Debt consolidation loans allow people to consolidate many debts
into one loan with one payment each month. Generally interest charged
on debt consolidation loans falls far below the interest charged
on most credit card debt allowing easier repayment of the debt.
These loans, in most cases, rely on a debtor's home for security
making them available only to homeowners.
offers secured debt consolidation for homeowners and some personal loan options for excellent
credit debtor's who do not own property. Unsecured personal loans for people with good, fair or bad credit can be more difficult to attain and loan amounts may be smaller. To read more about debt
consolidation loans including their dangers you may answer a pre-qualification
questionaire or read an article,
written in a frequently asked questions format, by a debtor's attorney
on the risks and benefits of debt consolidation loans.
Credit counseling organizations work with your creditors
to reduce the interest payments on your debt, sometimes eliminating
interest entirely. These programs allow debtors to use the period
of interest reduction to pay down their debt. Repayment of the principal
balance of the debt through credit counseling generally requires
full dollar on a dollar payment without reduction or discount.
Often these firms maintain non-profit status, but they are not government
sanctioned or public service companies. To see if credit counseling
might be the right solution to fix your debt you may wish to answer
questionnaire, read an article
on credit counseling written in the FAQ format or follow links
to several consumer credit counseling agencies.
Debt settlement firms operate by contacting your creditors and
negotiating settlements on each of your debts. Most of these debt
settlement firms set their goal at reducing your debt down to 30-50
cents on the dollar through their efforts. Often debt settlement
payments may strech out over a term of years. Anyone may use debt
settlement firms regardless of their home ownership status or credit. Be aware, however, that if you still have good credit allowing your debt to settle in this way may save you money, but it leaves your credit score in very bad shape.
To see if debt settlement might be the right solution to fix your
debt problem you may wish to answer the pre-qualification
questionnaire or read an article
on debt settlement written in the FAQ format or call 800-351-3301.
No matter if you just envision missing your first payment, your auction date awaits soon or you would just like to learn more about how to prevent a foreclosure, the more you know and the sooner you learn it the better off you will be. Almost every foreclosure can be avoided with the proper planning and allocation of even limited resources. Methods include refinancing the mortgage facing foreclosure, working things out with the bank yourself or having a professional help negotiate a foreclosure avoidance plan for you. When those choices don't work a Chapter 13 Bankruptcy can save the day. You may wish to use a special interactive tool to help suggest a foreclosure prevention choice for your own situation or just visit a site filled with articles and information about how to help stop a foreclosure on your home as well as information to better understand the foreclosure process. The banks may make you feel you have no choice but to lose your home, don't believe it, the sooner you start taking action the more choices you have save your home from foreclosure.
Some say death and taxes remain item beyonds ones control. Yet
in certain circumstances taxes may be negotiated and paid at a steep
discount. When a taxpayer presents a plan for the IRS to take a
lump sum of money as settlement of the entire tax obligation the
IRS calls it an "Offer
in Compromise". While anyone can put together an Offer
in Compromise, your best bet for having the IRS approve
such a plan would be having the assistance of an Offer
in Compromise professional. Typically those who put together
these plans once worked as agents for the IRS or practice law specializing
in debt or taxes.
In most cases Student Loans may not be discharged in a bankruptcy. You may, however, reduce you payments by consolidating student loans. Under most consolidation plans interest rates can be lowered, multiple payments can be combined into one easy payment and sometimes terms can be extended. You may wish to read more about the how to address student loan debt in bankruptcy or working with student loan debt outside of a bankruptcy.
Bankruptcy represents both the most devastating debt solution for
the debtor's credit while providing the most complete elimination
of the debt. A chapter 7 personal bankruptcy can wipe out all of
a person's debts, allow them to keep all of their possessions and
get a fresh start again. Exactly who can qualify to have their debts
discharged in a "no asset" case where they retain everything varies
by state. In chapter 13 bankruptcy cases debtors reorganize their
finances by paying a portion of what they owe as settlement in full
of their debts. Chapter 13 mainly comes into play as a means to
save a home from foreclosure. To find an attorney near you try Total Bankruptcy or AttorneyFind or call 877-219-3201. For more information on bankruptcy
you may read some of the many pages at Debtor
Links or use our interactive bankruptcy second opinion analysis tool, which will also aid in establishing
how your situation fits within your own state's rules.
Anyone can experience
a financial hardship and struggling to pay bills is hard enough without
being bothered and threatened. The law protects income from Social Security,
disability, veterans` benefits, and certain pensions. If these are your
or your loved one`s main source of income, they may be able to stop the
calls and letters. In these situations, lawyers will explain to creditors
and debt collectors that the law protects your income and possibly your
assets. Usually, they will get them to leave you alone so that you can have
peace of mind. Legal Advocates for Seniors and People with Disabilities (LASPD), helps provide
seniors and people with disabilities the opportunity to live without constant
harassment from creditors and debt collectors. For more information read the FAQ on dealing with debt for people on a fixed income in this way.
A master strategy for dealing with debt should always include a
plan for rebuilding one's credit. Time passing and making timely
payments to all remaining creditors following a debt problem helps
the situation from the start. To accelerate the process a debtor
might obtain a
unsecured credit card or a
credit card and make very sure to pay at least the minimums
by the due date every month. To find out what your credit looks
like reports can be ordered online from the major credit reporting
agencies such as
Union. In some cases the reports can be obtained for free,
otherwise they may cost $8-$30 depending on the type of report ordered.
Use the reports to know where you are starting from and to look
for errors. You should take steps to have false items removed yourself
or get a professional
to make sure the agency corrects the issue. For more information
you can read a complete
article. Also, for even more great help you can go take a free online
credit course that will help
you start improving your credict score right away.
information on retaining or consulting with Attorney Brenner please
visit the contact page.
Nothing contained herein should be construed to constitute advice
for your personal circumstances. This is intended as a peripheral
exposure to the various options available, but by no means is this
a comprehensive or exhaustive analysis of the bankruptcy laws or
their alternatives. Whether or not you should file a Chapter 7 bankruptcy,
Chapter 13 bankruptcy, or any bankruptcy, will vary depending on
your personal circumstances and should only be undertaken after
careful consideration, analysis and after consultation with an attorney
experienced with such matters. These pages may contain information
and rules peculiar to the Commonwealth of Massachusetts.
material may be considered advertising under the rules of the Supreme
Web site design by
Mory Brenner. This page, and all contents, are Copyright (C) 2006 all rights reserved
Corporation, 150 North Street Suite 40, Pittsfield, Massachusetts
Alternatives / Debtor's Options - Home Page
Lifestyle | Real Property and Other Hard Assets | Foreclosure | Cash,
Stocks, IRAs and Other Soft Assets | Secured vs. Unsecured Creditors | Credit
DEBT WORKOUT | Bankruptcy | Do Nothing | Pay Creditors in Full
Consolidation Loans | Non-Profit
Credit Counseling Services
The most recent update
of this page occured on 07/21/06.