Debt Elimination or Settlement: What Are Your Options?
There are two types of bankruptcies that most consumers file. A chapter 7 or a chapter 13.
A chapter 7 is the wipe out that most people associate with filing a personal BK. The laws changed in 2005 and it is now more difficult to qualify.
A chapter 13 is a 3-5 year repayment plan where the courts will determine how much you can pay (based on a calculated discretionary income) YOU MAY HAVE TO PAY OFF ALL OF YOUR DEBT. Only save interest and late fees.
Debt Consolidation is a program where you make one monthly payment to a company and they disburse it to your creditors. They typically lower your interest rate and the program is for an average of 7 years. "" Approximately 75% of the people who enter these type of programs never complete them. The companies who set you up in these programs earn most of their fees from the CREDIT CARD COMPANIES.
Your third option is Debt Settlement. Most companies are charging you a total cost of over 65% with no legal fees included. Click on the link and go to FAQ (Frequently Asked Questions) to fully understand why they are charging outrageous fees with no legal representation. There is one program out there, which is directly with an attorney with a total cost of 55% which also includes legal fees and court appearances as required.
Bankruptcy obviously has the worst effect on your credit. It will appear on your credit report for 8 to 10 years. Debt Consolidation is also a black mark on your credit due to the fact you could not fulfill your original contractual agreement. With Debt Settlement your credit score will decrease significantly in the short term (As you will pay the Attorney instead of your creditors). Once your accounts are settled or eliminated your scores will increase. Restoring or cleaning your credit is fairly simple once your accounts are closed. Most companies do not offer this service with the settlement. WHY NOT ?
John Ames is founder and president of legally settle debt. He has an MBA in Finance and over 30 years experience in Finance, Financial Planning, Debt Settlement and Credit Repair. Legal Debt Settlement
categories: Debt Settlement,Debt Consolidation,Bankruptcy
Tags: Debt Settlement categories, types of bankruptcies, bankruptcy, short term, interest rate, contractual agreementFiled under Bad Credit by 
Comments on Debt Elimination or Settlement: What Are Your Options?
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A debt consolidation loan has many advantages. It can reduce high interest rates and simplify monthly payments by reducing them to one. However, individuals must do their part by learning to spend wisely and responsibly. Debt consolidation loans have some drawbacks as well. They can be seen by some lenders as a warning sign that a prospective borrower is in trouble. Another drawback is that some debt consolidation lenders will ask that you put up collateral before they grant the loan.
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Is there a mortgage company that will pre-approve a first time home buyer with real bad credit in Texas? #mortgage
Yes you can get out of debt.
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I'm coming, I'm coming! We really must fix a rendezvous for the autumn so we can do a pod tasting…mind you, it's sunny and 90 degrees here so we're in no hurry to get back! Another great post, Sue – loved the bit about the hotel and Blue getting up a 2am bark. My lot are terrorising the neighbours' dogs so they've got a big black mark against them too!
Thanks for your comment. I am aware of Mr. Skinner and have been following his case along with several others. I am the first to stand behind appropriate sentencing for hardcore offenders, particularly murderers, but with the number of wrongfully convicted prisoners being cleared through DNA or more astoundingly, through investigations that were never undertaken at the time of the accused's trial, it behooves us to take a second look at certain cases. Another disturbing feature of these cases is inadequate legal representation. There is much to be done about these problems.
(No Account…but I will go by "Broke and Jobless")That was an excellent article! Short and sweet. Going to start reading up on Henry George/Georgists now. This is my new favorite site. Getting an MBA in Finance right now (read – worthless) and I can't stand most of the economic theory (let alone portfolio theory). It just seems rife with aggrandized assumptions. And you are dead right – none of these economists discount anything.New favorite site for sure.
You are completely right about how she deals with the prodigal son. Maybe it didn't seem to fit at first for me because it was introduced later on in the narrative, and I was expecting the book to be more about the Ames family. At the same time, I thought she dealt with it very well, and all the points you made are right on.
I looked up Home today and noticed it was about the prodigal son but from John Ames Boughton's perspective. I must have missed something, then, with Gilead; maybe the introductory material about the relationships between fathers and sons of the Ames family was supposed to lead into the relationship between Ames, the Godfather, and John Ames Boughton, the Godson. I will have to pick up Home soon.
Thank you so much for the wonderful review.
I agree with Dara — right down to the hubby who always caves and who was never required to learn money management as a child. In fact, despite the fact that he has an MBA in finance, guess who does the money at our house now that the recession has forced us to cut back?
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[AP] – The nation's top credit card companies on Monday reported mixed progress in reducing the rate at which customers default on their accounts. Higher monthly default rates at Bank of America and Citigroup offset improvements for most other major card issuers.
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