Never Use Your Home's Equity To Pay Debts As more Americans fall behind on their debt payments because of a job loss or reduced income, many are turning to the equity in their homes to their debts hoping that they can avoid bankruptcy. But cashing out the equity in your home to repay debt may [...]
Many debtors attempting to resolve their debt problems without the help of bankruptcy consider personal loans. They figure if they take out a personal they can use that money to cover their expenses and debts and avoid bankruptcy until they "get on their feet." While in theory it seems to be possible to avoid bankruptcy [...]
Most debtor/homeowners facing foreclosure and considering bankruptcy are significantly delinquent on their mortgage payments. But whether you're 1 month behind on your mortgage payment or 6 months behind, Chapter 13 bankruptcy can help you catch up with your payments and return your mortgage to good standing. Here's how it works: When you file bankruptcy you [...]
Run all three of your credit reports. Go to www.annualcreditreport.com now and get your credit reports for free. Many debtors do not realize the extent of their debt troubles until they actually run their credit report. Please take a careful look and challenge any inaccurate information. If information is inaccurate the credit bureaus are obligated [...]
Assess Your Current Financial Situation When assessing your financial situation it's important to find out exactly where you stand TODAY. Are you currently unemployed? Do you have enough money for you debts and everyday expenses? Are you facing foreclosure? Have you recently filed bankruptcy? Are you currently making payments on a Chapter 13 bankruptcy plan? [...]
You would never hand over your paycheck to a creditor, would you? Of course if you were under threat or order by a court you may hand over your paycheck; but never voluntarily. Right? Well, surprisingly many debtors do just that when they agree to "voluntary wage assignments." A voluntary wage assignment is an agreement [...]
When debtors fall behind on their payments, they can often lose access to the very things they need to get their financial lives back on track. Once a debtor is 60 days late on their credit card payments, most credit card companies block the debtor from access additional money on that credit card. They also [...]
Tis' the season to be charitable! But be careful because some charities now want you to charge it. The Salvation Army, which is known worldwide for its red kettles, is now testing out kettles that will accept credit cards. Last year Salvation Army tested the credit machines in two cities, Dallas and Colorado Springs. This [...]
For the past 10 years, our dependence on credit cards has grown exponentially. But as the credit crunch worsens many Americans are finding it difficult to fund the things they want or even need. Christmas is right around the corner and if you don't want to charge up a pile of credit card debt, you [...]
Many debtors finding it difficult to keep up with their bills are tempted to borrow against their retirement funds to keep their head above water. Reductions in salary and especially unemployment can appear to be legitimate reasons for raiding a retirement fund; but doing so may not offer the relief they need. Before borrowing from [...]
