How can you avoid filing for Bankruptcy? 1. Live below your means and save money for a rainy day. 2. Stay healthy and make sure all your family does the same. 3. Don't barrow money you can't pay back within three months. 4. Drive a paid-off dependable used car. 5. Don't get a divorce. 6. Any other uncontrollable and unrealistic goal of your choice. However, life is what happens while your busy making plans. If life happens and you find yourself in the
A bankruptcy can be a very powerful tool in dealing with your creditors: - A foreclosure sale may be stopped temporarily or permanently. - A mortgage may be modified, in its duration, in its interest rate and/or its principal balance. If you are behind on your mortgage payment bankruptcy may help you modify the terms of your loan or give you up to five years to catch up on your mortgage arrerage. - A second mortgage may even be eliminated all together or reduced to its secure
Rebuilding Your Credit after Bankruptcy
Obviously, the idea is to file once and get it right so that you never have to file again. Here are some tips on reestablishing your credit rating so that you can make bankruptcy filing truly a financial turning point and a fresh start: Apply for gas credit cards and store cards at businesses where you would normally just pay cash. Pay charges back in full each month or at least pay in a timely manner. Do not carry large balances on th
In an unpresedented move, President Obama signed an Executive Order forgiving all credit card debt, medical bills and deficiencies owed to all who can establish that they are insolvent. The test for insolvency will vary from State to State but could help thousands of people get a head start on life by allowing them to get their finances in order. The Republican lead Congress quickly voiced their opposition to what they claim can only be accomplished by an Act of Congress.
How can you stop harassing telephone calls from your creditors? When a debt collector is attempting to collect a debt, one inexpensive way to do so is to call you repeatedly at home and/or work at what is always a bad time. If you want them to stop, under the Fair Debt Collection Act, you can send the creditor a certified letter asking them to stop contacting you. However, this won't stop them from suing you. Once the creditor obtains a Judgment, things go from bad (harass