Should I File For Bankruptcy?

Should I File For Chapter 13 Bankruptcy? Bankruptcy should be your last resort. Your should explore all of your options before doing a BK. You could consider debt settlement, debt consolidation, cccs or even a debt management program. Bankruptcy should be avoided especially for a small amount of debt. A bankruptcy will stay with you for up to 10 years as it is reflected on your credit report.

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What is Christian Debt Consolidation?

What is Christian Debt Consolidation? It is a non profit debt consolidation program run by Christians and Christian ideals. They are Christians so you can trust them. If you can't pay your bills they may be able to help.

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Should I pay off a judgment?

Should I pay off a judgment? If you have a judgment showing on your credit report your credit is probably getting hammered. You need to pay it off it you want to get your credit back in shape. I have seen credit scores jump 150 points or more just by taking one judgment off your credit bureau. For information on how to negotiate a judgment go to

DebtNegotiationZone.com.

Can I negotiate my medical bills

Can I negotiate my medical bills? If you are in collections on your medical bills you can negotiate them down. You can typically negotiate your medical bills for about 50% of what you owe. You can also hire a debt negotiation company to do this for you if you do not feel like playing the game. It wont cost you anymore money to use a debt settlement firm.

Can I negotiate my medical bills

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My debt negotiation company wants me to send them money every month

My debt negotiation company wants me to send them money every month. You may want to think twice about this. Why would you want to let a third party hold onto your money. The only way that I would let a debt settlement company hand my money is through a trust account. I would put the money in and I would control it. The only thing I would let them do is to see how much money is actually in the account. I would also want to approve all of the settlements. Who knows, the negotiator may have been lazy that day and could have done better. I would like that veto power. Who knows, they could go back in and get a better deal.

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Are there any options to bankruptcy? - bankruptcy questions

Are there any options to bankruptcy? If you are in over your head with debt and can't see the light at the end of the tunnel, you may want to consider filing a bankruptcy. Bankruptcy is a legal way to get a fresh start on life when things aren't going to well. There are consequences to filing a bankruptcy. A BK can stay on your credit report for up to ten years and you will probably pay more in interest for consumer purchases if you can even get credit at all.

What If I don't want to file for bankruptcy? Are there any other options to bankruptcy?

One of the few options to a BK is debt negotiation. I will tell you that you will need to put your time in. Debt negotiation is a process and you will need to be patient. Your creditors may not be willing to back off until they are paid. If you are willing to play the game you can save yourself a lot of money by doing a debt settlement program. Most consumers save anywhere from 40-60 cents on the dollar without any long term negative effects on their credit report.

How do I start a debt negotiation program?

Should I do credit counseling?

Should I do credit counseling? If you just want to lower your interest rates on your credit cards and you are in good financial condition, the answer is no. Joining a credit counseling program should only be if you are experiencing a financial crisis. You may be over the limit or have rolling late payments and are getting saddled with late fees and over the limit fees. Once you start this cycle, your creditors will raise your interest rates that are commensurate with the universal default rate that is in your credit contract. Once you start a cccs program the creditors will stop the over limit and late fees. You will also be given lower interest rates. The rates will depend on the creditor. They are all different. I like Bank of America in general. If you do join a credit counseling program, they lower their rates to 0%. Other credit card companies can be across the board when it comes to rates.

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Should I do debt negotiation?

Should I do debt negotiation? I would say it depends. If you have the ability to make payments you should keep doing so. After all you do have a contract with your creditor for repayment. Debt Settlement is not about trying to get out of paying your debts. It is for financial crisis only. Debt Negotiation would be a possibility if you are unable to meet your monthly obligations each month and are considering bankruptcy. Debt Settlement is an alternative to bankruptcy so you will need to look at all of your options and decide which is best for you.

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Why debt consolidation loans don't work

Why debt consolidation loans don't work. If you already have a lot of debt, getting a new loan may be difficult. Nobody wants to give you a loan if you are already in trouble. Often these debt consolidation loans will have you end up with a higher interest rate than you were already paying. Carrying a lot of debt will usually result in lowering your credit scores. Your credit score is a major factor in what type of interest rate you will get. You would be better off trying to see if you can get your credit card company to lower your rates than to go with a debt consolidation loan. You may also want to consider a debt management program as an option if you can't get anywhere with your credit card companies. Once you join a consumer credit counseling program, the creditors have to lower your interest rates.

The best bet is to just not get into debt. Once you are in debt there just aren't that many good options.

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Paying off old debts is no longer bad for your credit scores

It used to be that if you had an old debt that was unpaid and then paid it, it would drastically drop your credit score. According to Liz Pulliam Weston this glitch has been corrected. If you settle a debt make sure that the creditor will change the status on your credit report from unpaid collection to a paid collection. Leaving it as an unpaid collection can wreak havoc on your credit score. Believe it or not a paid collection is looked at as a positive mark for your credit score. You don't need to try to get a paid as agreed, most creditors wont want to give you that anyway.

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What types of debt collections practices are prohibited?

What types of debt collections practices are prohibited? A debt collector may not harass, abuse or oppress you or any third parties they contact. They may not use threats of harm or violence, obscene language, repeatedly use the phone to annoy or publish a list of consumers who refuse to pay. The only company that can publish a list of debts is a credit bureau like experian, transunion or equifax. A debt collector may not use any false or misleading statements when collecting a debt. a debt collector may not falsely imply that they are lawyers or work for the government. They may not falsely imply that you have committed a crime. They may not falsely represent that they operate or work for a credit bureau. They may not tell you that papers being sent to you are legal forms when they are not and vice versa. If you have any additional interest in what a debt collector can and can't do, you may want to read the Fair Debt Act.

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Can a debt collector talk to other people about my debt?

If you have an attorney, the debt collector can only contact the attorney and not you. If you do not have a lawyer, a bill collector can contact other people but only to find out where you are. The cannot tell you about the debt and their opinion about you and the debt. Most collectors are usually prohibited from contacting such third parties more than once. Usually the collector may not tell anyone other than you and your lawyer that you owe money. If you have any questions about collections, you should read the Fair Debt Collection Practices Act.

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What is the Fair Debt Act?

Credit Builders - Simple tips to raise your credit score

Credit Builders can be free and easy if you know what the rules for credit reports are. Don't cancel your credit cards even if you are not using them. Roughly 15% of your credit score is based on your credit history. If you cancel the cards, you are canceling the credit history with it as well. Pay your credit card balances off or pay them down to at least 30% of the available credit. The amount of your debt load will account for over 30% of your score. Paying off debt can have a big impact on your credit score.

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Instant Credit Builders - pay off your old bills

Instant credit builders are for real. When you pay off or pay down debt, your credit score will be impacted almost immediately. Doing debt negotiation and paying of a collection can raise your score 200 points or more in some cases. This could be the difference between buying a home or continuing to rent. The other thing that has an impact on your credit is what percent of your credit limit you have used on your credit cards. Once you go over 30% of your available credit on your credit cards, your score will be negatively affect. So if you have the money and want to raise your credit scores, just pay them down to 30% of what you owe.

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What is the statute of limitation on credit card debt?

What is the statute of limitation on credit card debt? The statute of limitation limits the amount of time that a creditor is allowed to collect from you. In most states it is a period of 7 years that a creditor has to collect repayment from you. If the collection account is off of your credit report and the statute of limitation has been full filled, you should be home free. I recommend that you seek legal advice in your state to find out what the rules are. I would also recommend speaking with a lawyer regarding debt settlement and collection law.

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I want to be debt free

I want to be debt free. If you want to be debt free, you will need some discipline. Stop spending money, have more coming in than going out. Sounds simple right? Do you feel a sense of entitlement that you should have nice things? If you do, you may be in trouble. Bad habits are bad habits, the sooner you can recognize this, the sooner you can gain healthy spending habits. Having a lot of stuff wont make you happy. In fact spending too much money can actually make you miserable. Once you are in debt, the mechanism of worry and fear will probably kick in. Now your life will be about working to pay for all your new stuff. If you are lucky, mommy and daddy can bail you out. If so you will probably end up in the same place again, in debt and broke.

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What is CCC?

What is CCC? CCC stands for consumer credit counseling. Another way you may see it abbreviated is CCCS which simply means Consumer Credit Counseling Services. The majority of consumer credit counseling programs are run by non profit companies. Just because it is a non profit company, doesn't mean that they don't charge you a fee. If you are considering joining a non profit company, you may want to check a few just to see what the difference in fees is between companies. There are some consumer credit counseling firms that are for profit. Just be aware that some creditor do not work with for profit ccc, cccs or debt management companies.

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What is debt negotiation?

What is debt negotiation? Debt negotiation is a way for you to negotiate with your creditors and pay pennies on the dollar to settle your debt. Many people look to debt negotiation as a way to avoid filing a bankruptcy. If you are looking at doing a bk, you may want to give debt negotiation a look as an option to get out of debt. Debt negotiation will not have a negative effect on your credit as it is not reportable to the credit bureaus. Doing a bankruptcy can have a negative effect on your credit report for up to 10 years.

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I need some help with my debt

What is debt consoladation?

What is debt consoladation? Debt consolidation will give you one payment instead of many. If you are getting behind on your bills and are experiencing late payments and over the limit fees, debt consolidation may be for you. It is a way to lower payments and possibly even an option to filing bankruptcy. Once you miss a few payments, your creditors are going to jack up your rates and then you are screwed. Debt consoladation is a way to break the cycle of debt. Once you enroll in a program, your interest rates and payments will be lower. Often the debt consolidation company will work out a plan for you to be out of debt in less than 5 years.

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How do I get out of debt?

How do I get out of debt? That is a question millions of Americans are asking themselves. Getting in debt is a process, so you guessed it, getting out of debt is a process. You need to really be straight with yourself about the habits that got you in the situation that you are in. Usually it will be pain that will motivate you to get yourself out of debt and that is ok. What it will take is creating a new habit. The first rule to get out of debt, don't spend more than you make. Second rule to get out of debt is to live by your needs and not your wants. You wont die without not having a new 52 inch tv set. You can just suffer with that old 32 inch flat tube set. You wont die without a cell phone or cable tv either. Ya, getting out of debt will cause you to confront places in your life that you haven't looked in a while. What would you rather have peace of mind or worry. For me the choice is simple, I'll take peace of mind any day. Living in fear of your creditors is not living. Do what you need to do and get started.

How do you eat an elephant? One bite at a time.


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