Everyday, we hear the news of the debated economic stimulus package. We sit back and wonder how this will directly help us. Each of us has a unique perspective on the stimulus, and we all have different needs for where, when, and how the stimulus may or may not personally help.

Many Americans are asking about a stimulus program to help the average citizen. People today need help with their rent and mortgages. Even keeping food on the table has become a challenge with grocery prices skyrocketing over the past year.

Previous economic stimulus packages have sent rebate checks directly to taxpayers. Most of this money paid directly to the people was simply forwarded onto creditors to pay down debt. So the previous attempts at stimulating the economy simply sent money into the pockets of the banks and credit card companies. The current stimulus plan does not contain any provisions to send money directly to the people, and the debt balance for most people continues to grow.

For a person with overwhelming debt, any stimulus received would be used to pay down that debt. Without the government’s help, many people are finding that they can create their own personal stimulus package by completely eliminating 100% of their debts from credit cards and personal loans. Instead of waiting for help, they are taking responsibility for their own financial future. Of course, personal responsibility is what this country was founded on.

Without debt, and without the monthly credit card payments, hundreds of dollars per month are saved on principal, interest and other fees. For some people, this can be thousands of dollars per year in savings. It could also be the difference between financial comfort and bankruptcy.

A debt elimination program is not applicable to secured debts such as mortgages and auto loans. Student loans and medical bills also do not apply. But without the credit card payments, extra money would be available to help pay for other obligations in life.

The debt elimination program is not for everybody. It is imperative that some time be set aside to understand just how and why the debt can be wiped clean. An elimination program is not bankruptcy, consolidation, or a home refinance. Having a basic understanding of the premise of the program will also remove any fear that someone has in regards to proceeding with this debt relief method.

A person does not need to become a lawyer to understand this process. You just need to be open to some unfamiliar information. This is time well spent considering the thousands of dollars of debt that can be eliminated. There is also no cost to obtain this understanding, for this is not secret information, just hard to find. You will not be spoon-fed this knowledge from our main information sources, such as television, newspapers, co-workers, and our parents.

By taking control of your debt, you will initiate your own personal economic stimulus plan. And you don’t need an act of congress to accomplish it. A little knowledge can set you free.

One of the main reasons for filing bankruptcy for many people is the automatic stay. What exactly is the automatic stay when it comes to filing for bankruptcy? The automatic stay is essentially an order from the court to all creditors to stop all further collection activity including but not limited to harassing phone calls, letters, lawsuits and most critically foreclosures.

The number one reason a debtor takes advantage of the automatic stay stipulation in the US bankruptcy law is to stop a foreclosure. With the US economy in the state of turmoil due to the housing crisis, many homeowners are struggling to make their mortgage payments and they are facing the possibility of foreclosure.

With the filing of a chapter 7 bankruptcy or a chapter 13 bankruptcy the debtor is given an automatic stay and according to the bankruptcy law this will then stop any and all foreclosure proceedings against the debtor. This can be particularly essential in attempting to save your home if you are in a position where you may have tried a loan modification or if you are proceeding with a short sale and you need a little more time to close your real estate transaction. Sometimes you may be on the very last leg of the short sale and you may be very close to closing your escrow however you have a foreclosure sale date and if you cannot close before that date your property will be foreclosed upon.

The automatic stay in a file for bankruptcy will give you that extension that you need to either short sell your home, successfully implement a loan modification agreement with your lender or better yet if it is a chapter 13 bankruptcy, you may be able to keep your home. The automatic stay remains in effect until either your bankruptcy is discharged or a reorganization plan has been implemented.

If you are facing a foreclosure and you are thinking that the automatic stay when filing for bankruptcy may help you to retain your home, you should seek the advice of a professional licensed bankruptcy attorney. Only bankruptcy attorneys know the intricacies of the US bankruptcy law and they will be able to answer all your bankruptcy questions regarding foreclosure and other issues.

To take the first step in finding a bankruptcy lawyer, you may simply fill out a free bankruptcy case evaluation online at BankruptcyIntro.com. After completing a simple two minute bankruptcy evaluation online, you will then be connected with bankruptcy attorneys in your area that will be able to give you a free bankruptcy case review.

Credit cards have revolutionized the purchasing experience since Diners Club released the first credit card in the year 1950.

The Dinners Club credit card gave consumers limited credit
that, at times, even surpassed the personal savings of some
participants. It allowed them to buy items they usually
could not afford if they were to make a straight cash
purchase. It also provided the convenience and safety of
not having to carry large amounts of cash.

On average, American households possess 4 credit cards or a
total of 13 payment cards if debit cards and store cards
are included. There are, actually, 1.3 billion payment
cards of assorted types in circulation in the United States.

But, if you think that credit cards have made the lives of
modern American consumers easier, you may be wrong…

Statistics show that the average credit card debt for each
household in the U.S. is $4,800 per month. Also, there were
1.3 million credit card holders declaring bankruptcy in the
year 2003. This figure is almost guaranteed to decrease
since the change in bankruptcy law. A filer is required to
pay back a portion of their debt if they are financially
able. There are many other changes, mostly for the benefit
of the credit card industry and you can find more
information at:

http://credit.about.com/cs/legal/a/040601.htm

And if you still consider yourself unaffected by credit
card debt, then consider this: upon retirement, most
Americans can only expect to receive about 37% percent of
their annual retirement income because of prior debt
payment. This will leave many individuals depending on the
government, family and charity for economic survival.

These are some scary facts. So before you find yourself in
a position of economic uncertainty, it might be wise to
evaluate your spending and current credit card debt.

If your credit card debt exceeds what seems to be a
reasonable level, you may want to consider credit card debt
consolidation.

So what is credit card debt consolidation?

In a nutshell, credit card debt consolidation is taking all
your credit card payments and consolidating them into one
monthly payment. This way, you don’t have to worry about
managing the payments individually. Aside from this
advantage, it may also provide you with the following
additional benefits:

- Reduce interest payments
- Waive late and overtime fees
- Reduced monthly payments
- Debt relief in a shorter time
- Credit improvement
- Save more money in the long run

There are actually two major types of credit card debt
consolidation…

You may want to consider a Credit Card Counseling firm.
They assist consumers by consolidating all their monthly
payments into one single payment and then dispersing this
to the creditors on behalf of the consumers.

The other type is through a home equity loan or other
secured loan. This is done by exchanging an unsecured debt
(such as
credit card debt) for a secured debt (a debt backed by
specific assets such as real estate).

Now, credit card debt consolidation isn’t a magic balm that
will drive all your credit card debt malaise away. But, it
will make paying all your debt easier and might save you
money in the long run. Definitely an alternative worth
considering…

Many people fail to read the fine print when applying for credit cards. Even after they are approved, many people also fail to carefully read their statements. This could lead to disaster, as many credit card companies put clauses in the contracts which allow them to raise your interest rate for many different reasons. The fine print on a credit card document can be hard to read and tedious, and it is no accident that it was designed this way. Credit card companies make billions off the ignorance of their customers.

Even though the language used on credit card documents is complex, it is important that you understand it. It is something you agree to, and you don’t want to agree to something you don’t understand. Most credit card companies don’t have your best interests in mind, and this is why it is important to protect yourself. Most people are under the false assumption that credit card companies will only raise interest rates when you are late making your payments. Unfortunately, this is far from the truth.

With the average American family owing $10,000 in credit card debt, the industry is one of the most profitable in the world. As the minimum monthly payments are increased, this will insure that the credit card industry earns billions of dollars each year. The new bankruptcy law making it harder for people to get out of financial trouble will insure that the losses suffered by the credit card companies will be greatly reduced.

Many credit card companies will look at your credit report for any negative information. If they find it the interest rate on your credit card will be increased, often without your notification. Unless you read your bill carefully, you will probably not notice. Negative things on your credit report could be far more than just late payments. Bankruptcy or other problems may also be used as a pretext to increase the interest rate on your credit card. Your interest rate could be raised for something as frivolous as having too many accounts, or having too high of a balance.

This is unfair to the customer. Your interest rate shouldn’t be raised for something that has nothing to do with your credit card. If you find yourself in this situation, the first thing you want to do is call your credit card company and demand that the interest rate be lowered. If you are making your payments on time, the company has no reason not to lower it. If they refuse you should switch to another company. The market is highly competitive, and you shouldn’t have to stick with a company which raises the interest rate for any reason.

You should also check your credit report on a regular basis. It may have errors on it which can cause your interest rate to increase. It is also important to carefully read your credit card statement each month. If you see something which looks strange, immediatley call your credit card company to ask about it. When you apply for a credit card, read the contract carefully and ask about the interest rate and what causes it to increase.

Credit card companies make large amounts of money from people who don’t read their bills or contracts. It is your responsibility to make sure the information on your bill is accurate and correct. Credit card companies are prone to making mistakes, and will put clauses in their agreements which allows them to earn more money from their customers. It is important to check your information carefully to make sure there are no errors.

Being bankrupt is a bad state anyone can ever find themselves, but hiring a wrong attorney to file your bankruptcy case in court the situation can be put you in an even worse situation. To avoid such situation, it is important that time and effort is put into researching for an attorney who is qualified and experienced enough to help you through the whole process successfully.

Here are tips to enable you choose the best bankruptcy attorney to handle your bankruptcy case if you are living in California:

Check Their Qualification

Be sure to confirm the attorney’s qualification to handle bankruptcy cases. Many attorneys out there are not qualified enough to be able to successfully lead bankruptcy cases in court; therefore, in order not to wind up with such attorney, you need to check their certification. Do they have the required certificate for this kind of job?

Ask For Referrals

An easy and fast way to get qualified and efficient attorneys to handle your bankruptcy case is to ask for recommendations from friends who have filed for bankruptcy before. Since they have gone through the whole bankruptcy process before, they will be able to show you a good lawyer you can engage.

Asking legal professionals to direct you to a good bankruptcy attorney is also a wise thing to do. Since, that’s their profession; they should know the right person or firm to refer you to.

Go To Bankruptcy Courts

You may be able to find attorneys who showed what you are looking for by going to observe court sessions on bankruptcy cases. You can then approach them and ask for an appointment to discuss further. And from this, you will be able to know much about the attorney to enable you make up your mind whether to hire them or not to take on your case.

Find an Attorney Who Is Not Overworked

You need to hire an attorney who is not overworked, and may therefore not have the time and patience to listen to you and take the complete details of your case. Working with an attorney with loads of briefs on his or her desk can leave you flustered as you will not be happy that they are representing you the way you want.

A little conversation with your prospective attorney before hiring them to handle your bankruptcy case can reveal whether they will have the needed time and patience for your case. You can ask them what they are doing presently, and how interested they are in handling your brief. Taking the time and effort to find a bankruptcy lawyer that best suit your needs will lessen your worries in the long run as you know that you are in good hands.

About The Law Office of James G. Roche

The Law Office of James G. Roche is the leading bankruptcy law firm in California, helping hundreds of clients who file for bankruptcy. At James G. Roche, our attorneys will take every measure to ensure that clients file for bankruptcy only when necessary. We will assign a bankruptcy attorney will work with clients on a one-to-one basis to preserve and protect their assets and pay creditors in the near future where possible.

Contact them at 888-380-3080 for a Free Bankruptcy evaluation.

For more information, visit them at http://thelaw007.com