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Can A Person Be Successful After Bankruptcy?

February 28, 2012 By Leave a Comment

The purpose of a bankruptcy is to help a consumer relieve himself or herself from crushing amounts of debt and allow the person to finally begin to live a debt free life.

The decision to file for bankruptcy is difficult for many reasons but as soon as a person decides to get our from under debt, they will once again take control of their life.   Asking a bankruptcy attorney for credit card debt help, protection from foreclosure, and relief from the harassment of creditors is a responsible move and can be seen as the first step toward the needed relief.

 

Debt Relief With Bankruptcy

Debt Relief With Bankruptcy

Many now successful people that we would not think have filed for relief did so in fact to start over and fully follow their dreams.  Here are some of history’s most famous examples of people who wiped the slate clean and became the massive successes we know them as today.

1. Henry Ford filed for bankruptcy after his Model T prototype failed.  Getting rid of his debts allowed him to reorganize his finances and start the Ford Motor Company.

2. Milton Hershey had to file bankruptcy after his first attempt at opening a candy shop. Once he got rid of his debts he was able to open up the Lancaster Caramel Company and become one of the biggest candy makers in the world.

3. Walt Disney had to file for bankruptcy protection after many failed attempts at making movies. After filing, he created Mickey Mouse and released “Steamboat Willie,” launching him into success and allowing him to become a legend that young and old still love.

Though these three people are all very different,  but they share a common beginning.  They all knew that in order to succeed, they must first get help with their debts.  Simply by seeking help and getting rid of their debts allowed them to become some of the biggest successes in American history.

These three aren’t the only ones who’ve seen great success after bankruptcy. Many actors and actresses, professional athletes, and even business people have found bankruptcy to be fundamental in their success.  George Foreman, Willie Nelson, Cyndi Lauper and Donald Trump are just a few of these celebrities and like these there are many more famous people who have sought protection from their debts.    People who have filed bankruptcy, celebrity or not, have some of the greatest success stories this country has ever known.

The famous people who’ve filed for bankruptcy can teach us something.  You must do whatever you need to do to follow your dreams.  If that means seeking an attorney to help with a bankruptcy and help with credit card debt, protection from foreclosure, and relief from your creditors, then so be it.  Your bankruptcy can be the inspiration for your future success too.
“The size of your success is measured by the strength of your desire, the size of your dreams, and how you handle disappointment along the way.”  -Robert Kiyokaki

Filed Under: Bankruptcy, Debt, Debt Help, Debt Relief, Foreclosure, Getting out of Debt

Work With A Legitimate Credit Card Debt Consolidation Company

December 7, 2011 By 6 Comments

Almost all American’s are infected with the habit of making their indiscreet use of credit cards that eventually incur them an overwhelming credit card debt.  When people are under the burden of outstanding credit card debt and want to come out of it, they can pursue credit card consolidation.  Credit card consolidation is a process that allows you to consolidate all your credit card bills into a loan that offers low interest rate.  However, you can consolidate your credit card debt on your own, or you can hire the services of a credit card debt consolidation company

Role of a legitimate credit card debt consolidation company:               debt counseling

A credit card debt consolidation company works as a negotiator.  They act as a buffer between the debtors and the collectors  and try to reduce the pay off amount of the debt that is acceptable to the creditors.

A credit card debt consolidation company also negotiates with creditors to reduce the interest rate,  penalty fees and other charge-offs in order to fix the debt at an affordable repayment amount.

Once the creditors agree to the negotiated payoff amount, the consolidation company helps the debtors to pay off all their debts at once. They arrange for a loan with lower interest rate than the credit card bills and consolidate all the bills into the loan.

It is always beneficial to hire the services of a credit card debt consolidation company as they can effectively negotiate with creditors and reduce the principal amount of debt. But it is essential to hire a legitimate company. These days there are many companies who charge an upfront service fee promising the debtors to consolidate the debt and reduce the payoff amount, but ultimately do nothing. These scammers are always ready to prey on the debtors, so to avoid them follow a few simple tips.

Tips to hire a legitimate credit card debt consolidation company:

To find out a legitimate credit card debt consolidation company, contact the National Foundation of Credit Counseling. This organization can provide you valuable information about the debt consolidation company and can also provide you a list of debt consolidation counselors nationwide.

Also contact the Better Business Burea  to determine the reputation of the company, and find out if any serious complaint has been filed against it.

Visit the attorney general in your state and find out about the image of the debt consolidation company in the market. The attorney general can also tell you whether or not the company is licensed to operate in your state.

Make sure the debt consolidation company you consider goes through your finances before offering a solution. Do not choose a company that suggest you what to do without knowing your financial background.

In conclusion, you can succeed in consolidating your debt if you hire the services of a debt consolidation company. But it is necessary to work with a legitimate company, or else you will get into a worse fiscal situation.

“It’s not the having, it’s the getting” -Elizabeth Taylor

 


		

		
Filed Under: Bankruptcy, Debt, Debt Help, Debt Relief, Foreclosure, Getting out of Debt  

	

	


				
Divorce, How Will It Affect My Credit?

		
		
December 2, 2011  By  7 Comments 
		

			
How Will My Credit Be Affected? How does divorce affect my credit?    Well this is a subject for much thought.  I did some research and found interesting information to write about.   I want to share this information with you. Let’s talk about the what can happen with your credit if you have to go through a divorce.  Divorce is an uncomfortable subject but nonetheless, people go through separation and divorce every day.  This is very common in our society.  There are many things displaced because of the situation, and one of them is without a doubt your credit.


You should know that even the most friendly of divorce can leave you in financial distress. During your marriage, you probably, merged all of your finances, from your bank accounts, credit accounts, loans, gym memberships to ownership of your home.  Everything together because that is what most couples do. Its most likely that one of the partners took most of the responsibility when it came to paying bills, which left the other person in the dark about what was paid and how much. When you are married and committed, this arrangement is common but when the marriage goes to divorce, these common place arrangements contribute to and become credit problems.


If you are headed for divorce, worrying about your credit score and making payments may be the last thing on your mind.  However, even during the most difficult times of our lives, the world keeps spinning, life goes on and the fact is, divorce can greatly impact your finances and credit history. If you are seeking or have finalized a divorce, it is time to assess what needs to be done to preserve or restore your financial reputation.

Here is some advice you may consider before and after your separation.


When you get a divorce, it is your marriage that is ending and not the responsibility you have together to make payments. Even if your spouse is responsible for some or most of the debt  incurred even without your knowledge during the marriage, you may be held responsible for it after the divorce.

This can be avoided if you take the proper actions and sever all financial ties with your ex spouse.  This is the norm and in most situations the ex spouse will be more than happy to cooperate due to the fact that each wants to get on with their lives.  This is true of the ex spouse, but not the creditors. That is why it absolutely necessary to cut financial ties sooner rather than later.


Remember credit accounts are reported for each individual associated with that account, so if you are listed as a joint owner, cosigner, or authorized user, you must deal with that account before the divorce. That means closing the account completely by paying it off or ensuring that one name is totally removed from the account.


Many divorcing couples are confused by the role of the divorce decree. A divorce decree may specify who is responsible for accounts opened during the marriage, but it does not break the contracts with the lenders. There is still responsibility as long as your name is on the account.

If the spouse responsible under the divorce decree is unable or unwilling to pay and the contract has not been changed by the lender, the late payments still will appear on both credit reports and will have a negative impact on credit scores for both individuals.

The missed payments can occur years after the divorce and still will be reported for all individuals associated with the account. That certainly can be an unpleasant surprise.

In some cases, vindictive behavior during the divorce by one or both spouses can have a very direct, very negative impact.

An angry spouse may try to hurt their soon-to-be former wife or husband by making large credit purchases on joint accounts with the intent of punishing the other person with huge debts or wrecking their credit history.  What they usually do not understand is that by doing so they also likely will destroy their own credit history at the same time.


There are many situations that can affect one’s credit report.  Best advise would be to keep a constant vigil on your credit.  There are many ways and many programs that are available to monitor your credit.  Especially under a separation situation, it is best to be in full control of your credit.  Problems may still arise but the element of surprise will not be a factor.


“Credit is like a looking-glass, which when once sullied by a breath, may be wiped clear again; but if once cracked can never be repaired.” – Sir Walter Scott


Marilu Nieto, The Home Biz Diva, is an experienced Real Estate Broker having helped countless families in the span of 24 years of service. If you would like more information regarding debt relief and debt relief services, visit my informative site at Consumer Debt Relief Info


I WAS SEARCHING FOR FINANCIAL FREEDOM AND I FOUND IT AT BestMoneyMakingOnlineSite

		

		
Filed Under: Bankruptcy, Debt, Debt Help, Debt Relief, Foreclosure  Tagged With: , , , , ,  

	

	


				
Have You Been Scammed By a Debt Repair Company?

		
		
November 6, 2011  By  5 Comments 
		

			
The Home Biz DivaLet’s talk about credit repair scamms. Of course scamms are illegal but none the less they exist.


It is established that derrogatory credit can not be removed from a credit report if it is reported correctly and if not enough time has elapsed since the recording. That would be around 7 years for the majority of the derrogatory credit and 10 years for bankruptcies.


It is also a well known fact that the credit repair companies claiming to clean up bad credit within 3 months, six months, one year, etc. is advertising misleading information.


Well then why are these advertising gimmicks still employed and why is nothing done to stop them.


Every day you can find advertising trying to fool consumers that have poor credit histories. Scammers prey on consumers in this vulnerable situation.


First and foremost, the public has got to be aware that the poor credit can not be cleaned up. No matter how much money is paid for the service and it does not matter what company is employed.


Here are a few warning signs offered by the Federal Trade Commission. (FTC)


    

  • The credit repair company wants payment up front before they take your case.
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  • The credit repair company recommends that you do not contact any of the credit bureaus directly, but leave it all in their hands.
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  • The credit repair company does not review with the client, the legal rights of the client.
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  • The credit repair company does not inform the client that he or she can accomplish what can be accomplished on their own for free.
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  • The credit repair company advises the client to invent a new credit identity by applying for and EIN number, Employment Identification Number to use instead of a social security number.
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  • The credit repair company advises for the client to dispute all derrogatory credit whether reported correctly or not.
    • 



The majority of this advise or methods to clean your credit is illegal. The client maybe committing fraud by employing these methods.


Another thing to remember is that if a person applies for a credit by telephone, mail or internet and knowingly enters false information, they may be guilty of a crime. This would be mail or wire fraud.


So you see, not only would these scammers be taking a persons money, but may potentially expose the person to an illegal action.


Take note, the following is good information to have:


    

  • It is illegal to lie on any loan or credit application.
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  • It is illegal to intentionally misrepresent your social security number.
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  • It is illegal to obtain a EIN number from the IRS under false pretenses.
    • 



Any and everything a credit repair company can do for you, you can do for yourself at little to no cost.


The best advise to be given in this article is that if you are not sure, contact a credit counseling agency. They can give you more detailed information and you will not run the risk of paying for a service that can not be given to you by a company that can not legally give you service.  The internet is all about information.  Research and find out what you can do to improve your credit. Whatever can be done to improve your credit you can do it yourself. 


“A person’s credit report is one of the most important tools consumers can use to maintain their financial security and credit rating, but for so long many did not know how to obtain one, or what to do with the information it provided.” -Ruben Hinojosa

		

		
Filed Under: Debt, Debt Help, Debt Relief  

	

	
	


				
Debt Relief: How Can Debt Relief Assist Me?

		
		
October 20, 2011  By  Leave a Comment 
		

			
01313004580_debtpicture.jpgPersonal debt is on the rise, with national consumer financial debt levels higher than ever prior to. Whilst many people would love to be out of debt, numerous are without the solid strategy and stalwart support needed to accomplish the goal of becoming financial debt totally free. Debt relief programs connect you to experts within the area that have walked numerous people inside your condition through to financial freedom. Additionally, they offer focus and clearly outlined monetary objectives that allow you to remain on track and measure your progress inside a sensible manner.

Debt relief is a broad subject that requires further definition, as it encompasses many various aid options that cater to individuals in various financial states and stages of life. Depending on the particular debt relief strategy you select, a specific procedure will probably be set into motion to help you accomplish your monetary goals rapidly and certainly. The many benefits associated with debt relief are sufficient to make it worth your while. Basically, debt relief can save you time, money and can provide priceless peace of mind.


Debt Relief Defined


At its core, debt relief is the partial or complete forgiveness of debts. While it may seem inconceivable that a creditor would be willing to relieve a portion of one’s debt, the truth of the matter is the fact that it happens every single day. The bottom line is that creditors have little chance of collecting incredibly large sums of cash from consumers who merely do not have the funds to pay. In this situation, creditors have two choices. They can:


 Turn your debt over to a assortment agency; receiving just pennies around the dollar in payment

Operate with debtors to negotiate a feasible settlement that’s much more than collection agencies would pay but far less than the authentic quantity owed.

Collectors are out to make a living, just like everybody else. When faced with the option of assortment companies or debt relief negotiations, they are highly likely to select the latter choice. Debtors can often slash their complete amount owed by up to 60% if they’re prepared to enter into one of many numerous varied debt relief applications available.      


Basically, debt relief is taking ownership of one’s present monetary situation, while at the same time creating educated and decisive plans to eliminate your debt in a pre-determined period. Debt relief is really a proactive and healthy means of moving your self forward towards a fiscally bright future.


Debt Relief: How Does Debt Relief Work?


Every various debt relief option has its own individual procedure to walk via. However, they do all share some typical ground that can be utilized to give consumers a broad concept of what to expect. The very best way to believe of debt relief is to see it as a comprehensive, wrap-around strategy to solving your present financial difficulties. This wrap-around strategy includes credit counseling, representation, payment help and education/financial planning tools.


Soon after making first contact with a debt relief company, you will be granted a free initial consultation in order to clearly outline your current monetary scenario and plot a course toward meeting your personal monetary objectives. During this consultation, you’ll select the particular debt relief plan (i.e. settlement, consolidation, bankruptcy, etc.) that you simply wish to utilize in order to change your negative monetary scenario. Subsequent, you will be introduced to a professional in the field which will represent you throughout negotiations with creditors or before judges in a court of law. Subsequent, you will probably be connected to the monetary help you need. For instance, in the event you need to take out a consolidation loan, you are able to often do this directly through your debt relief agency.


After all the negotiations are complete and your accounts are paid off at dramatically reduced amounts, you’ll repay your debt relief agency by way of pre-determined month-to-month payments which are specifically designed to fit within your current financial constraints. Finally, your debt relief agency will operate with you to be able to structure your spending and investment habits in order to ensure that you stay out of debt and start to build a nest egg to be able to help you accomplish future goals and dreams.


From begin to finish, debt relief works to assist you to take dramatic yet practical actions toward becoming financially independent and prosperous.


The Benefits of Debt Relief


One of many primary benefits of entering into debt relief programs is the reality that you’re no longer alone in your struggle to obtain out of financial debt. Skilled and experienced debt relief experts can counsel you on your best course of action, can keep you accountable to making your payments, can go to bat for you in negotiations with collectors and can mentor you on proven strategies for budgeting and investing your cash.


Whenever you enter into debt relief programs, the harassing phone calls from collectors will cease. The threatening letters in your mailbox will stop. The dark cloud looming over your head will start to dissipate. In addition, all of the late fees that are commonly accrued via missing monthly minimum payments will end. This can conserve individuals inordinate quantities of money, as individuals in monetary crisis tend to amass late fees at an alarming rate of speed.


It’s not uncommon for people working with debt relief companies to reduce their complete monies owed by as much as 60% of their original amount. This poses an extreme benefit for individuals which are struggling with finances and unable to obtain ahead. Debt relief permits you to cease living paycheck to paycheck by decreasing your complete client financial debt amount. Further, it teaches you to earn, save and spend inside a healthy and sustainable manner.


Once you have carefully considered each of the numerous debt relief options available to you, the journey of steadily walking toward financial freedom can start. Whilst debt relief isn’t a magic cure for debt, it’s a very real means of regaining monetary control and steering yourself towards the realistic goal of turning into debt free.

		

		
Filed Under: Debt Relief  Tagged With: , , , , , ,