Bankruptcy Information
Chapter 7 bankruptcy and Chapter 13 bankruptcy offer different forms of protection. If you’re facing a financial crisis, a local bankruptcy attorney can help you determine whether Chapter 7 bankruptcy or Chapter 13 bankruptcy might be the right answer for you.
Generally speaking, Chapter 7 bankruptcy is intended to wipe the slate clean by discharging unsecured debt—debts like credit card debt, medical bills, and unsecured loans. Chapter 13 bankruptcy, on the other hand, is intended to give a debtor time to catch up past due payments over a period of 3-5 years, while keeping secured property like houses and cars.
Just complete this form & let Bankruptcy.me connect you with a bankruptcy attorney near you.These days everyone is looking for ways to reduce debt and save money. It is possible to wipe out your existing debt and learn how to live your life within your means.
Here are five tips that will help you on your way to debt free living:
1. Stop using credit cards. One of the leading factors in the current economic crisis is people buying things on credit they cannot afford. The next thing they know, they find themselves unable to do anything more than make minimum monthly payments.
* Minimum payments will keep you in debt because every month interest continues to accrue on your original balance. With only minimum payments, it would take 22 years to pay off a $1000 balance on a credit card!
* Don’t fall into the trap of credit card debt. Instead, avoid the hassle and expense by paying cash for the things you buy. If you want a big-ticket item, save the cash before you make the purchase. Only buy when you can afford to pay for the item in full before you bring it home.
2. Purchase expensive items with cash or don’t buy them at all. Your financial health could take a turn for the worse if you use credit to get the high priced luxury items you crave. You’ll get much greater enjoyment from the extras in your life when you pay cash, rather than ongoing monthly payments.
* Nothing takes the excitement out of a new toy or nice vacation more than the large payments that strain your budget month after month.
3. Create a realistic budget that includes debt repayment. Your first step is to grab hold of your debt and finances to create a sensible budget. Rather than stifling you, a budget can bring you freedom! You’ll know where your money goes and you’ll set a spending plan so you can continue buying the most important things in your life.
Make sure your budget includes recreation and debt repayment along with housing, utilities, food and household items and savings.
* If your budget doesn’t include room for debt repayment, there will never be enough money to pay off your debt. Take control of your financial reality by working with a realistic budget every month. Before long, you’ll see your debt diminishing while your savings grow.
4. Look for a credit counselor, financial planner or accountant to help you. The best way to be sure you’re making sound financial decisions is to seek out the help of a financial professional.
* Credit counselors, financial planners and accountants are experts in the areas of savings, debt repayment, investments and tax deductions. Include these strategies into your finances for a stable future and financial bliss.
5. Negotiate better rates with the banks or credit card companies. If you haven’t been late or missed a payment, you might qualify for a lower APR with your credit card company!
* Talk to the people at your financial institutions. You may be surprised at how willing they are to budge.
* If your credit is in good shape or you’ve made steady, progressive strides to improve it, you may be able to get lower interest rates on your debts.?
* You might also receive higher interest rates on your savings, giving you a double shot at eliminating your debt entirely and moving forward with your finances in a positive direction.
You can avoid creating more debt problems in the future and repair it now. These five steps will point you in the right direction and get you started on a new path to financial freedom and prosperity!
