Chapter 13 Bankruptcy, What Is It All About?

Chapter 13 Bankruptcy law enables individuals to repay some or all of their debts under a bankruptcy repayment schedule of 3-5 years. While Chapter 7 Bankruptcy involves liquidation of all unsecured debt, Chapter 13 Bankruptcy does not automatically discharge debts, but allow individuals to keep some of their belongings.

Filing for Chapter 13 Bankruptcy helps to stop home foreclosure repossessions, proceedings and end wage garnishments or creditor calls. In order to file Chapter 13 Bankruptcy, an individual should essentially have a constant source of income to meet bankruptcy repayment schedule requirements.

Working of Chapter 13 Bankruptcy:

With Chapter 13 Bankruptcy, individuals are required to create a bankruptcy repayment schedule and will require making the payment to the trustee. All the outstanding debts will be prioritized and paid according to the bankruptcy law. After opting for Chapter 13 Bankruptcy, debts will not be discharged instantly, but by the end of the bankruptcy schedule.

Why do you need Chapter 13 Bankruptcy Lawyer Atlanta?

Filing for personal bankruptcy has become more difficult with the new bankruptcy laws. By filing Chapter 13 Bankruptcy, many individuals who may be eligible for Chapter 7 Bankruptcy will now be forced to repay some or all of their debts.

Present bankruptcy is governed by centralized rules and regulations. Although you can file for bankruptcy on your own, it is always recommended to opt for Chapter 13 Bankruptcy Lawyer.

If you have made some mistakes and find yourself in financial trouble, you are like many Americans in today’s economy. You may have over extended your credit or just simply taken on too much debt. Don’t expect your credit card company to forgive the debt, but they might be willing to take forbearance and help you to try and recover from the problem.

If you have lost your job or have had some other financial emergency such as a medical issue, you may find yourself in financial position that needs some help. Many credit card companies are granting one or more types of forbearance for hard-pressed cardholders.

Forbearance is a postponement of payment and may last from 6 months to a year (or possibly longer). It may also include reducing your minimum monthly payment, reducing your interest rate or even eliminating some fees that were assessed on your credit card. Forbearance does not eliminate your debt but it may put it off so that you can try and recover from your financial difficulties. The Credit Card Company may report the delay to the credit bureaus but they might be willing to hold on the reporting. If you have had good credit then they may be more willing to work with you. If you have bad credit you may have to dispute this information later if it is reported incorrectly. This is only a temporary solution to your problem because eventually you will have to start paying back the credit card balance.

Credit card companies will try to work with you if you can provide them with the reason for your problem, giving them a chance to see that without the forbearance you might be forced to consider bankruptcy. Since credit card balances are unsecured loans and the credit card companies take a chance to lose everything if you file and are granted a bankruptcy, they often will try to work with you. This keeps their money coming in and keeps you out of bankruptcy court.

The secret is to not wait too long. If you see a financial problem coming, then contact your credit card company. This gives your more chance and more opportunities for your credit card company to work with you.

This will not fix your problem, only solving the cause can fix the problem. If you lost your job, you will need to get a new one. If you had a medical issue that caused the financial problem, then getting that problem either resolved or under control will help you get back on track. Whatever the reason, you are only getting some temporary help to get you back under control.

One possibility you might have considered when seeking help with paying your credit card debt is some type of loan. There are two types of loans that could be used: a home equity loan or a debt consolidation loan. Home equity loans are taken against the equity of your home. Because your house is used as collateral, you will be able to get a better interest rate. This is also risky, because now you could lose your home if you default on the loan. A debt consolidation loan does not require you to have a home, and it will usually carry a higher interest rate. Both types of loans require good credit scores to even qualify, let alone get good rates. Also, it is rarely a good idea to get new debt to pay off other types of debt.

Debt settlement is a much different option. Debt settlement can sound very appealing because settlement companies will promise to get you a great reduction of your debt. They will also charge you large fees which include a monthly fee until you are able to pay the settlement amount in full. Once you have gone through with it, you will have to pay taxes on the amount of forgiven debt. Often, fees and taxes will make up for any gain you received by settling your debt. On top of that, your credit score will likely suffer because of debt settlement.

Unlike a loan, a debt management plan allows you to keep your debt with your original creditors. Unlike debt settlement, a debt management plan provides you with the opportunity to pay off your debt in full, therefore not having to pay additional taxes. The way a debt management plan works is that the debt management company works with your creditors to reduce the interest and fees that you owe. More of your monthly payment will be going towards paying off your debt. You will pay one monthly payment to the debt management company who will then distribute your money in a way that will benefit you. You will be able to watch your balances diminish as you diligently make your payments. This will provide you with the accountability and support you need to pay off that pesky credit card debt.

A final option for credit card debt is bankruptcy. This option is not for everyone as only the most severe situations qualify. Also, a bankruptcy will remain on your credit score for 7 years, disqualifying you in many cases from future purchases on credit. If you think that bankruptcy is your only option, consider talking to a credit counselor before you talk to an attorney to see if there might be a better way to work on your credit card debt.

If these options leave you confused or overwhelmed, talk to an accredited credit counselor. They can walk you through these possibilities and make recommendations based on your situation. Being informed will help you make the best decision.

One possibility you might have considered when seeking help with paying your credit card debt is some type of loan. There are two types of loans that could be used: a home equity loan or a debt consolidation loan. Home equity loans are taken against the equity of your home. Because your house is used as collateral, you will be able to get a better interest rate. This is also risky, because now you could lose your home if you default on the loan. A debt consolidation loan does not require you to have a home, and it will usually carry a higher interest rate. Both types of loans require good credit scores to even qualify, let alone get good rates. Also, it is rarely a good idea to get new debt to pay off other types of debt.

Debt settlement is a much different option. Debt settlement can sound very appealing because settlement companies will promise to get you a great reduction of your debt. They will also charge you large fees which include a monthly fee until you are able to pay the settlement amount in full. Once you have gone through with it, you will have to pay taxes on the amount of forgiven debt. Often, fees and taxes will make up for any gain you received by settling your debt. On top of that, your credit score will likely suffer because of debt settlement.

Unlike a loan, a debt management plan allows you to keep your debt with your original creditors. Unlike debt settlement, a debt management plan provides you with the opportunity to pay off your debt in full, therefore not having to pay additional taxes. The way a debt management plan works is that the debt management company works with your creditors to reduce the interest and fees that you owe. More of your monthly payment will be going towards paying off your debt. You will pay one monthly payment to the debt management company who will then distribute your money in a way that will benefit you. You will be able to watch your balances diminish as you diligently make your payments. This will provide you with the accountability and support you need to pay off that pesky credit card debt.

A final option for credit card debt is bankruptcy. This option is not for everyone as only the most severe situations qualify. Also, a bankruptcy will remain on your credit score for 7 years, disqualifying you in many cases from future purchases on credit. If you think that bankruptcy is your only option, consider talking to a credit counselor before you talk to an attorney to see if there might be a better way to work on your credit card debt.

If these options leave you confused or overwhelmed, talk to an accredited credit counselor. They can walk you through these possibilities and make recommendations based on your situation. Being informed will help you make the best decision.

If you struggle with making your credit card payments, you might be considering bankruptcy. Many people, however, go to this option more quickly than they ought. Bankruptcy will hurt your credit and prevent you from qualifying for buying a home or a car for the next several years. If you are in a case of extreme debt and have not been successful with other methods, it might be right for you.

Another option that you might be considering if you are unable to pay your credit card bills fully is debt settlement. Debt settlement can hurtful to your credit history. If you decide to work with a debt settlement company, you will be charged large fees for their services. They often require their payment up front as well. Any forgiven debt that they are able to get for you is also subject to taxes which will greatly cut into the savings you might have had. Debt settlement is not the bargain that it seems and is rarely worth it.

A third and more versatile option that is available to help you with credit card payments is working with a credit counselor. By talking to an accredited credit counselor in person or on the phone, you will be able to get a better assessment of your current situation. The counselor can walk through the decision you have and let you know the pros and cons of each option. They can answer the questions you have so that you can make an informed financial decision.

Most counselors will not advise bankruptcy or debt settlement. Instead, they will probably show you a more beneficial option: the debt management plan. A debt management plan allows you the opportunity to pay off your debt in a reasonable amount of time and often to lower your monthly payment to a more reasonable level. This can happen because the debt management company works with your creditors to get you better interest rates and lower your fees. The debt management plan will also allow you to pay one convenient monthly payment to cover each of your credit card bills.

The best step you can take to getting help with your credit card payments is to talk to a credit counselor. They deal with situations similar to yours on a regular basis and know exactly what you are going through. They can advise you on what steps you might be able to take to lower your interest rate which is the contributing factor to high minimum payments, as well as deal with the underlying problem of the debt itself.

Credit Counseling Services:

Credit counseling services are designed to help you take a long had look at your financial situation and decide what’s best for you and your future. Most will guide you through your finances and see if it’s a t all-possible to pay back your debt to avoid filing for bankruptcy in the first place. The nice thing about using this type of service is that it allows you to learn how to better manage your finances, while allowing them to handle your creditors to set up payment plans and even have some of your debt forgiven.

There are two types of credit counseling services: the pay for and the non-profit service. Both services are virtually the same, except that one is typically free, or very low-cost and one is not. Be very careful when choosing a service t be sure that they are qualified to handle your specific situation and can actually help you get out of this important financial bind.

Bankruptcy Lawyers:

Once you and your credit counselor determine that bankruptcy is your best option, it’s time to find a good lawyer who specializes in bankruptcy in your state. Although they can be a bit pricey, especially for someone who is already in debt, their services are vital to ensure that the process goes smoothly and is handled properly. Bankruptcy laws can be very different from state to state with mounds of legal paperwork t complete, so be sure that the lawyer you choose is an expert in this field. Remember, attorney fees cannot be included in your bankruptcy debt, so you’ll need to pay these fees upfront.

Pre-Filing Services:

Maybe the most important bankruptcy service you’ll need is a pre-filing service that is capable of stopping any home foreclosures ad repossessions during the bankruptcy process.

Whatever bankruptcy service you choose to help you through this tedious and often confusing process, make sure the are qualified to help you determine which type of bankruptcy you qualify for and move the process along as quickly as possible.

It’s important to have all of your paperwork filed out correctly before filing with the court. That’s what your bankruptcy service is for. What else should your service or lawyer do?

Here’s a sample of what to expect:

-The service you choose should help you work out an affordable repayment plan.

-They should help you work out an after bankruptcy plan in order to maintain your payments.

-They should help you determine what assets you can legally retain and which must be sold.

If you are encountering the stress of mounting credit card indebtedness and if you find yourself at a loss how to pay all of your bills and not fall back on credit for your everyday expenses, you need help. Fortunately, there are quite a large number of organizations that are specifically geared to helping debtors in need of a hand up. It does not matter if you are battling sudden medical bills, a loss of income, or simply came to grips with the fact that for a long time you have been living beyond your means. Help is available for all.

Perhaps the most commonly sought out form of assistance is that from a debt negotiator. These trained professionals will provide debt settlement services to clients, and while negotiating with creditors, they have the debtor clients’ best interests at heart. Unlike bankruptcy, credit card debt settlement has the power to keep your credit profile and rating largely intact, while at the same time drastically reducing the amount of money that is owed. What is more, monthly payments are cut down, and the debt is scheduled for complete repayment in three to five short years.

Credit card debt counselors also have the knowledge to get credit card interest rates greatly decreased, and furthermore offer valuable advise how to become and remain debt free. The restructuring of the credit card debt has the power to make the retention of valuable assets, such as a home, much more likely, since the freed up funds can now be allocated to paying the mortgage and other expenses. Of course, debt settlement agencies cannot get started on your amount of indebtedness until you contact them.

This is a viable alternative to bankruptcy, and if you are currently contemplating filing for a Chapter 7 or Chapter 13, it might be a worthwhile idea to contact a debt settlement agency first. Remember that after the recent crackdown on bankruptcy rules the repayment requirements have been strengthened, and while in years past there might have been a virtually instant clean slate, it is now entirely possible to file for bankruptcy, be required to repay the debt over a period of time, and still end up with the adverse bankruptcy notation on your credit file. Check out all of your options prior to making such an impactful decision.

In order to find out more about credit card debt settlement, you can visit our site www.debt-settlement411.com.

No Charge for your initial consultation or subsequent consultations.

Most cases are handled on a flat fee basis – No surprises.

Special low income rates, some of our clients qualify for the filing fee waiver which we file for all Debtors who qualify.

Flexible payment plans – we work with all budgets – the client decides what payment plan works for them.

Our attorneys have expertise, our firm goes beyond filing, we utilize every opportunity in Bankruptcy i.e.
Avoid Liens on Property, Redemption, Selling real estate in Bankruptcy.

Massachusetts Bankruptcy Center has locations throughout Massachusetts, our team of attorneys and support staff are here
to help you through this difficult process by explaining to you how bankruptcy works, and what will be required for your
specific case, including advising you how much it will cost you from beginning to end and how long the process will take
to conclude. Please explore our website for more information, or give us a call for a confidential no-cost consultation.
Attorney Richard S. Ravosa and Town & Country Legal Associates will be happy to take your call.

Foreclosure

Foreclosure is the process where a bank or other lender or creditor can take your home or other real estate away from you because you have fallen behind on making the payments when they became due. This can be a very stressful and difficult time from a financial and emotional perspective, due to the fact that to you, your house is a home, but to a creditor, your house is their investment. If you are facing foreclosure, or have received demand letters from your bank or their attorneys for past due amounts owed on your mortgage, you should contact us immediately so we may be able to determine what stage of the process you are in and advise you accordingly.

For more details visit us

The worse thing is that you can get declined by lenders and banks when you try to apply for a loan that is supposed to help you get out of bankruptcy.

Despite this fact, there are still many other companies that offer their services and resources. There are a lot of them who advertise that getting a credit card after bankruptcy is the best solution.

Now, this can be tough knowing that you will be more possibly declined by them because of your poor credit history. But, of course, like all other things, there is still hope.

This has become a very profitable business recently that is why getting a credit card has become a little easier.

The first thing to do is find the best credit card. This is much easier done over the Internet – with just a few clicks, you can easily compare credit card features from different companies.

Select the one which best fit your needs and one which you can easily pay for each month so you do not go into more debts.

You should remember some important points when getting a credit card after bankruptcy. Check out how much its interest rates are and, most especially, how much the application fees cost.

You also have to make sure that the card issuer would give out reports to the three major crediting bureaus.

If you plan to repair your credit history, you have to be sure that all your efforts in paying on time do not go to a waste.

Using a credit card after bankruptcy is rather tempting. After you have gone for a few weeks or days with only a little spare cash, one cannot help fighting the temptation of buying many things which are most of the time unnecessary.

Be sure that you keep away from these situations. Remember that you applied for a credit card to help get you out from your financial problems, not add to it.

When applying for a credit card, you also have an option between secured and unsecured credit cards. The decision is really just up to you but you have to weigh in the advantages and disadvantages before getting any type.

If you follow these simple guidelines, you should be able to get the best credit card after bankruptcy. And when you do, you are sure to get more savings and get out of your financial mess.

Credit card debt has been a main concern of the United States. It has grown so far that many are forced to file statements of bankruptcy. Some may think that bankruptcy is a fairly great solution in order to eliminate credit card debt but if they are aware of the real outcome they would, perhaps stop even dreaming about it.

Many of the Americans do think about the state which they have fallen once they are far down the lane. It is equally important to point out the negative aspects of it. Mainly you will not receive any financial privileges as a result of bankruptcy which will pull you into a desperate situation for the next 10-15 years. Also as your reputation will be destroyed which will not only harm your financial background but also ruin your personality.

So, if this is such a drastic situation what can you do to prevent credit card bankruptcy? Your can always go for a debt settlement which now is completely legal. By this practice you will be surely eligible to release your financial worries as you will see a clear decrease of the ones chasing behind you!

So you could contact a debt settlement company in order to negotiate your debts which the company will do on behalf of you. They will speak to your creditors and come to a settlement of your debt in about 50-60 percent which will greatly relieve you from trouble.

As you see here there is completely a fair opportunity in capitalizing over your debt. So don’t ever think of a statement of bankruptcy as you have a great option a click ahead. So be intelligent when you are specially dealing with your debts and make sure that you visit the debt relief network in order to engage yourself with a pioneer of debt relief!

If you are deeply in debt and are looking for legitimate ways to control and eliminate your financial obligations then a debt settlement could be the answer. Consumers can expect to eliminate 60% of their unsecured debt on average with the help of a legitimate debt settlement company. To find established and proven debt relief companies in your state check out the following link:

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