Bankruptcy vs. Debt Consolidation vs. Debt Settlement.

By John Ames

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 ? - 31380

About the Author:

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

Bankruptcy Law: Good Tips On Helping You To Understand

By Eric Conozco

Bankruptcy law is one of those things that can really be utilized to your advantage. In spite of this, you must not abuse the system, and you will need to do your research incredibly carefully before you even consider filing bankruptcy. There are various alterations to the law and these can occur reasonably frequently and at any time.

New bankruptcy laws are also a bit different. Requirements have been tightened so that those who are filing bankruptcy should take these into account. If you are thinking of filing bankruptcy, then you will need to be prepared to do your research first, and be familiar with all the current laws.

You will also need to be familiar with the present laws. There was a huge overhaul of the law in 1978, however there are various minor changes which quite frequently occur, so you will want to be keeping up with any changes that are relevant for you. It cannot be stressed enough that you must look into this very carefully before going ahead.

In the event that you do not meet this test, then there are various further options still accessible to you. Expense allowances are moreover something which you need to take into account. These are guidelines which are put forth by the IRS, and will let you to get a better idea of what your rights are when it comes to fighting bankruptcy.

The median income and various other figures vary from state to state, so you'll want to look into local information on the subject. Yet, the rules are largely the same everywhere in the United States, and it is just the figures that change depending on the state where you live. Ensure you read up on the issue.

Sorry to say, with the adjustments, there is a lot more paperwork required. You need to present a great deal of documentation to show that you are truly eligible for filing bankruptcy. Legal fees are in addition something that do not come cheap. However, you will need to hire the services of an attorney naturally, so this is inescapable.

You will furthermore require to be able to produce a lot of documentation to hold up your claims. Regrettably, all the red tape and bureaucracy is something that is completely necessary, but a ring the services of a reliable attorney can make everything much easier for you. - 31380

About the Author:

Eric Conozco has talked about law over the years at his blog Resolve 3D along with other interesting legal-related topics.

Compare Personal Loans For A Better Deal

By Eric Wight

The following article presents the very latest information on guaranteed high risk personal loans. If you have a particular interest in personal loans, then this informative article is required reading.

A secured personal loan is one convenient way to meet your immediate financial needs until you can put your monthly bill back on the right track again. Secured loans require some type of collateral. Unsecured loans don't require collateral; however, borrowers are charged a higher interest rate for the risk imposed on the lender. Secured personal loans are instruments that provide borrowers with access to the funding they need for a variety of reasons. This type of loan will require borrowers to put up collateral to lessen a lender's risk.

Secured option is suitable option for those borrowers who are able to pledge collateral against the amount and need high amount of cash. Whereas, unsecured loans for people on benefits is appropriate loan deal for the tenants or non-homeowners who are not able to place security against the funds. Secured loans offer the longest repayment period with personal loans available over 25 years. Knowledge can give you a real advantage. To make sure you're fully informed about guaranteed high risk personal loans, keep reading.

Lenders and borrowers alike must be able to understand exactly what is going to be required of each. The fine print in terms of interest and penalty must be understood and followed. Lenders look at it this way, self employed people have to chase around after payments and invoices and if working on short term contract what will happen when it finishes will you be getting a new contract. They want to believe that financially you will make payments through out the loan term.

Secured loans, on the other hand, will have lower interest rates and can be taken out for higher sums. The reason behind this is the fact that this kind of loan will use your property (usually your home) as a guarantee against your loan. Secured loans are easy to get, provided you have a decent credit score and assets to put up as collateral. Secured form is loan against collateral. Simultaneously, unsecured form is the alternate option.

Secured bad credit loans are designed for people with poor or bad or no credit. Finding secured bad credit loans is an easy job but making sure that you find the right deal that doesn't end up in losing your property is the real task. Secured ones normally require that you give some form of collateral. The reason for this is that the lender will be exposed to lesser risk in case you choose to default on the loan.

Hopefully the sections above have contributed to your understanding of guaranteed high risk personal loans. Share your new understanding about personal loans with others. They'll thank you for it. - 31380

About the Author:

Eric Wight is the author of this article. FastLoansAssistant.com provides free resources on high risk personal loans and the latest news on what if I need a personal loan quick but I have bad credit.

What Everybody Should Know about Pawnbrokers

By Richard Perkins

You will find this article factual and informative on the subject of pawnbroking. Since the start of pawnbroking, things have really changed. Read on to find out more.

If you are thinking about becoming a pawnbroker in the UK, then you must look into becoming a member of the NPA (National Pawnbrokers Association).

The National Pawnbrokers Association was first found in 1892, and then incorporated in 1931. It was not until 1989 until the constitution was rewritten, below we have listed some of the reasons.

1. As pawnbroking was expanding the National Pawnbrokers Association had to keep an eye on who was running a legitimate business and who was not.

2. It allowed the National Pawnbrokers Association to make sure that the affairs of those who were members, to be much better and more efficiently regulated.

3. They rewrote the constitution to ensure that the interests of the public were better protected which compared differently from the way other parts of the financial services sector was still self regulated.

Below we take a look at some of the reasons why more and more people are turning to pawnbrokers.

1. One reason why people turn to pawnbrokers is due to how easy it is to obtain money. Within a few hours of finding a local branch you could pawn an item and have the money straight up.

2. Pawnbrokers are not how they used to be. The days where it was all hush hush have now vanished, and now most lenders are very open about their service, just like any other business.

3. Along with the traditional pawnbroking services, those who are members are able to take advantage of the National Pawnbrokers Associations cash service company. This provides their members with a third party cheque clearing facility.

4. Before any money or items can be exchanged, the customer has to sign a Pre Contact Information document, this protects the customer as well as the pawnbroker.

5. Normally the agreement that one signs, will last for a period of no less than six months. They can then retrieve their property back at any time as long as they repay the original loan plus any interest. As soon as the customer has repaid these monies, then their goods will immediately be returned to them by the pawnbroker.

6. However, one needs to be aware that if the sum borrowed is over 75 and the loan plus interest is not repaid in the time agreed, then they will receive notice from the pawnbroker informing that in 14 days time the goods will be sold. But at this time the pawnbroker may also provide the customer with an option to further renew the loan through them, paying off the interest that they currently owe. If they choose to do this then a new agreement will be written up which they will be then required to sign.

7. Setting up a pawnbrokers is not as straight forward as some people might think. There are many rules and regulations that the broker has to abide by. Premises and a customer credit licence are just a couple of things to look into. All pawnbrokers must follow the Consumer Credit Act 1974.

As you have read above, pawnbroking is not like it used to be. There are now a lot more rules and regulation brokers have to abide by. Using pawnbrokers does not attract the stigma that it use to, as you now know more and more people use them. - 31380

About the Author:

Unclesmoney are a pawnbroking service that loans against many valuables including jewellery and gold.

How To Find Personal Debt Grants

By Gary Steinman

Have you ever wondered if what you know about debt is accurate? Consider the following paragraphs and compare what you know to the latest info on personal debt grants.

Personal loans can be used for a variety of purposes including a new car, holiday, home improvements or simply to repay some existing debts. Consumers in the UK have found that access to loans has been made more difficult due to the recent credit crunch which has seen banks and lending institutions become very picky who they will offer money to. Personal loans are an everyday feature of life, and the number of financial products grows by the day. Indeed, it is now probably easier than ever to attain loans, especially since the advent of providers that specialise in opening the door to those of us with bad credit ratings and the ease with which loans can be arranged online or via a call centre.

Financial comparison sites have some informative articles, hints and tips on just about every section of finance. Making a large (or even small) financial decision can be daunting and it can affect your life significantly. Finance companies have been around for years. They specialize in financing smaller purchases, no more than a few thousand dollars, for example.

You may not consider everything you just read to be crucial information about personal debt grants. But don't be surprised if you find yourself recalling and using this very information in the next few days.

Instant personal loans, if applied through online application then the details like you account number, proof of residence, age proof and the monthly payment proof according to which you must be earning 1000. All these requirements ensure the lenders that you are capable of repayment of the amount and there is no risk of non payment. Instant personal loans guaranteed are offered to people matching the criteria of minimum or more than 18 years of age, possess a regular flow of cash and are employed. One can avail such quick loans for any reason or explanation such as unpaid credit card, a grocery bill, urgent expense of travel, medical expenses and educational expenses.

Lenders then use this credit score as a detrimental factor while offering you a loan. Often, your delay in making a payment or missing a payment and thus failing to fulfil your repayment commitment can land you with a bad credit score. Lending money on easy interest rates nurtures a sense of ease in the life of to the loan seeker.

Bankruptcy can definitely give your credit file a stigma that lasts for a very long time. However, there are some advantages to filing bankruptcy. Bank officers are keen on any business they can get and will often offer some very attractive deals if the bank itself needs more cash. Interest is much higher than banks but probably not nearly as high as payday loans. Interest may be tax deductible, whereas the interest on personal loans is not.

Don't limit yourself by refusing to learn the details about personal debt grants. The more you know, the easier it will be to focus on what's important. - 31380

About the Author:

About the Author: DebtConsolidationLoans2U.com offers free resources on personal grants to pay off debts and ideas on debt consolidation non profit. You have full permission to reprint this article provided this paragraph and the hyperlinks are kept unchanged.

The Best Tips For Avoiding Business Bankruptcy

By Jason Myers

Every now and then you hear of attempts made to avoid filing for business bankruptcy between those small offices owned by people who does everything they can to struggle and survive among those loan sharks.

Throughout their struggle to get to success, they get very deep in debt that they don't even understand where they are situated presently. It is common knowledge that these small companies are heart and soul economy of one country because it is mostly through them that the bigger offices get all their business. It would torment anyone psychologically to see their hopes of forming large firms from scratch descend to the drains.

It is unbelievable to know that many of these small economic companies posses a helping hand of credit analysts behind them. In this instance the bank doesn't receive everything back, but still it is way better as the firm doesn't need to file for office bankruptcy. If they had to be pushed to that confines, they would lose all the investment they made on their business and it would ruin their personal financial lives too. When the businesses go through credit analysts, they get their payments set up by a program which they can meet effortlessly.

You do have a number of choices in order to keep away from business bankruptcy. One of them is finding loans that provide low favourable interests so that you can settle all your remaining high interest rate debt with them and then make low monthly payments. You can also sell a number of your investments which you feel are not contributing a lot towards your business proceedings. You may also decrease the salary of any staff that you may have.

You could either go to your stock brokers who can help you out with increasing the prices of your shares. You may give them bigger commission rates, like 8%-12% therefore they will be motivated to entertain your requests. - 31380

About the Author:

Jason Myers is a professional writer and he writes mostly about business tips news. He's also interested in personal finance tips.

Is Debt Consolidation The Solution for You?

By Peter Witham

If you have even a passing interest in the topic of non profit debt consolidation services, then you should take a look at the following information. This enlightening article presents some of the latest news on the subject of christian debt consolidation.

Debt consolidation loan programs help you getting out of faster debts with short span of time without any impediment and discomforts. Debt consolidation facts will point you to either taking out an unsecured loan or a secured loan. Unsecured loans mean that you do not have to put up any collateral towards the loan, but the repayment rates will be considerably higher than that of a secured loan. Debt consolidation can help you too. Research the best debt consolidation offers and find one that works for you.

Debt consolidation is indeed a serious issue and you have to consider both the advantages and disadvantages of any type of debt settlement. Not only does it mean you'll pay unnecessary amounts of interest, you risk damaging your credit rating. Debt consolidation is a process where a third-party lender takes all of your outstanding debt or credit lines - whether it's a car payment or a loans or credit cards - and pools them together into one debt.

Knowledge can give you a real advantage. To make sure you're fully informed about non profit debt consolidation services, keep reading.

Instead of paying all of the bills individually, the best debt consolidation will allow you to pay the bills altogether - and at a lower rate! Debt consolidation involves working with all of your current creditors to expedite the repayment process and save on interest charges. The purpose of debt consolidation is twofold: first, debt consolidation gives you the convenience of being able to pay one creditor one payment per month instead of having to make payments on dozens of loans; second, debt consolidation saves you money by cutting the time it takes to pay off your debts.

Debt consolidation loans help to ease worry and anxiety from your mind because it enables you pay off your outstanding debts. Thanks to debt consolidation loans, you can easily do away with all those credit card debts that are scattered all around the whole place. Debt consolidation helps you to save a certain amount of money for your checking account, investment account or a savings account. This would also enable you to increase your credit rating the procedure of debt consolidation constitutes gathering your multiple rates under one low interest, low payment monthly loan account. Debt consolidation is possible once you.

Debt consolidation is the definite answer to all types of debt troubles. You don't even have to worry if you have bad credit. Debt consolidation companies are boons to suffering humanity. But all companies are not that helpful.

When word gets around about your command of Christian debt consolidation facts, others who need to know about non profit debt consolidation services will start to actively seek you out. - 31380

About the Author:

Peter Witham is the author of this article. DebtConsolidationLoans2U.com provides free resources on debt consolidation non profit and ideas on christian debt consolidation.