Most people enjoy the pleasures of plastic money while shopping. The pain is realized when you receive the bill from the card issuing company. And if the economic slum hits at that time this pain becomes more acute. Credit card companies request their customers to make payments at time. In case you default then you start getting collection calls threatening with legal action. This intimidating and aggressive approach pushes the...more
While many think that people go ahead and file for bankruptcy to get away from creditors this concept is not 100% true. There are many who have gone through a horrific time taking calls from clients and collection agencies in which they lost their peace of mind. To get away from this day to day harassment and calls many of them have gone ahead and filed for bankruptcy. The question arises is the right approach and is it going to...more
It is sad to know how many of us have got ourselves entangled in the credit card business. We have mastered to misuse credit cards but only to our dismay. We sink deeper and deeper in debt and are unable to match up with the soaring rates of credit card interests. The financial institutions have traditional been in the business to mint maximum money out of loan seekers. But today, these institutions too face uncertainty as numbers of defaulters are increasing rapidly.It comes as no surprise that both debtors and creditors under tremendous financial pressure opt to declare bankruptcy as a resort to eliminate debt. But the option of bankruptcy is not a popular alternative as it lowers credit score and fetches no recovery amount to the banks.The need to eliminate debt, sensed wisely by President Obama's government, gets resolved easily through the stimulus money. Under the program, federal government offers inflow of money in the market to financial institutions in the business of lending money. These firms get rescued from going insolvent. They even show flexibility towards debt settlement and agree to a negotiable amount as a repayment for debt. In this way avoiding...more
Bankruptcy can be defined as a legally declared inability or impairment of ability of an individual or organization to payback its creditors. Generally bankruptcy is initiated by the debtor as a last resort. But this phenomenon is recurring more often than the American government and Americans would prefer it to happen. Although when...more
Well, judging by the tough economic times, lot of Americans think of bankruptcy as their legal right to step out of bad debts. They are able to find this way forgiveness on the total amount of debt that has crippled their financial life. However, your liabilities after you choose bankruptcy may go away, but you may also regret upon...more
The great economic recession that affected most people is a matter of the past, but the damage it has done still remains. May people are still suffering from bad debts and are looking for ways to come out of debt miseries. Before the markets started to recover people found a solution in declaring bankruptcy. On interviewing a section of the people who filed bankruptcy a survey revealed that their problems have multiplied and they are in deeper debt. We will explore why debt settlement is a better option than declaring bankruptcy in the coming sections.A bankruptcy declaration not only affects your credibility and goodwill but it does serious damage to your credit score. As soon as a bankruptcy is declared your creditors have due obligation to report it to the credit reporting agencies. This will immediately bring down your credit score. Worse, a bankruptcy declaration is recorded on your credit report for about 10 years. If your credit reports don't portray you in good light lenders will definitely be discouraged to offer discounts on the borrowings and may sometimes turn down credit. This not only applies to loans, as nowadays landlords, employers, insurance...more
If you have been thinking of declaring bankruptcy to avoid paying the huge debt you owe to a creditor, think twice. You must understand the cons of declaring yourself bankrupt. Though this seems to be an immediate solution to your debt...more
Chapter 7 Bankruptcy seems to be a handy and known option to debtors who are neck deep in debts and thus they do not spend much time to re-consider their decision. Practically one should consider the available options and alternatives before deciding...more
Though countless articles and news programs around the United States continue to examine the fading impact of governmental consumer support following the 2005 legislative evisceration of the federal code formerly promising financial...more
When a person is unable to pay the debt amount then according to the federal law its hypothecated property will automatically transferred to the bank in order to pay off its debt amount. To avoid the situation of bankruptcy you have the...more
In Aurora CO (Colorado), anyone looking for an apartment to rent will most likely go through the approval process. This includes paying the application fee, filling out the rental form and waiting for feedback. The leasing manager...more
As an Orlando bankruptcy lawyer I speak with clients and potential clients every day who are considering filing for bankruptcy. Invariably, before we even get into the amount of debt the person has and how filing bankruptcy can benefit him or her,...more