He owes about $12,000 we want to get married when he is debt free. Do you know any reliable settlement companies that are trust worthy? What are the procedures?
He is a full time student and has a job he works full time with minimum wage.
Product Description
The current economic climate is dim for many Americans it forecasts potential recession, trouble for homeowners, and increasing personal and credit card debt. According to Federal Reserve estimates, that credit card debt is already in the trillions of dollars and rising each year. So, what can you do about it without immediately resorting to bankruptcy eliminating the entirety of your finances for years to come? It s a tough question to answer and one that many are … More >>
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The true story of an ordinary middle-class married couple buried in over $94,000 in credit card debt who face debt collection, learn to defend themselves in court without hiring a lawyer, and force a major bank’s collection attorney to dismiss its case against them. They avoid bankruptcy and they prevent collection. Every pleading (of both Plaintiff and Defendant) filed in this case is reproduced in its entirety – only the case number and names have been changed… More >>
I have a friend in FL that is filing bankruptcy. I thought they passes a law a few years ago that stated you could not include credit card debt in bk. Is that true? They are telling me that you can include credit card debt.
Freedom Debt Relief Helps Consumers Avoid Bankruptcy With Debt Reduction Services
Company saves clients $15.5 million in settled debt during November
Read more on PRWeb via Yahoo! News
10. Not having a plan in case of emergency
A lot of people cut their budgets very close. If you have you money portioned out precisely for your regular expenditures and you haven’t left anything in the budget for emergencies, how will you pay for repairs if your car breaks down? If your house suddenly needs repair? If you have emergency medical bills not covered by your insurance? It is important to make sure you have a plan to cover emergency spending. If that means cutting things out of your regular budget that may not really be necessary, make sure you do that.
9. Spending money on luxury items you don’t need
This one should be obvious, but a lot of us violate this simple rule anyway. When you see a new car, an article of brand-name clothing or piece of electronics equipment, ask yourself a couple of questions. 1) Is there money in my budget for this? And 2) Do I really need this? If it’s an impulse buy, odds are first answer is no. The second answer is probably no in any event. Think about whether you’d rather have the item or financial stability.
8. Buying extravagant gifts for friends and family
This is basically the same as the previous item on this list. The difference is that some people have a problem not with buying things for themselves, but with buying things for others. Selflessness is commendable, but it doesn’t have to be as expensive as you might be making it. It’s not going to do your friends and family any good for you to go bankrupt buying them extravagant birthday presents.
7. Letting small expenditures add up
If your money is disappearing every month and you can’t figure out where it’s going, odds are you’re not keeping track of minor expenditures. Say you take a trip to the grocery store to pick up a gallon of milk for three dollars. While you’re there you pick up some ice cream, maybe a twelve pack of soda. You spend three dollars on candy for the kids in the checkout line. Swing through a drive-through on the way home to get some food. Why not get the large for only a few cents more? Each of these items individually may not be very significant, but by the time you get home, you may have spent $30-$40 during you trip out for some milk. If these sound like the kind of expenditures you might make without keeping track, that’s probably where your money is going.
6. Not saving money
If despite your best efforts you find yourself owing more money than you expected, it can be a huge relief to realize you have some money saved up that can help gt you out of trouble. Try putting a percentage of every paycheck into a savings account you never touch. If something you didn’t expect rears up and you have to pay a lot of money, you may find that you can take care of it without declaring bankruptcy.
5. Not keeping track of your funds
How much money do you currently have in your checking account? How about your savings? What have you put on your credit card in the past week? If you don’t know the answer to all three of these questions, you’re probably going to wind up overspending.
4. Putting too much on your credit card
Credit card debt is a serious problem in this country. One main reason is that people treat them as free money without really planning how they will pay off the money they put on them. Another is that people don’t think about the interest rate they will have to pay on purchases on their credit card. If you are making a purchase on credit that you could pay in cash, it may be better to use cash than to risk interest rates running away from you.
3. Letting late fees build up
Almost everyone is late with a bill from time to time. What can really kill you is being late with your bills so often that late fees and surcharges start to build up. Before long, the late fees you pay every month may be as large as any of your other bills.
2. Ignoring bills
This should be obvious, but some people simply don’t take action. If you don’t pay your creditors, they are within their rights to take collection action against you. Most of them, however are willing to be lenient if you will simply talk to them. A lot of companies will allow you extensions if you need them as long as you talk to them in time. Give it a try.
1. Spending more than you earn
Everything else on this list is derived from this one simple rule: Know how much you make, and spend less than that. It’s sounds simple, but it can fell complicated. Once you start keeping track of you earnings and expenses, however, you’ll probably be surprised at how easy it becomes.
Debt Settlement / Debt Consolidation Help / Debt Settlement Services
A recessed economy and bursting of the real estate bubble have pushed borrowers to the point where they can no longer keep up with payments on their credit cards and consumer debt. For those searching for solutions, the decision often comes down to choosing between a variety of debt relief options. The options include debt counseling, debt consolidation, bankruptcy, and debt settlement. Of the four, debt settlement and filing bankruptcy have become the most popular of the solutions due to their advantages relating to decreasing current payments and the reductions in outstanding balances of debt.
For consumers, the two most common filings are chapters 7 and 13. Of the two, chapter 7 allows for much better outcomes for filers with steep reductions or outright dismissals of debt. Prior to the overhaul of the bankruptcy code in 2005 chapter 7’s were immensely popular for just that reason. Since the overhaul, the choice of which of the two chapters would be available to the consumer is decided by the court depending on the outcome of a means test which is the required first step in any bankruptcy filing. The means test is essentially an evaluation of the filer’s income and expenses which is then set against debt redemption standards as set by the IRS. Measured against the IRS standards, if the borrower falls short of income guidelines he can then file for bankruptcy under the auspices of chapter 7. The guidelines for qualifying for chapter 7, however, are stringent. If the means test reveals that a borrower can pay even one hundred dollars per month toward debt, the filing will automatically go toward a chapter 13 bankruptcy. In either situation, the borrowers are required to get credit counseling and budget analysis at their own expense.
Chapter 13, while providing some relief on current payments, is not nearly as consumer friendly as chapter 7 and carries disadvantages that convince many borrowers that the option is just not for them. The biggest disadvantage is that once the terms of the filing are set, a borrower’s finances can be overseen by a trustee of the court. The invasiveness of having an outsider involved in day to day or monthly budgeting becomes an immediate deal killer and typically turns the borrower toward debt settlement.
Debt settlement, also known as debt negotiation, is a relatively new and aggressive form of debt relief offering many advantages over counseling, consolidation, and bankruptcy. The first and most immediate advantage is an approximate reduction of 50% on payments related to each account rolled into the debt settlement. Accounts which can be rolled into the settlement include credit cards, department store debt, unpaid utilities, medical bills, and other unsecured debt. Other advantages include:
* Being proactive in pursuing a debt settlement can prevent wage garnishments and attachments – Letting creditors know that you’re in a debt settlement process provides assurance they are going to be paid a least some of their money. Creditors are unlikely to initiate any legal action while a settlement is under way.
* Debt elimination – Outstanding balances can be reduced by 40 to 70%, depending on the creditor. On average, the collective accounts in a settlement will be reduced by 50%.
* Added security for secured assets – Reducing payments and eliminating a portion of unsecured debt relieves pressure on secured assets. Debt settlements, for example, are being combined with loan modifications to help homeowners reduce their total payments toward debt and improving the chances of getting approved for new mortgage terms.
* Complete payoff of debt balances – After the debt reduction, payoff schedules are flexible but generally last no longer than 48 months. The same accounts maintained with minimum payments could take over twenty five years to pay off.
* Faster improvement of credit scores – The settlement of accounts allows for borrowers to begin the process of re-building their credit scores faster than bankruptcy which can remain on a credit report for ten years and stay on the public record indefinitely.
Debt settlement/negotiation is becoming increasing popular with struggling consumers because of its advantages over every other form of debt relief including bankruptcy. Consumers should still familiarize themselves with all forms of debt relief before making a decision. The best way to sort through the options is to work with an attorney with experience in all forms of debt relief to determine which will deliver the best outcome. Getting on the road to financial recovery is that simple.
Consumers Avoid Bankruptcy and Post-Holiday Blues with Credit Card Debt Settlement Solution
Recognizing the biggest season for retailers, credit card debt reduction specialist, Debt Free League cautions people to monitor credit card spending during this holiday season.
Read more on PR Newswire via Yahoo! Finance
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