toward assuming more credit and a reduction in household savings. Numerous factors contribute to why people find themselves carrying more credit card debt than they can manage. Typically, changes in financial resources are the principle culprit to unwieldy credit payments. Losing your job or suffering a personal injury and maintaining daily expenses can often mean that credit can be a ready resource to paying bills. Unfortunately, this practice of bridging the financial gap between jobs or during periods of illness is not a viable way to achieve financial relief.  

Develop a plan that guards against home foreclosure

The family home is the greatest asset that you will own when it comes to economic security and emotional commitment.  You strive to provide a safe and happy place to raise your children and build memories that will last a lifetime. Unfortunately, your financial situation can change overnight, and the significant monetary cost of servicing mortgage debt can be overwhelming. The realization that you may lose your home to foreclosure can be devastating. The process of mortgaged property repossession is a tool that your lender can use to seize your house to recoup the outstanding debt owed on the property if you are unable to maintain predetermined repayment.

Know your rights and options to stop creditor harassment

A growing industry in America today seems to be debt recovery and no wonder with the current economic climate and the ever growing trend towards cheap credit. While interest rates remain at record lows and access to credit increases, a significant number of American households find themselves in a tight financial position. A sudden change in employment, a prolonged injury or sickness might be enough to push many into a credit crisis that could threaten home foreclosure, loss of property and more.

Bankruptcy exemptions let you free yourself from debit

With the ready availability of credit at historically low rates, more and more people are assuming ever increasing amounts of debt. Unfortunately, carrying large debt loads can leave you vulnerable if there is a change in your current financial situation. A sudden loss of employment, an injury or illness can make it difficult to pay your creditors. While the stresses of juggling credit card bills, car and house payments on top of daily expenses can be alleviated with personal bankruptcy protection, knowing your rights and what is exempt from the proceedings is critical.

Dealing with debit collection and harassment tactics

Gone are our parent’s days of saving to purchase big ticket items. With the ready availability of large amounts of credit at historically low-interest rates, everyone can buy what they want, now. We use credit for houses, cars or everyday expenses that let us enjoy a better quality of life. However, access to cheap credit has its costs. While we obtain this debt with the intention of paying it back, our financial profile can quickly change with illness, injury, unemployment and other unexpected events. When unforeseen circumstances happen that adversely affect our ability to repay creditors, we must make stressful decisions.

Avoiding foreclosure: 4 essential tips

The thought of losing your home can be a scary proposition. After all, your home is the centerpiece of your family's life, the place you consider your sanctuary from the world. Unfortunately, there are times when life intervenes and making those mortgage payments becomes more and more difficult. Perhaps it was the loss of a job or a sudden illness that put you in this situation. Whatever the reason, know that there is hope.

Can collection agencies do whatever they want?

There was a time not that long ago when creditors had nearly free reign to collect debts. Today, thanks to the The Fair Debt Collection Practices Act (FDCPA), that is thankfully no longer true. The FDCPA places a range of restrictions on debt collections agencies. Those agencies are banking on the fact that you don't know the law or that you won't speak with someone who does.

Dispelling common bankruptcy myths

If you find yourself snowed under with debt, your heart probably sinks every time you hear the phone ring. You probably dread checking the mailbox every day and you live in fear of others finding out what trouble you're in. You might have considered bankruptcy, but you're concerned about how it would look or you're worried you'd have to give up everything.

Alternatives to foreclosure

The thought of losing the place you have called home for years can make anyone feel stressed and worried. Maybe the bills have gotten out of hand and debts have continued to grow, and as a result, made mortgage payments more and more difficult to make on time. When this happens, it is only a matter of time before foreclosure starts to become a reality and you may start looking for alternatives that will allow you to keep your home and avoid being left homeless.

What debts are considered required debts in Chapter 13?

When you have decided that bankruptcy is the best solution to your financial struggles, you may have let out a sigh of relief knowing that your issues with debt will soon be in the past. A lot of people assume that filing bankruptcy, specifically Chapter 13, will save them from all of their debts, but assuming this would be wrong. In fact, when you file for Chapter 13, there are a few debts that are considered required, meaning they must be repaid.

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