How to Tell When it?s Time to Declare Bankruptcy
With passage of the Bankruptcy Abuse Prevention and Consumer Protection Act virtually assured, many experts believe financially-strapped consumers will rush to their local bankruptcy court to file before the bill becomes law. This raises the question: Is bankruptcy right for you if you're struggling to make ends meet each month?The answer, according to consumer advocate Paula Langguth Ryan, isn't always clear cut. In fact, depending on how old your debts are, your payment history and your personal situation, bankruptcy may actually hurt you more than doing nothing."If you haven't paid anything on your outstanding debts in four or five years, and there's no chance you're going to be able to pay anything on them in the next few years," says Ryan, "you'll have a clean slate in two to three years when those debts fall off your credit report." Compare that to having a bankruptcy listed on your credit report for another 10 years and bankruptcy doesn't look like your best option, unless you need to get a car or move before the old debts hit the seven year mark and are removed from your credit reports.Ryan, who wrote the best-selling Bounce Back From Bankruptcy after having gone bankrupt herself at an early age, believes many people wait too long to declare bankruptcy until they've literally given away everything to creditors. At her debt-busting workshops, she shares horror stories, such as the one about a man who was arrested after robbing seven banks. His family had a fire in their apartment and had relocated to a hotel for seven months.
With most of their income going to pay creditors, he robbed a bank every month, demanding only enough to pay his monthly hotel bill.Another family of five, says Ryan, was paying their creditors so much money each month they only had $50 left for food. "After one child died from malnourishment. Social Services put the other two children in foster care and threw the parents in jail for child neglect."Ryan offers these warning signs that it may be time to declare bankruptcy:? You've cut back on every essential and paying your creditors causes you to fall behind on your essential payments, such as your mortgage/rent, car payment, insurance or utilities.? You are losing sleep, constantly arguing with your spouse, considering divorce or contemplating suicide because of financial pressures.? You are considering doing something illegal, or thinking of pursuing shady credit repair strategies, in order to relieve the pressure of dealing with your creditors.? You are jeopardizing your family's health, nourishment or home in order to pay creditors.Anyone who identifies with one of these warning signs, says Ryan, should schedule a free consultation with a bankruptcy attorney and explore their options. "It's called the Bankruptcy Protection Act for a reason: to give people a fresh start, to help you get a clean slate," reminds Ryan.If bankruptcy is your best option, Ryan warns against immediately jumping at new credit offers, as so many people do. Your best strategy? Avoid getting any new credit for one year, says Ryan, who offers bankrupt consumers a free tip sheet on the Do's and Don'ts of Bouncing Back from Bankruptcy at her website, www.newcreditafterbankruptcy.com"It takes more than becoming debt free to break the debt cycle.
You have to change the attitudes and habits that got you into debt in the first place," says Ryan. "Consumers who do that have a much better chance of having a secure financial future.".
All About: Debt Management Services
Are your loads of debts bothering you? Do your creditors keep calling to remind you of your liabilities? Are you afraid you might not be eligible to borrow again just to make ends meet? If the answer to these questions is yes, then you might want to seek advice from a debt management services company. They offer solutions through debt management that will eventually free you of debts.
Debt management is a term that refers to a ?third party' between the debtor and their creditors. A debt management specialist will work with you to come up with a viable plan to repay your debts and lower your monthly payments. This is done by consolidating all of your bills into one.
The debt management service collects a monthly payment from you and disperses this payment to all of your creditors. At the same time, they work with your creditors in order to reduce any finance charges or late charges that might be excessive. The debt management service gets a commission by taking a...
All About: Debt Management Services
Bankruptcy > All About: Debt Management Services
Florida?s Middle Class Being Forced Into Bankruptcy
In the past, being Middle Class meant a comfortable secure life. Now many in the middle class are finding themselves swamped in debt and facing financial problems.
Many of these middle class people are finding that bankruptcy is sometimes the only option. Florida's middle class used to live a secure and comfortable life.
Florida had no income taxes, housing costs were low and the quality of life was great.
In the past ten years things have changed for Florida's middle class and they are struggling to make end's meet.
What is most shocking is that Florida's middle class makes between $40,000 to $120,000 dollars per year.
While some people in America would say that Florida's middle class is well off?.they are still being forced to file bankruptcy in record numbers.What is forcing Florida's seemingly well off middle class people into bankruptcy?
These financial pressures can be attributed to three factors:
1) The Middle class...
Bankruptcy > Florida?s Middle Class Being Forced Into Bankruptcy
Help to get out of debt
Debt Help is the stepping stone to debt elimination and financial recovery. Debt help analysis guides you to save thousands of dollars in interest charges. Consolidation of your credit card debts and other unsecured bills will allow you to get out of debt as quickly as possible, save money on interest and late fees, stop creditor harassment, save your good credit rating or begin immediately to repair bad credit or negatives on your credit report. In a recent survey it was reported that almost 58% clients vouched for Debt Management Plan as the best way to settle their debts. Another 42% client had filed bankruptcy since dropping off a Debt Management Plan or DMP.
Debt Management plans can reduce your monthly payments, interest charges, penalties and some times even the repayment period so that you don't need to scream "Get me out of debt" anymore... Even if bankruptcy seems like your only solution, it may not be the right debt help solution and may cost you for many years to come....
Help to get out of debt
Bankruptcy > Help to get out of debt
Types of Bankruptcy Filings
Jumbo mortgage This is considered a nonconforming loan because it exceeds the loan limit set by Fannie Mae and Freddie Mac. The 2003 single-family loan limit is $322,700. The maximum loan amount is 50 percent higher in Alaska, Hawaii and the U.S. Virgin Islands. Balloon mortgage With these, borrowers get lower rates and payments for a specific period of time, which usually is anywhere from three years to 10 years.
At that point, a borrower has to pay off the principal balance in a lump sum. Assumable mortgage Assumable mortgages are relatively rare. A homeowner with an assumable loan can "hand off" the loan to a buyer instead of paying it off using proceeds from the home sale. If rates are low and you can get one, by all means do so. If rates rise, buyers will want to assume your loan (and will be willing to pay more for your house!) because it'll be much cheaper than any loan they could get from a bank or other source.
Subprime mortgages These loans have higher rates and...
Types of Bankruptcy Filings
Bankruptcy > Types of Bankruptcy Filings
Life Insurance Benefits
Life Insurance is a legal contract between you and a life insurance company with the purpose of providing an income to spouse, children or other beneficiaries in the event of your death. There are two different categories of Life Insurance. Term Insurance is designed to provide death benefits for a specific time period. It is set up to pay a death benefit if a person should die in this specific time period. The most common term for life insurance is 20 years.
Term Insurance has many benefits:...
term life insurance Bankruptcy How to Tell When it?s Time to Declare Bankruptcy Life Insurance Benefits
Bankruptcy > Life Insurance Benefits
Liquid Diets
A typical meal replacement plan or liquid diet involves substituting a number of meals and snacks with a nutritionally balanced shake made from sugar, skimmed milk powder, fiber, vitamins, minerals and sweetener. Some plans offer candy-like bars as an alternative.
WHAT YOU EAT AND DRINK:
Typically, you replace two meals and one snack per day with one shake. Each shake contains about 200 calories. Your third meal is a nutrient-rich meal of about 600...
Bankruptcy > Liquid Diets
Electric Bikes Direct and The Cycle Station (Lancing) synergise.
(ContentDesk) July 28, 2005 -- In order for Electric Bikes Direct to broaden its existing range of products and service, they have joined forces with The Cycle Station of Lancing, Sussex.Background:Electric Bikes Direct are renowned for being leaders in the field of supplying lightweight electric folding bikes and Dahon folding bikes.The Cycle Station has established a long standing reputation for sales and service in the Electric Bike field, borne out by their 'word of mouth' clientel.Sales with...
Electric Bikes Direct and The Cycle Station (Lancing) synergise. electric generator
Bankruptcy > Electric Bikes Direct and The Cycle Station (Lancing) synergise.
Eyeglasses and Contact Lenses - More Style, Same Utility
At one time, promotions on television advertised a new,sexier you if you elected to lose the glasses and pop in apair of contact lenses. This image has always beendemonstrated in Superman comics, television programs andmovies. He's a bit of a geek or too normal a guy, but when theglasses come off - he's Superman. Fortunately, the image-makers and shakers that relegated eyeglasses to theawkward, the nerd gear of decades past has begun to embraceglasses for the fashionable, functional necessity...
Bankruptcy
Bankruptcy > Eyeglasses and Contact Lenses - More Style, Same Utility
Free, Prescription Drug Discount Card Offered by Metropolitan Business Council
New York, NY (ContentDesk) February 21, 2006 -- Metropolitan Business Council, a personal financial consulting firm, is announcing its entry into the small business/association Member benefits arena with the offering of a free, prescription discount card. The card will save Members hundreds or even thousands of dollars every year on the high cost of their prescription drugs. Unlike some prescription drug cards, this one is simple, easy to use and is not insurance.Members merely present their card...
health insurance Free, Prescription Drug Discount Card Offered by Metropolitan Business Council
Bankruptcy > Free, Prescription Drug Discount Card Offered by Metropolitan Business Council
Bankruptcy
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