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Debt Solutions: Basic facts you must know

August 25, 2010 by · Leave a Comment 

Debt and depression are the most dreadful combination. These two terms are interrelated quiet often. Getting harassing calls from credit card issuing firms have become a custom nowadays. Huge debts can get on your nerves if you fail to look for good debt solutions. Hard earned bucks once lost cannot be regained is an old saying. However, these days debt solutions are available in order to credit ridden individuals. Several surveys regarding debts have shown that debt solutions are the only way out for many individuals out there who have plastic money credits.

It has become mandatory for individuals to meet certain requirements to be eligible for debt settlement solutions. One thumb rule that has been followed since its inception is that individuals must possess $10k minimum to be eligible for debts solutions. If an individual satisfies these requirements, no wonder he can get the support of credit card
clearance firm. Elimination an enormous part from the outstanding amount will help you avail credit relief firm.

Once you enroll with a legitimate firm, those people will begin negotiating your lenders to decrease 50% or more of the outstanding dues. Based on individual conditions, the rate of discount might vary. Well, the rate of interest might be more than 70% in some exceptional cases. This discount may to the least assist in reducing the probability of getting harassing calls from lenders. This in turn will endorse positive vibes for you until the clearance of your outstanding dues.

Debt solution programs have an added benefit for the individuals. It does not require any individual to pledge his/her property if in case he/she can’t make a payment. The fact is some firms are paid for their service only after successful elimination of the outstanding dues of their customers. This has become an added advantage for individual who seek debt solutions. Once you begin with the settlement program, your credit report will improve gradually. Therefore, you should opt for debt solutions in order to repair your credit. Search for a good debt solutions company and enjoy the benefit of living a debt free life.

Posted By: Debt Settlement Online


The Different Types of Bankruptcy

June 3, 2010 by · Leave a Comment 

Debt is an unfortunate facet of life that some people have to face. Sometimes it becomes impossible for a borrower to pay off the debts that are owed. To protect the individual or the company to a certain extent, the government has made available bankruptcy proceeding that they can resort to. This helps them avoid certain lawsuits that can be brought against them by the creditors. It also allows them a chance to protect properties and stay in possession of some assets.


Chapter 7 – This is the least uncomplicated of bankruptcies. Individuals, business partners and even married couples can apply for this. A representative from a Credit Counseling Agency has to interview the party in question before the filing takes place. Along with an appearance in court, the proceeding usually last about three and a half months. Upon a successful outcome the party in question is released from past unsecured debts. Thereafter a trustee is entrusted with the task of identifying assets that will be exempted from bankruptcy. Whatever is leftover if liquidated and used to pay off the creditors.

Chapter 9 – This law is meant for municipalities. Because municipalities could be public agencies or political subdivisions it tends to be much more complicated.

Chapter 11 – Used by business corporations, there are no trustees in this situation. The corporation has to formulate a reformation plan, which may include plans to recover productivity, repay debtors by selling assets, debt consolidation, merging, etc.

Chapter 12 – Designed for farmers and fishermen only, it allows them to keep their assets and pay the creditors with future earnings.

Chapter 13 – Similar to the previous chapter, it allows the individual to keep their property and pay creditors with their future salary. An agreed percentage of the salary (10 percent or more) is allocated to pay off the debts.

Posted By: Debt Settlement Online