Posts Tagged ‘credit repair’
Credit Counseling vs Bankruptcy
http://www.MtgMinute.com In this Mortgage Minute, Credit Counseling vs Bankruptcy, I compare and discuss not well known facts about Credit Counseling and Bankruptcy that could have major consequences in your life.
In this Mortgage Minute series I will give you specific useful ideas as well as background so you can be confident in your broker while avoiding many of the headaches and problems that typically occur in a purchase or refinance transaction such as Your Credit, Credit Repair, Credit Counseling, Credit Cards, Identity Theft, Credit Theft, Bankruptcy, and Foreclosures. I’ll also share with you my own perspective on the Mortgage Industry as it exists today and how changes in the Mortgage Industry Regulations can hurt you if you’re not aware.
Duration : 0:2:32
Bankruptcy Protection: Chapters 7, 11 & 13
http://creditrepairnow.net/know-the-difference-between-chapter-7-chapter-11-chapter-13-bankruptcy/
If you are facing a bankruptcy, it is important to know how the law views your choices. Most people choose between either Chapter 7 and Chapter 11 bankruptcy, as Chapter 13 is for debtors who own a business, and want to file for bankruptcy without placing their business at risk. A feature of bankruptcy is an automatic stay that requires creditors to immediately stop all actions to collect a debt, take possession of collateral, enforce a lien, or collect receivables. As a caution, if you believe you are going bankrupt, it is not a good idea to max out all of your credit cards right before doing so. The court sees this as abuse and may not allow you to include those debts in your bankruptcy. In general, bankruptcy judges have become harder on people because there have been so many abuses to the system.
Chapter 7 bankruptcy involves liquidation. Your monthly income must be equal to or less than the median income for your size of household in your state. You can locate this number at census.gov. If you are eligible, you can liquidate your prior debts and start over. You will lose some of your property, but will be allowed to keep part of the equity in your home, a reasonable amount of clothing, a few hundred dollars worth of jewelry, and your pension. While various states have different rules about what you can keep, in general, you are able to retain items needed for daily living. The remainder of your assets will be liquidated for distribution to your creditors, who mostly receive only a small percentage (if any) of what is owed them. Certain debts are not dischargeable and survive bankruptcy, such as some income taxes that accrue prior to bankruptcy, alimony and child support payments, criminal fines, student loans, and fraudulent debts. Also, you can not apply again for a Chapter 7 bankruptcy for six years. The current fee for filing is $245 plus about $54 for other fees. Legal fees can range from $1,200 to $1,400.
Chapter 11 bankruptcy normally allows continued control of business operations as a debtor in possession, and is subject to the oversight and jurisdiction of the court. This affords the debtor in possession a number of mechanisms to restructure their business. A debtor in possession can acquire financing and loans on favorable terms by giving new lenders first priority on the business’ earnings. The court may also permit the debtor in possession to reject and cancel contracts. Debtors are also protected from other litigation against the business through the imposition of an automatic stay. While the automatic stay is in place, most litigation against the debtor is stayed, or put on hold, until it can be resolved in bankruptcy court, or resumed in its original venue. If the business’s debts exceed its assets, the bankruptcy restructuring results in the company’s owners being left with nothing; instead, the owners’ rights and interests are ended and the company’s creditors are left with ownership of the newly reorganized company. All creditors are entitled to be heard by the court. The court is ultimately responsible for determining whether the proposed plan of reorganization complies with the bankruptcy law.
Chapter 13 bankruptcy is a repayment plan that allows people with a regular income to make a plan to pay some or all of their debts. You propose a repayment plan to pay your creditors over a period of three to five years. This plan must be approved by the bankruptcy court. If it is, you will be able to reschedule secured debts to make them more payable. Any remaining disposable income must go to paying off unsecured debts, such as credit cards. Usually you don’t have to pay off these debts in full. A downside of this type of bankruptcy is that many people are unable to follow through with the plan and have to convert to a Chapter 7 bankruptcy. An upside is that Chapter 13 allows you to eliminate, reduce, or pay major nondischargeable debts over an extended period of time. It also includes taxes payable. Certain asset classes are protected that would be lost in a Chapter 7 filing. A Chapter 13 bankruptcy stops interest charges on your account. Future creditors may view a Chapter 13 bankruptcy more favorably than a Chapter 7 bankruptcy, because you are making an attempt to pay off your debts. Currently, the fee for filing is $235 plus $39 for other costs. Legal fees can range in the area of $3,000.
The Bankruptcy Reform Act of 2005 requires you to receive credit counseling before filing for bankruptcy. A competent non-for-profit counselor can help you determine if bankruptcy is right for you. By making a debt management program with the counseling agency, you might be able to avoid filing for bankruptcy. In the long run, this will be better for both your credit score and your assets.
http://creditrepairnow.net/
Duration : 0:6:8
Unsecured Credit Cards – Bad Credit Ok – Guaranteed Approval
Credit Cards Available For Bad Credit. No credit check, no application fees, guaranteed approval. Credit cards with high credit limits, and fast approval. credit repair, “unsecured credit cards, real estate” “bad credit” “raise credit, “real estate investing” “build credit” “line of credit” “cash advance” “personal loans” loans “no money down” credit card, bad credit, credit report, credit federal, credit cards, free credit report, credit score, credit loan, credit unions, dean graziosi, bad credit loans, business credit, credit repair, fix credit, mortgage, bank, card, credit, loans, finance, debt, banking, financing, rich dad, bankruptcy, credit loans, visa, poor credit, rebuild credit, improve credit, raise credit, fix credit
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Credit Cards For People With Bad Credit ~ Get Approved
Welcome! http://www.creditsource.weebly.com my guide will show you the exact steps that will allow anyone to qualify to get a low rate (6.7%) major bank credit card even if you’ve had bad credit, no credit, low income, age, etc. This is real world guidance, not some puffed up nonsense. There are absolutely no complicated things to learn, letters to write. Everything has been broken down for you so all you have to do is apply and sit back and receive your major credit cards. Limits of $2,500-$5,000 per card… Visit the site today.
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Eliminate Credit Cards and Debts Without Consolidation, Bankruptcy or Bad Credit
http://www.thedebteliminationkit.com Eliminate Your Debt & Force Your Creditors to Reduce Interest Charges… Instantly! A 100% complete package that empowers ANYONE to create a debt reduction plan and reduce the amount of interest they pay creditors With ZERO Negotiating!
Save Money Today By Eliminating Unnecessary Interest… Without Refinancing or Even Contacting Creditors!
The Debt Elimination Kit takes all of the things that I have learned, and transforms them into a simple done for you solution. Instead of giving you a whole lot of things to read and learn, I condensed everything and even created software that takes all of the geek work and handles all of the calculations and schedules for you. You simply input your bills, and the software restructures your payments to MAXIMIZE your budget, so you pay less interest and pay your bills off faster.
This is how it Works
Your creditors assign you a monthly payment. That payment is based on the interest rate that they charge, your balance and your loan term. Surprisingly, they set these payments so you can pay them as much interest as they can possibly squeeze out of you. This is why they are so eager to loan you money.
The Debt Elimination Kit teaches you how to leverage your cash to tip the odds in your favor. The Ebook teaches you how we do it and…
The software does it all for you!
The software was written for “non-techies”. I wanted to make sure that ANYONE could use the program and not need training. All you have to do is follow the prompts and the software does the rest. Here are 2 Simple Steps:
1. Input your debts.
2. Answer a few questions.
You Are Done!
The Debt Elimination Software will give you an Accelerated Repayment Schedule. And a Debt Free Date almost instantly. It also gives you a simple payment schedule to follow. No complex calculations! No worries! Just input the information and follow the program 24/7 right from your computer.
http://www.kweparker.com http://www.lowestpymt.com/fha-streamline-refinance.php http://www.blueprintbib.com http://www.lowestpymt.com/fha-streamline-refinance.php
Duration : 0:1:35
