Drug testing

Different Ways Of Dealing With Debt

Bills, creditors, debt collectors. Are you yearning for the days when all you had to worry about was the money in your piggy bank? If so, you are far from alone. Whether its illness, loss of a job, or simple overspending, it happens to the best of us. But that doesn't mean your financial situation needs to go from bad to worse.

Steps You Can Take To Regain Control When Finances Get Out Of Hand...

Developing A Budget: Start by doing a realistic assessment of how much money comes in and how much your spend. List income sources, "fixed" expenses (mortgage or rent, car, insurance) and expenses that vary (entertainment, clothing, recreation). Don't leave anything out, no matter how trivial it seems.

Obviously, the necessities are your first priority. Then you can prioritize the rest. The bottom line Is, that unless there's money to cover, you're going to have to cut back on spending.

Contacting Your Creditors: Many creditors will work with you if you let them know you are having trouble making ends meet. Tell them why it's difficult for you and try to work out a modified payment plan that reduces your payments to a more manageable level. Don't let them give up on you ? get to them before they resort to collection agency action.

Dealing With Debt Collectors: Nobody wants to deal with the bill collector ? least of all you! But, should it happen, be sure you know the rules. The Fair Debt Collection Practices Act is the law that dictates how and when a debt collector may contact you ...

A debt collector may not call you before 8a.m. or after 9p.m ... or at work if the collector knows that your employer doesn't approve of the calls. Collectors may not harass you, make false statements, or use unfair practices when they try to collect a debt.

Debt collectors must honor a written request from you to stop further contact.

Bankruptcy: Personal bankruptcy is generally considered the debt management tool of last resort because the results are long-lasting and far-reaching. A bankruptcy stays on your credit report for 10 years, making it difficult to acquire credit, buy a home, get life insurance or sometimes even get a job. Learn more about bankruptcy

On the other hand, bankruptcy is a legal procedure that offers a fresh start for people who can't satisfy their debts. Individuals who follow the bankruptcy rules receive a discharge or court order that says they do not have to repay certain debts. There are two primary types of personal bankruptcy:

Chapter 13 allows you, if you have a regular income and unlimited debt, to keep property, such as a mortgaged house or car, that you otherwise might lose. In chapter 13, the court approves a repayment plan that allows you to pay off a default during a period of three to five years, rather than surrender any property.

Chapter 7 known as straight bankruptcy, involves liquidating all assets that are not exempt. Exempt property may include cars, work-related tools and basic household furnishings. Some property may be sold by a court-appointed official (trustee) or turned over to creditors.

NOTE: You can receive a discharge of your debts under Chapter 7 bankruptcy only once every six years.

Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments utility shut-offs and debt collection activities. Both also provide exemptions that allow you to keep certain assets, although exemption amounts vary.

Personal bankruptcy usually does not erase child support, alimony, fines, taxes and some student obligations. Also, unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy does not allow you to keep property when your creditor has an unpaid mortgage or lien on it.

Being burdened by debt is overwhelming and puts you into a position of great vulnerability. And, clearly, yielding to bankruptcy is an extreme measure that requires a great deal of thought. In the last few years, a record number of consumers have been filing for bankruptcy.

Copyright ? Credit and You | All Rights Reserved |

To find out more about bankruptcy, how the most common chapters of bankruptcy work, bankruptcy terminology, and easy steps anyone can take to repair there credit report, visit http://www.creditandyou.com/dealingwithdebt. html it's a free information website!

limousine chicago service
In The News:

Credit Card Debt Elimination

Credit card debt elimination can be done with a good... Read More

Debt Consolidation Versus Debt Negotiation

Debt consolidation versus debt negotiation are two options that are... Read More

Fast Track Out of Debt

You go to the mail box and scan - a... Read More

Dont Let The Good Times Bury You

It is vital to get rid of debt while things... Read More

5 Ways to Get Out of Debt

It has been said that everyday more and more people... Read More

Debt Settlement

What is debt settlement?Debt Settlement is a process to settle... Read More

Bankruptcy: What the New Law Means to You

On April 20 of this year, President Bush signed a... Read More

The 7 Secrets to Getting?and Staying?Out of Debt

As vice president of the American Credit Foundation, a nonprofit... Read More

Learn How to Get out of Debt

Debt is becoming number one problem in the United States... Read More

Credit Card Debt Freedom is Possible

Credit card debt have you drowning financially? You're not alone.... Read More

Future Secured? Oh Really?

A headline for a retirement annuities flyer declares "Future Secured!"... Read More

Reduce Your Debt With These 5 Tips

It's never pleasant to realize that you're in financial hot... Read More

Debt Consolidation and Personal Finances: Learn the Truth!

An inability to manage credit, growing debt and bankruptcy are... Read More

Turning Bad Debts into Good Debts through Investing Fundamentals

If you've ever earned enough money to put some aside,... Read More

Debt is The Master of Souls

Wholeness requires separation. In order for you to experience yourself... Read More

The Simple $10 Debt Elimination Solution

Ask a friend what resolutions they made for 2004 and... Read More

Debt Collectors; And what you can do to Get Them Out of your Life

FTC opinion letter on validation Section 809(a) of the FDCPA,... Read More

Debt Elimination 1

If you have multiple debts, you may well be wishing... Read More

Bankruptcy ? Bankruptcy Myths

Bankruptcy has long been a big question mark in the... Read More

Home Equity ? Foreclosure Often Not Necessary in Current Market

While driving around your community, you may have seen signs... Read More

Learn The 15 Debt Elimination Steps You Must Take Immediately!

What Everybody Needs To Know...Learn The Truth About Debt Elimination... Read More

Drowning in Debt? Tips and Tricks for Getting Out of Hot Water with Creditors

Do you, like millions of other Americans, feel like you're... Read More

UK Debt When Moving Abroad

The idea of moving abroad to escape debt seems to... Read More

Credit Counseling ? Signs That You May Need Help

Credit counseling is a viable option for those who are... Read More

Debt Elimination

If you're reading this article right now I'm sure that... Read More

led garage lighting dimmable led bulbs Pete's produce ..