Bankruptcy - Bankruptcy Myths
Bankruptcy has long been a big question mark in the eyes of the consumer.
After all they don't teach us about bankruptcy in school. More often than
not, a person's view of bankruptcy is largely developed by either their
parents or close relatives personal views or dealings with bankruptcy, or
a persons view is based on what they see as far as ads etc. regarding
bankruptcy. Too often these ads are simply put together by bankruptcy
attorneys that want your business. Bankruptcy is big business. With
1,597,462 personal bankruptcy filings being made during the calendar year
in 2004 you can see that there is a lot of money to be made by bankruptcy
attorneys. While not all bankruptcy attorneys are in it for the money it
is apparent by the plethora of advertisements online or on TV that make
claims such as you'll be on your way to good credit it no time, or claims
that it's easy to file that there are bankruptcy attorneys with their own
personal gains at the top of their mind.
Here is a list of myths or untrue statements that I have come across when
researching bankruptcy that I wanted to share with you, the consumer.
All Debts are Erased When you File for Chapter 7 Bankruptcy Protection.
This is simply untrue. Don't believe anyone who says this to you. You will
find out quickly that there are certain debts that can't be erased. These
debts include and child support or alimony, student loans, or any
fraudulent debt. Although some legal settlements may be removed it's not
guaranteed.
Filing for Bankruptcy Protection Will Improve Your Credit Rating.
No it will not. This is used in several unscrupulous bankruptcy attorneys'
advertisements. Be wary of anyone telling you this. The fact is bankruptcy
is by far the worst and most damaging mark you credit report can receive.
Other negative factors may stay on your credit report for 7 years;
bankruptcy can be there for up to 10 years.
Bankruptcy is an Easy and Pain Free Process.
Some bankruptcy attorneys use this in their advertising as well. This is a
statement that is false as it is not an easy choice for most consumers.
Bankruptcy is one of the harder choices a consumer will make and the
aftermath that may develop after a bankruptcy can create long lasting
personal problems. Relationship problems, trouble getting a job that
requires a clean credit history, or even dealing with the personal stigma
attached to bankruptcy can make it difficult for a long time. If someone
tells you this is an easy choice they are not looking to help you but
rather to profit from your hardships.
While bankruptcy may be unavoidable for some individuals due to hardships
that they may be experiencing, bankruptcy is not for everyone. Bankruptcy
attorneys should try to find other solutions for you before recommending
their own help. Review your options before making your decision, as this
may have a long term impact and not provide the quick fix some look for
when choosing bankruptcy protection.
Article written by Richard Munster
Rick Munster is the Media Planner for Debt Reduction Service,
http://www.debtreductionservices.com When he's not busy media planning he
can be found writing, hiking or finding a nice lake to drop a line into.
MORE RESOURCES:
RELATED ARTICLES
IVA Information
If you're thinking about an IVA, it is essential to get the best
information possible. This is because although an IVA can be a manageable
way to resolve your debt problems, it can also represent a commitment of
up to five years.
Are You Beating Up On Yourself About Debt?
When you hear the word "debt", whats the first thought or feeling that
comes to you? For most people debt is "bad" or it becomes the "enemy" and
is something that should be avoided like the plague.Having debt does not
make you a bad person.
Is Filing for Bankruptcy an Option for You?
Bankruptcy laws give debtors a way to resolve debt by dividing their
assets among their various creditors and in some cases will allow debtors
to be freed of outstanding debts that cannot be paid, even after the
division of assets. For individuals who find themselves unable to pay
their debts, bankruptcy can be a viable option.
Think for a Change
I'm not sure where it originated, but I've heard it repeated time and time
again: Insanity is doing the same thing over and over and expecting
different results. As much sense as that statement makes, we often find
ourselves addressing the same issue with solutions that are little more
than rearranged expressions of previously failed solutions.
You Can Make Financial Resolutions Anytime
The New Year often brings with it a desire to right the wrongs in your
life. From this desire springs the tradition of New Year resolutions.
Bankruptcy Your Best Bet?
Filing bankruptcy is a common practice among the U.S.
What Is A Chapter 13 Bankruptcy?
Many consumers that are bogged down in debt frequently turn to bankruptcy
as a form of restoring their financial status back to a zero balance.
Unfortunately many of these same consumers are confused when it comes to
the difference between a Chapter 13 bankruptcy and a Chapter 7 bankruptcy.
Debt Negotiation and Debt Settlement
Debt negotiation and settlement can give you a drastic reduction in the
amount of debt you owe and allow you to repay your debts in a much shorter
time. Resolving your debts is important to your well-being and financial
stability.
Debt is The Master of Souls
Wholeness requires separation. In order for you to experience yourself as
being whole, you spend most of your live experiencing being separated,
trying to get back to wholeness.
Debt Collectors; And what you can do to Get Them Out of your Life
FTC opinion letter on validation Section 809(a) of the FDCPA, 15 U.S.
What is Debt Settlement?
Debt settlement is the process of negotiating with your creditors so that
you are able to pay off a certain percentage of the debt amount that you
owe. A debt settlement company will use different types of strategies to
negotiate with your creditors so that you get the best outcome.
Reducing Debt Before Its Too Late - How to Avoid the Pitfalls of Creeping
Debt
Reducing debt usually isn't a high priority for people until they have
already gotten into trouble with overspending. Using a few basic
guidelines, and debt calculations, can help you see when your debt load is
getting into the danger zone.
What the Mail on Sunday Said
Anyone considering Bankruptcy may have experienced fear after reading an
article written in The Mail on Sunday with the headline "Bankruptcy cheats
face crackdown". But, how much of what was written was in context of the
reality of Bankruptcy as it is today?The article implied that since The
Enterprise Act 2002 the rise in the number of people going bankrupt was
due to them using the Bankruptcy route as a "Get out of jail free card".
Purchase Your Future Now While It Is Still Inexpensive
Leaving school, getting a new job, or even a raise at your current one,
has most people considering their next great purchase. Few think about the
affect this could have on their future.
The Credit Card Debt Termination Scam
"Legally terminate credit card debt! You can be debt-free in 4-6 months!"
Advertisements like this are for a new type of program that has spread via
the Internet over the past few years. It's called "Credit Card Debt
Termination," and victims are paying $1,000s for this bogus service.
Secrets to Why Debt Reduction is So Vital for Your Financial Health
Living with debt is never a good idea if you want to make long-term
financial plans. Every cent you use to service debt is money that could
have been invested in your future.
The 5 Secrets to Getting Out of Debt Fast
As they stare down at a teetering pile of bills, so many consumers wonder
how they racked up such a large debt. The answer boils down to simple
mathematics.
Five Major Ways to Save Money
There are two main roads to improving your personal finances: increasing
income, and cutting costs.Increasing income is the harder road to travel.
Mandatory Credit Counseling for Those Considering Bankruptcy
Most Americans are aware of the sweeping changes in U.S.
Life After Bankruptcy
Bankruptcy and Credit - What Happens After Your Debts Are
Discharged?Bankruptcy will remain on your credit report for ten years. But
you may be able to get credit fairly quickly - almost immediately after a
bankruptcy - although you will pay dearly for it.
--
http://venteinternet.blogspot.com |
http://pusatinternetmarketing.blogspot.com |
http://webandblogdesign.blogspot.com
No comments:
Post a Comment