Posts Tagged bankruptcy
testimonial2
Kathleen had good credit until she was 59 years old and got caught in the housing bubble. After selling two homes for less than she imagined, Kathleen fell behind on her bills and moved from California to Texas. Eventually she found a great job; but it wasnt paying enough to cover her rent, living expenses and her mounting debt. That’s when she decided to call Allmand and Lee who not only helped her file bankruptcy; but even helped her file her taxes. Kathleen received a large tax refund that was enough to cover the costs of her bankruptcy.
if you stop paying your credit card bill, will the bank negotiate a lower pay-off amount with you?
Posted by admin in Credit Cards on December 29th, 2009
Would it make sense to do this instead of filing Ch 7 bankruptcy?
My friend told me she stopped paying her credit card bill and they finally negotiated her balance down to $1200 from $8000.
I’m considering filing ch 7 bankruptcy anyway which would obliterate my credit..
Would this be a BETTER option?
Is it worse or better for your credit?
Credit Card Bankruptcy – The Hidden Truth
Posted by nick in bankruptcy on August 2nd, 2009
This growing state of economic recession in the world is mostly due to waste of money through the credit card companies and debtors. Most of the people all around the world are incurred in credit card debt one way or the other, and the misfortune here is that there are ample of misleads and misconceptions out there, both by credit card companies and well-meaning individuals. I am aiming this article to clarify some of these misconceptions and how credit card bankruptcy can be avoided.
What you should keep in mind, that credit card companies evolved in the first place because they want to make as much money as possible. In general, the deeper you are in debt, the better it is for them to make large amounts of money from you. You should always make sure that you at least pay off a larger amount then the suggested monthly minimum payment each month.
The worst thing you could do while you are in debt with the credit card company is to just pay off the monthly minimum each month. This money is actually just paying off the interest you have accumulated, and hence is the best case scenario for the credit card company and the worst case for you. Rarely your payments go off to paying your actual debt, and hence the credit card companies keep on making money from you.
There are many people who believe that the prime goal of a credit card company is to drive you to bankruptcy. This is a really wrong assumption; the truth is that they would want you to find a way to not end up filing bankruptcy. What they would want is to keep you in a financial condition where you could remain in debt to them, and keep making payments, not to a state where you end up paying less then the total you owe because that’s the case in bankruptcy. They want you to make continuous payments, so they can make profit off you and earn money.
A good proof of the above mentioned argument is that as you quickly pay off your debt, the credit card company increases your spending limit to encourage you to spend more, and hence always be in debt to them. The people they hate the most is the one who never charges anything on their credit card.
The actual truth is that credit card can be used wisely as a useful tool in this increasingly cashless society. There are always consequences of not being careful, and this carelessness can drive you to credit card bankruptcy.
Why Consolidation Your Credit Card Debts
Posted by admin in Consolidation on March 29th, 2009
Most of the people think that credit cards are convenient by making life easier. However, credit card companies are taking major steps for promoting their credit cards. People think that while carrying credit card with themselves they don’t need to carry too much cash with them. This is true but one more truth is that while using credit cards for their personal purposes people are getting buried in debts.
People realize the drawbacks of credit card when they could not afford to pay off their credit debts. This can change your good credit score into bad credit score and it will also effect on your financial status and stability.
Although it’s not easy to deal with this kind of problem but it’s not impossible. For handling such kind of situations you to look for easy ways and solutions for managing your credit debts.
Credit debt consolidation programs are one way of managing situations like these. With this type of program you can easily borrow money or loan to settle all your debts without any hassle and trouble. Debt consolidation companies will combine all your credit debts and will turn them into one. The end result would be you will receive single bill every month against all your debts. This is far better than having multiple bills at the same time.
Some debt consolidation programs allow flexible payments. You can increase your payment anytime when you think you can afford it. A proper debt consolidation program will help you reduce credit card bills so you can pay off all your credit card debts.
Make sure after getting out of the trap of credit card debts you don’t get stuck into it in the future.