Articles Posted in Debt Relief

When your bankruptcy is completed, and all of your qualifying debt is eliminated, you may start to think of how to obtain good credit again. While you were going through the bankruptcy process you had to attend credit counseling. The purpose was to teach you how to make and stick to a reasonable budget. Once…

Loss of income is one of the main reasons given when consumers file bankruptcy. Job-related financial stress and layoffs being the reasons cited most. Being unemployed and underemployed with no reliable source of income makes it next to impossible to pay your debt. Filing bankruptcy can give you financial relief by eliminating all of your…

When you get hopelessly behind in your debt and don’t see a way to pay everything you owe, bankruptcy can give you financial relief. You can get a fresh start on a debt-free future in as little as three to six months by filing a Chapter 7 bankruptcy. Automatic Stay When you file bankruptcy, you…

When you miss payments, your creditors may call you frequently in an attempt to get you to make a payment. The stress from the constant calls can be overwhelming. When you file bankruptcy, a process called the “Automatic Stay” stops your creditors from contacting you in any way regarding your debt. “The automatic stay is…

For the purpose of figuring out what type of bankruptcy will suit you best, you need to know how most of your debt is classified. Typically, consumer debt falls into two categories, secured and unsecured. Unsecured debt is obtained by a favorable credit score and a promise to pay, such as credit cards, medical debt,…

When people are in a financial crisis, they often turn to debt settlement and debt negotiation firms for help. While some of these firms legitimately help people resolve their debt, there are many that are out to make a fast dollar off an unsuspecting consumer. Consumers have spent large amounts of money only to find…

Filing bankruptcy can be an emotional decision. No one likes to admit that they lost control of their finances. Often to no fault of our own, we have lost the ability to keep up with our payments. Reasons can be: Fortunately for debtors with no options of catching up on all their debt, bankruptcy is…

If you have fallen behind on your payments and are struggling to pay your bills, you may have tried other alternatives to get back on track. If you tried speaking to bill collectors and making arrangements only to fall back behind again because either they were inflexible or you are overwhelmed in debt in other…

Getting behind in your payments can be a result of several things, job loss, medical bills, unexpected expenses to name a few. If you owe more money then you have assets, you are considered “upside down” in your debt. Even by selling everything you own, you still would not have enough money to pay back…

Due to an increase in consumer debt, the number of debt settlement agencies is on the rise. Debt settlement is a legal way to pay off your creditors at possibly a reduced rate. Many debt settlement firms are legitimate and helpful, but not all are created equal. There are many illegitimate agencies out there looking…