Filing chapter 13 bankruptcy is usually one of the last resorts for those facing debilitating financial circumstances. It is generally the last thing anyone wants who has tried to protect their financial investments, credit histories and future fiscal stability. However, there are times when choosing to use the protection provided through a chapter 13 bankruptcy filing may be the right move in order to stop the snowballing effect of clamoring creditors and foreclosures. For whatever reason a person finds himself in the paralyzing position of burdensome debt and crushing pressure, there are solutions that can be employed to regain security, restore credit and remove obstacles that hinder a prosperous future.
Many people find themselves dealing with unforeseen circumstances such as long-term illnesses, employment lay-offs or personal tragedies such as divorce. Sudden tragedies can alter the fiscal status of a family very quickly and send the family finances spinning out of control. In order to regain control and to alleviate the pressure caused by defaulted payments and persistent creditors, many consumers have had to consider using the legal measures provided through bankruptcy court. There are two types of legal fillings that can be made through the courts that address individual issues. Chapter 7 and chapter 13 bankruptcy has been set up by law to provide a system of repayment to creditors as well as financial protection for consumers who are trying to rebuild their crumbling finances.
Chapter 7 applies to the liquidation of assets in order to repay creditors while also imposing an automatic stop on collections until the court instructions are carried out. This allows creditors to receive at least some of what is owed them while also protecting the consumer from accruing more financial problems. Chapter 13 bankruptcy filing is a reorganization of finances on behalf of a consumer in order to repay debt as well as provide protection for some of their property such as a personal home. In this case, a consumer files a reorganization strategy to the court that agrees to legally appointed oversight of a personal budget and any liquidation of assets that are deemed reasonable.
The benefits of filing chapter 13 bankruptcy often outweigh the chapter 7 alternative in that some assets may be retained, a repayment plan is implemented and it is usually paid off in up to 5 years, if not sooner. Some debt is required to be paid off completely, some may be paid off by a percentage of the total debt and others may be forgiven. There is a mandatory budget required by the courts when a chapter 13 bankruptcy is filed that must be followed to the letter. A plan for repayment is set up that may include wage garnishments and management of how a person can spend his or her money during the repayment plan. An appointed representative of the court will be provided that oversees transactions and makes sure that creditors are repaid on a schedule according to the earnings of an individual.
For those who carefully follow the repayment process as outlined by the court as a result, debt will be resolved and many creditors will be willing to extend credit again. This type of court managed financial resolution is more appealing to creditors and lenders which will be useful to those who are committed to restoring their future options. Consumers who file chapter 13 can expect to have it show up on the credit history for at least 6 years. It is less damaging for credit purposes than for those who file for chapter 7 bankruptcy, in that these cases usually receive poor credit standing for 10 years following court proceedings. Although filing chapter 13 bankruptcy allows greater protection for assets and offers a payment plan for creditors, there are some debts that cannot be forgiven by law. Alimony, back taxes, child support, any hidden debts not reported at filing and most student loans are some of the areas that are required to be repaid no matter what the situation.
Most individuals who are considering which avenue to take, prefer chapter 13 because of the shorter penalty on their credit history, greater protection for assets and court imposed solutions for repayment to creditors. While this option may be a bit more appealing, choosing chapter 13 bankruptcy is not a magic bullet for clearing up troubled, personal finances. If possible, it is always best to manage personal finances with commitment to fiscal freedom and integrity. There are, of course, times when no matter what a person does, tragedy strikes. When it does, only God and good, personal choices based on biblical principles can bring anyone out of the stress and pain of imminent financial ruin. "The young lions do lack, and suffer hunger: but they that seek the Lord shall not want any good thing." (Psalm 34:10) While filing chapter 13 bankruptcy may not be the first choice for fiscal resolution, it may be a solution that can provide a plan and give hope for a stable, fiscal future.
http://www.christianet.com/bankruptcy/chapter13bankruptcy.htm
Tuesday, June 26, 2007
Bankruptcy Exemptions
Bankruptcy exemptions are used when a person files for one of the chapters. Filing is about getting control of one's financial budget and debt. Many bankruptcy attorneys will suggest leaving the guilty feeling behind, and instead concentrating on the future; the fresh start of learning how to manage finances in a responsible and organized way. Not only do regular people file for personal bankruptcy, but large international organizations do as well. However, this doesn't change the fact that people should keep financial promises. When a Christian agrees to pay a debt, as with using a credit card, they are also making that promise to God. The Bible says: "When thou vowest a vow unto God, defer not to pay it; for he hath no pleasure in fools: pay that which thou has vowed" (Ecclesiastes 5:4-5). Both the moral and financial issues of the situation must be considered when a person wants to go bankrupt.
The best part of debt forgiveness is learning and understanding what went wrong with the decisions that were made and to develop a plan of how to fix it. Exemptions are the items that are not included in a discharge. There are two major types: chapter 7 and chapter 13. Filing for chapter 7 requires the debtor to liquidate all unsecured debts minus the bankruptcy exemptions. Chapter 7 bankruptcy applies when the expenses a person has outweigh their income. A debtor will receive a discharge from all their unsecured debts within 7 months from filing. Filing for bankruptcy, chapter 13, forces creditors to negotiate. This type is filed when the debtor's income outweighs their expenses and when a debtor is default on the non-bankruptcy exemptions such as mortgage, car payment, taxes, and child support. They must also have years of unfiled tax returns, and assets that are worth more than their available exemptions. Chapter 13 bankruptcy allows the debtor to pay off their debts at much lower amounts than actually owed, and it is considered paid in full.
All that is exempt is a portion of the debtor's personal property that can be kept, while all other assets are liquidated. These exemptions are dependent upon the status of the debtor. When filing for bankruptcy, the statutes change from state to state. For example: in Texas a single person can only exempt a total amount of $30,000 in property. A family n Texas can only exempt a total of $60,000 in property. In addition to the numerical worth, all household furnishings are said to be included in the property bankruptcy exemption. All food and clothing is also an exemption. Jewelry can be exempted as long as the worth does not exceed 25% of the state individual limit. More exemptions include farming and ranching equipment for farmers or those whose livelihood depend on the cultivation and sales of plants, or animals.
All smaller athletic equipment such as bicycles, tennis rackets, roller blades, and ski equipment are exempt. Athletic equipment that is not included are sailboats, jet skis, and powerboats. A two, three, or four wheeled vehicle is exempt for each member of the household that holds a drivers license. Household pets are exempt. Health aids such as wheelchairs, elevators, and air filtration systems are also considered bankruptcy exemptions. Many people filing for debt forgiveness wonder if life insurance policies are exempt, the answer is yes. Life insurance policies are exempt because they were established to support a beneficiary in case of death of the debtor. In addition to life insurance policies, all retirement financial accounts such as IRA's and 401k's are considered.
It is important to take a complete inventory of all assets to determine which type of bankruptcy is the right decision. It is also important to consider an alternate method for debt removal that does not involve filing for bankruptcy. Sometimes the assets are much more that the bankruptcy exemptions limit. In this case it may be wise to evaluate whether or not a different plan of liquidation can allow the debtor to pay their debt without having to obtain the stigma and bad credit of filing for bankruptcy that will stay with them for the next 7 to 10 years. Statistics show that personal bankruptcies are reaching record levels. This is not surprising since consumer debt levels are also reaching record highs.
Those that are younger should think long and hard about whether or not filing for bankruptcy is the best decision. Debt forgiveness causes serious damage to the credit report score, which is required to apply for any other loans or types of credit in the future. If a debtor is planning on buying a home or car within the next 7-10 years, going bankrupt will force them to pay much higher interest rates, which in turn renders the item purchased a lot more expensive than it is worth. Debtors should weigh all options and seek counsel before making any major decisions.
http://www.christianet.com/bankruptcy/bankruptcyexemptions.htm
The best part of debt forgiveness is learning and understanding what went wrong with the decisions that were made and to develop a plan of how to fix it. Exemptions are the items that are not included in a discharge. There are two major types: chapter 7 and chapter 13. Filing for chapter 7 requires the debtor to liquidate all unsecured debts minus the bankruptcy exemptions. Chapter 7 bankruptcy applies when the expenses a person has outweigh their income. A debtor will receive a discharge from all their unsecured debts within 7 months from filing. Filing for bankruptcy, chapter 13, forces creditors to negotiate. This type is filed when the debtor's income outweighs their expenses and when a debtor is default on the non-bankruptcy exemptions such as mortgage, car payment, taxes, and child support. They must also have years of unfiled tax returns, and assets that are worth more than their available exemptions. Chapter 13 bankruptcy allows the debtor to pay off their debts at much lower amounts than actually owed, and it is considered paid in full.
All that is exempt is a portion of the debtor's personal property that can be kept, while all other assets are liquidated. These exemptions are dependent upon the status of the debtor. When filing for bankruptcy, the statutes change from state to state. For example: in Texas a single person can only exempt a total amount of $30,000 in property. A family n Texas can only exempt a total of $60,000 in property. In addition to the numerical worth, all household furnishings are said to be included in the property bankruptcy exemption. All food and clothing is also an exemption. Jewelry can be exempted as long as the worth does not exceed 25% of the state individual limit. More exemptions include farming and ranching equipment for farmers or those whose livelihood depend on the cultivation and sales of plants, or animals.
All smaller athletic equipment such as bicycles, tennis rackets, roller blades, and ski equipment are exempt. Athletic equipment that is not included are sailboats, jet skis, and powerboats. A two, three, or four wheeled vehicle is exempt for each member of the household that holds a drivers license. Household pets are exempt. Health aids such as wheelchairs, elevators, and air filtration systems are also considered bankruptcy exemptions. Many people filing for debt forgiveness wonder if life insurance policies are exempt, the answer is yes. Life insurance policies are exempt because they were established to support a beneficiary in case of death of the debtor. In addition to life insurance policies, all retirement financial accounts such as IRA's and 401k's are considered.
It is important to take a complete inventory of all assets to determine which type of bankruptcy is the right decision. It is also important to consider an alternate method for debt removal that does not involve filing for bankruptcy. Sometimes the assets are much more that the bankruptcy exemptions limit. In this case it may be wise to evaluate whether or not a different plan of liquidation can allow the debtor to pay their debt without having to obtain the stigma and bad credit of filing for bankruptcy that will stay with them for the next 7 to 10 years. Statistics show that personal bankruptcies are reaching record levels. This is not surprising since consumer debt levels are also reaching record highs.
Those that are younger should think long and hard about whether or not filing for bankruptcy is the best decision. Debt forgiveness causes serious damage to the credit report score, which is required to apply for any other loans or types of credit in the future. If a debtor is planning on buying a home or car within the next 7-10 years, going bankrupt will force them to pay much higher interest rates, which in turn renders the item purchased a lot more expensive than it is worth. Debtors should weigh all options and seek counsel before making any major decisions.
http://www.christianet.com/bankruptcy/bankruptcyexemptions.htm
Declaring Bankruptcy
Declaring bankruptcy is the last resort for anyone experiencing financial setbacks for any reason. Sometimes there is just no alternative at some point other than claiming financial ruin. Other times, there can be poor money management and financial planning that leads to learning about bankruptcy the hard way. Tragedies such as divorce, job loss, or other unexpected circumstances can cause unwanted financial decisions. For consumers in a difficult financial situation, learning everything they can will be helpful in determining whether or not to choose that option.
Taking drastic action does not solve financial debt and wipe the slate clean as some consumers might mistakenly assume. There are many repercussions that affect anyone who necessarily files. Not to mention the emotional toll that declaring bankruptcy can take on a household, there are several other issues to consider before making that last resort financial decision. Debts that include back taxes or student loans do not resolve through filing. Also, child support obligations remain no matter what action is taken.
If a consumer, unfortunately, has also been involved in some sort of fraud that is related to a debt or debts, this action will not alleviate the pay back of that financial obligation. It is important to understand many issues that affect debt status if forced to claim financial ruin for whatever reason. Make sure to note that declaring bankruptcy does not alleviate debt strain in several areas and the other surrounding difficulties do not abate even after filing. There are several other issues that need to be considered.
A practical financial issue to consider when considering the choices is the fact that declaring can cost even more money on top of what is already owed. There are many fees such as lawyer's fees and other expenses that are incurred during the process. Even if some relief from creditors and other surrounding pressures about bankruptcy, the after effects can follow you for years. When filing, it will remain on credit record for 7 to 10 years. This creates a snowball effect on finances for the future and can cost money in other areas that may be overlooked when thinking about bankruptcy.
It is difficult to receive housing loans or other types of loans after filing. This is a hard circumstance to be in, especially if this was a result of circumstances beyond personal control. The interest rates will be exorbitant and the loan terms will be much more stringent. Another issue to consider is the fact that sometimes even employment options can be affected. Some employers will not hire anyone that has declared bankruptcy and require that credit histories are acceptable before hiring.
Even for those who do no have good credit, but have not thought about bankruptcy as an option can have a difficult time getting approval for apartment rentals if the housing management requires stringent checks on consumer credit. It is very important to consider all the repercussions before choosing that option regarding personal finances. Even though it may seem that declaring bankruptcy is almost the end of the world for some consumers who are in a financial sink hole, there are still ways to begin to repair credit and work out of the financial entanglement.
For those who are thinking about this path out of necessity, there is hope for repair through financial strategies such as securing co-signers for loans, retaining a zero balance credit card, and proving an acceptable income ratio to any debt still carried. Also, if you want a more aggressive way in which to deal with debt repair, there are many law firms and debt repair services that are knowledgeable about repair issues. Check out several options for the most credible debt repair source that understands about these issues. "Ponder the path of thy feet, and let all thy ways be established." (Proverbs 4:26)
Although there are many cases in which wise consumers are put in circumstances that are not their making, many times bankruptcy can be avoided if a consumer is disciplined in money matters. There are many sources such as consumer counseling agencies, Christian ministries and debt counseling companies that offer financial management and budgeting education for consumers. Learning about debt management, household budgeting, saving, retirement planning and many other issues is important in order to provide a sound financial future.
http://www.christianet.com/bankruptcy/aboutbankruptcy.htm
Taking drastic action does not solve financial debt and wipe the slate clean as some consumers might mistakenly assume. There are many repercussions that affect anyone who necessarily files. Not to mention the emotional toll that declaring bankruptcy can take on a household, there are several other issues to consider before making that last resort financial decision. Debts that include back taxes or student loans do not resolve through filing. Also, child support obligations remain no matter what action is taken.
If a consumer, unfortunately, has also been involved in some sort of fraud that is related to a debt or debts, this action will not alleviate the pay back of that financial obligation. It is important to understand many issues that affect debt status if forced to claim financial ruin for whatever reason. Make sure to note that declaring bankruptcy does not alleviate debt strain in several areas and the other surrounding difficulties do not abate even after filing. There are several other issues that need to be considered.
A practical financial issue to consider when considering the choices is the fact that declaring can cost even more money on top of what is already owed. There are many fees such as lawyer's fees and other expenses that are incurred during the process. Even if some relief from creditors and other surrounding pressures about bankruptcy, the after effects can follow you for years. When filing, it will remain on credit record for 7 to 10 years. This creates a snowball effect on finances for the future and can cost money in other areas that may be overlooked when thinking about bankruptcy.
It is difficult to receive housing loans or other types of loans after filing. This is a hard circumstance to be in, especially if this was a result of circumstances beyond personal control. The interest rates will be exorbitant and the loan terms will be much more stringent. Another issue to consider is the fact that sometimes even employment options can be affected. Some employers will not hire anyone that has declared bankruptcy and require that credit histories are acceptable before hiring.
Even for those who do no have good credit, but have not thought about bankruptcy as an option can have a difficult time getting approval for apartment rentals if the housing management requires stringent checks on consumer credit. It is very important to consider all the repercussions before choosing that option regarding personal finances. Even though it may seem that declaring bankruptcy is almost the end of the world for some consumers who are in a financial sink hole, there are still ways to begin to repair credit and work out of the financial entanglement.
For those who are thinking about this path out of necessity, there is hope for repair through financial strategies such as securing co-signers for loans, retaining a zero balance credit card, and proving an acceptable income ratio to any debt still carried. Also, if you want a more aggressive way in which to deal with debt repair, there are many law firms and debt repair services that are knowledgeable about repair issues. Check out several options for the most credible debt repair source that understands about these issues. "Ponder the path of thy feet, and let all thy ways be established." (Proverbs 4:26)
Although there are many cases in which wise consumers are put in circumstances that are not their making, many times bankruptcy can be avoided if a consumer is disciplined in money matters. There are many sources such as consumer counseling agencies, Christian ministries and debt counseling companies that offer financial management and budgeting education for consumers. Learning about debt management, household budgeting, saving, retirement planning and many other issues is important in order to provide a sound financial future.
http://www.christianet.com/bankruptcy/aboutbankruptcy.htm
Establishing Credit After Bankruptcy
Establishing credit after bankruptcy can be a daunting task but is possible in varying stages and time frames, depending on what type of bankruptcy has been filed. Bankruptcy is a word, that most people would rather never have to entertain in their vocabulary, regarding personal finances. There are times, however, when this legal method of removing debts must be taken in order to have a fresh start unencumbered by financial responsibilities that can never be reasonably met. Chapter 7 and chapter 13 are the two options that individuals have when making the difficult choice to declare that they are going bankrupt. There are different legal requirements between the two and each has its own set of positives and negatives that anyone considering this option must carefully analyze.
Chapter 7 is relatively simple in that, anyone who claims this legal option has most of his or her debts wiped away without having to repay them in the future. There are, of course, times when this option is all there is left to choose and it is the best way to find a fresh start financially. Divorce, unforeseen tragedies, such as illnesses and loss of income, are just a few of the many things that can happen to force someone to go bankrupt after having tried all other avenues of reprieve. "But my God shall supply all your need according to his riches in glory by Christ Jesus." (Philippians 4:19) This option has been looked at as a way to have a new beginning after being devastated by a mammoth debt load. While it is true that going bankrupt does offer a way to walk off from most debts, it also has its downside when refinancing after bankruptcy or rebuilding personal credit status.
Those who go bankrupt will endure having the legal action reported on all financial reports for ten years. Those who are fortunate enough to still have a job after losing so much will have to learn to live totally on a cash basis and pay as they go. They will have no credit to maneuver with and must depend on any emergency cash they set aside for unexpected bills or needs. Establishing credit after bankruptcy can be difficult because most credit institutions view those who have claimed a chapter 7 as high financial risks. In fact, those who file for chapter 7 are viewed more negatively by creditors than those who file for a chapter 13 since chapter 7 allows debtors to walk away from most debts. After 10 years of no credit, a person may begin to rebuild a financial status. However, for transactions such as refinancing after bankruptcy, most will pay very high interest rates for several years before receiving reasonable interest due to improved, personal credit.
For individuals who file for chapter 13, the legal requirements are quite stringent regarding income, repayment stipulations and personal lifestyle. This legal option requires the person who goes bankrupt to subject themselves to court appointed management of personal finances which includes expenditures on housing, food, transportation, education and other family matters. Court managed repayment schedules are also stipulated to pay back creditors over a period of time which can help in establishing credit after bankruptcy. This option is otherwise known as 'reorganization' and refers to redistributing personal finances according to a court mandate. A person may suggest to the court what he or she will need to live on including any educational costs for children and any unusual expenses. With the court approval of this amount, the rest of the income is divided among existing creditors. A pay off period for chapter 13 reorganization lasts from 3 to 5 years. A poor credit rating will remain on most people's records for up to 7 years with this method.
Most creditors view this form of legal option in a more positive light because of the attempt at repayment that is obvious when bankrupt individuals choose a chapter 13 legal filing. Interestingly, though, while those who file chapter 13 may not hit the bottom in establishing credit after bankruptcy, because of their efforts, a person who files chapter 7 has a better chance at repairing their credit earlier. Since chapter 7 entails an almost complete wiping of financial debt from a debtor's financial record as well as no court mandated financial controls, a person who goes bankrupt can begin to work on refinancing after bankruptcy and other issues as soon as is feasible. Those who claim chapter 13 must wait until their court mandated supervision is over before attempting to repair any personal credit.
Some of the basic ways to repair credit for both options is to always pay all bills on time, apply for a credit card as soon as possible, and to have a positive attitude to face all the difficulties ahead. If a legal filing was necessary because of some issue such as an ill family member or divorce, it is helpful to notate it in any applications for refinancing after bankruptcy or for any other reason. Creditors can be helpful to those who consistently commit to establishing credit after bankruptcy and do not give up when high interest rates or problematic financial questions occur. It is possible to live through a legal filing and go on to have a stable, financial future for those who are determined and dedicated.
http://www.christianet.com/bankruptcy/establishingcreditafterbankruptcy.htm
Chapter 7 is relatively simple in that, anyone who claims this legal option has most of his or her debts wiped away without having to repay them in the future. There are, of course, times when this option is all there is left to choose and it is the best way to find a fresh start financially. Divorce, unforeseen tragedies, such as illnesses and loss of income, are just a few of the many things that can happen to force someone to go bankrupt after having tried all other avenues of reprieve. "But my God shall supply all your need according to his riches in glory by Christ Jesus." (Philippians 4:19) This option has been looked at as a way to have a new beginning after being devastated by a mammoth debt load. While it is true that going bankrupt does offer a way to walk off from most debts, it also has its downside when refinancing after bankruptcy or rebuilding personal credit status.
Those who go bankrupt will endure having the legal action reported on all financial reports for ten years. Those who are fortunate enough to still have a job after losing so much will have to learn to live totally on a cash basis and pay as they go. They will have no credit to maneuver with and must depend on any emergency cash they set aside for unexpected bills or needs. Establishing credit after bankruptcy can be difficult because most credit institutions view those who have claimed a chapter 7 as high financial risks. In fact, those who file for chapter 7 are viewed more negatively by creditors than those who file for a chapter 13 since chapter 7 allows debtors to walk away from most debts. After 10 years of no credit, a person may begin to rebuild a financial status. However, for transactions such as refinancing after bankruptcy, most will pay very high interest rates for several years before receiving reasonable interest due to improved, personal credit.
For individuals who file for chapter 13, the legal requirements are quite stringent regarding income, repayment stipulations and personal lifestyle. This legal option requires the person who goes bankrupt to subject themselves to court appointed management of personal finances which includes expenditures on housing, food, transportation, education and other family matters. Court managed repayment schedules are also stipulated to pay back creditors over a period of time which can help in establishing credit after bankruptcy. This option is otherwise known as 'reorganization' and refers to redistributing personal finances according to a court mandate. A person may suggest to the court what he or she will need to live on including any educational costs for children and any unusual expenses. With the court approval of this amount, the rest of the income is divided among existing creditors. A pay off period for chapter 13 reorganization lasts from 3 to 5 years. A poor credit rating will remain on most people's records for up to 7 years with this method.
Most creditors view this form of legal option in a more positive light because of the attempt at repayment that is obvious when bankrupt individuals choose a chapter 13 legal filing. Interestingly, though, while those who file chapter 13 may not hit the bottom in establishing credit after bankruptcy, because of their efforts, a person who files chapter 7 has a better chance at repairing their credit earlier. Since chapter 7 entails an almost complete wiping of financial debt from a debtor's financial record as well as no court mandated financial controls, a person who goes bankrupt can begin to work on refinancing after bankruptcy and other issues as soon as is feasible. Those who claim chapter 13 must wait until their court mandated supervision is over before attempting to repair any personal credit.
Some of the basic ways to repair credit for both options is to always pay all bills on time, apply for a credit card as soon as possible, and to have a positive attitude to face all the difficulties ahead. If a legal filing was necessary because of some issue such as an ill family member or divorce, it is helpful to notate it in any applications for refinancing after bankruptcy or for any other reason. Creditors can be helpful to those who consistently commit to establishing credit after bankruptcy and do not give up when high interest rates or problematic financial questions occur. It is possible to live through a legal filing and go on to have a stable, financial future for those who are determined and dedicated.
http://www.christianet.com/bankruptcy/establishingcreditafterbankruptcy.htm
Bankruptcy Courses
Bankruptcy courses are available for individuals interested in the legal profession. Understanding a credit report and legal issues that impact credit are covered in bankruptcy seminars. Educating on Fair Credit Reporting and Collection Acts are included as well as the Equal Credit Opportunity Act. Legal issues regarding consumer rights and how that relates to debt is included in these classes. Attending these programs to learn about all the different issues concerning credit and problems that lead to the alternatives of bankruptcy will prove to be very educating. "For the LORD giveth wisdom: out of his mouth cometh knowledge and understanding." (Proverbs 2:6)
There are a number of important topics covered in bankruptcy courses concerning the relationship between creditor and debtor, such as collection procedures and negotiation of collections. Attorneys and credit negotiation companies will negotiate with creditors in debt reconciliation for debtors. Included in this education are ways to handle negotiations with debtors and consumers and how to be successful at doing it. Professionals in legal services have to be knowledgeable about debtor rights as well as consumer rights concerning debt collections. Negotiations between two parties must be satisfactory for both in order to be successful. Classes include key principles in negotiating. Credit Management studies and understanding personal negotiation style is part of the information learned at bankruptcy seminars. Consumers are looking for informed professionals who can help with credit problems and issues and will often look to legal services for credit repair and monitoring.
Understanding current bankruptcy laws and what they mean to consumers is covered in bankruptcy courses. The difference between filing Chapter 7 or Chapter 13 is explained in bankruptcy seminars. Chapter 7 is referred to as liquidation because assets are liquidated and proceeds are given to creditors. Chapter 13 helps the debtor to pay debts with the protection of the government. High credit card debt, medical bills, and other unsecured debt may be filed under Chapter 7. Chapter 13 allows the debtor to pay off debts with lower or no interest. Usually a reduction of debt is possible and the debtor is allowed so many years to pay back creditors under Chapter 13. Bankruptcy education usually covers all options and particulars. Anticipated questions by debtors are included in bankruptcy seminars. Possible evaluations might be made by the student in using a credit report to determine what kind of bankruptcy would be feasible according to credit history. Learning scenarios might include evaluating whether a debtor needs to file or if debt consolidation or negotiation would be the best choice.
In learning about filing one of the chapters, it is important to remember that every person's circumstances are unique and should be handled that way. A thorough investigation would need to be done with the consumer for a complete understanding of their financial situation. After research and evaluation a determination or advice would be offered. A professional will make sure they understand all the facts before offering a conclusion. With bankruptcy courses one will learn that there is usually never a definitive answer. The facts are presented and discussed, then laid out in an analysis to the client with several choices. A legal professional will need to be able to answer any probable questions that might be asked by the debtor. The importance of understanding the process and all that it entails is why attending class is a good idea. Laws have changed so a refresher course is always a good idea. Learning customer service issues and how to handle a client who is distraught over their credit situation is also helpful. Each individual is unique and should be evaluated by listening to their perspective. Sometimes just having someone to listen and offer an unbiased opinion is very helpful in determining what the next step is. Some clients are anxious to stop harassment from impatient creditors. Under the law, harassment from creditors, debt collection agencies, and all collection activities towards the debtor must cease. Creditors have an opportunity to attend the court proceedings and participate in the session. However, there are fines given to creditors who continue to harass after debtors have filed.
Bankruptcy courses cover many different aspects of credit issues. A credit report is analyzed in class. Personal information, public records, credit history, and financial records are evaluated. Each person may obtain a free annual copy of their credit report by requesting it from the three major credit bureaus. Dissecting the credit report, students take each section and evaluate credit worthiness. Learning about credit report scoring is also evaluated in bankruptcy seminars. Some cover aspects of reestablishing credit. This information will be invaluable to the debtor who is anxious to reestablish credit worthiness after filing bankruptcy. It is possible to reestablish credit by applying for a secured credit card. As creditors start reporting to the bureau on newly established accounts credit scores usually start rising, as long as the payments are paid on time and credit limits aren't maxed out.
http://www.christianet.com/bankruptcy/bankruptcycourses.htm
There are a number of important topics covered in bankruptcy courses concerning the relationship between creditor and debtor, such as collection procedures and negotiation of collections. Attorneys and credit negotiation companies will negotiate with creditors in debt reconciliation for debtors. Included in this education are ways to handle negotiations with debtors and consumers and how to be successful at doing it. Professionals in legal services have to be knowledgeable about debtor rights as well as consumer rights concerning debt collections. Negotiations between two parties must be satisfactory for both in order to be successful. Classes include key principles in negotiating. Credit Management studies and understanding personal negotiation style is part of the information learned at bankruptcy seminars. Consumers are looking for informed professionals who can help with credit problems and issues and will often look to legal services for credit repair and monitoring.
Understanding current bankruptcy laws and what they mean to consumers is covered in bankruptcy courses. The difference between filing Chapter 7 or Chapter 13 is explained in bankruptcy seminars. Chapter 7 is referred to as liquidation because assets are liquidated and proceeds are given to creditors. Chapter 13 helps the debtor to pay debts with the protection of the government. High credit card debt, medical bills, and other unsecured debt may be filed under Chapter 7. Chapter 13 allows the debtor to pay off debts with lower or no interest. Usually a reduction of debt is possible and the debtor is allowed so many years to pay back creditors under Chapter 13. Bankruptcy education usually covers all options and particulars. Anticipated questions by debtors are included in bankruptcy seminars. Possible evaluations might be made by the student in using a credit report to determine what kind of bankruptcy would be feasible according to credit history. Learning scenarios might include evaluating whether a debtor needs to file or if debt consolidation or negotiation would be the best choice.
In learning about filing one of the chapters, it is important to remember that every person's circumstances are unique and should be handled that way. A thorough investigation would need to be done with the consumer for a complete understanding of their financial situation. After research and evaluation a determination or advice would be offered. A professional will make sure they understand all the facts before offering a conclusion. With bankruptcy courses one will learn that there is usually never a definitive answer. The facts are presented and discussed, then laid out in an analysis to the client with several choices. A legal professional will need to be able to answer any probable questions that might be asked by the debtor. The importance of understanding the process and all that it entails is why attending class is a good idea. Laws have changed so a refresher course is always a good idea. Learning customer service issues and how to handle a client who is distraught over their credit situation is also helpful. Each individual is unique and should be evaluated by listening to their perspective. Sometimes just having someone to listen and offer an unbiased opinion is very helpful in determining what the next step is. Some clients are anxious to stop harassment from impatient creditors. Under the law, harassment from creditors, debt collection agencies, and all collection activities towards the debtor must cease. Creditors have an opportunity to attend the court proceedings and participate in the session. However, there are fines given to creditors who continue to harass after debtors have filed.
Bankruptcy courses cover many different aspects of credit issues. A credit report is analyzed in class. Personal information, public records, credit history, and financial records are evaluated. Each person may obtain a free annual copy of their credit report by requesting it from the three major credit bureaus. Dissecting the credit report, students take each section and evaluate credit worthiness. Learning about credit report scoring is also evaluated in bankruptcy seminars. Some cover aspects of reestablishing credit. This information will be invaluable to the debtor who is anxious to reestablish credit worthiness after filing bankruptcy. It is possible to reestablish credit by applying for a secured credit card. As creditors start reporting to the bureau on newly established accounts credit scores usually start rising, as long as the payments are paid on time and credit limits aren't maxed out.
http://www.christianet.com/bankruptcy/bankruptcycourses.htm
Considering Bankruptcy
Thousands of Americans today are considering bankruptcy, as their paychecks are spread too thin between pay periods or paychecks may not be coming in at all. There are many honest reasons that an individual or family may need to liquidate their assets and remove their debt legally. Jobs are lost, tragedy strikes, or any economic woe may bring about the inability to get debt paid off in a timely manner. Bankruptcy laws are in place to help victims of unexpected circumstances start their financial state of affairs over, by removing debt. For Americans that have truly had difficult circumstances, considering the various options may be critical to the stability of their families and financial future.
There are also those that have over-extended themselves and are now drowning in excessive debt, unable to make their minimum monthly payments. Because of the increase of filed bankruptcies in the U.S., new laws are making it harder for families to qualify for these legal proceedings. There are alternatives to legally negating debt, before considering bankruptcy. Consumer counseling agencies and debt help companies can walk consumers through a series of steps that will lead to debt pay off. Investigating the various options available will be time well spent, and consumers will have the satisfaction of knowing that they took care of their obligations.
However, when there is no possible way for consumers or businesses to practice financial responsibility, then knowing the different options available will help in choosing the right course to take. The types of bankruptcy that most individuals opt for include Chapters 7 and 13. Most Chapter 7 filings are filing with no assets, or with little that could be sold to pay off debt. Laws are determined by states, but most states allow some assets to be protected, such as home equities, cars, and household goods. If, however, some assets are kept, the petitioner must continue to make timely payments. Those who file for a Chapter 7 may only file every six years and discharges can take up to six months from the date of the original filing. Most of the financial legal proceedings filed in the U.S. by individuals are Chapter 7 types of bankruptcy.
With Chapter 13 types of bankruptcy, consumers have the option of adjusting finances. Chapter 13 filings can stop collections and foreclosures temporarily, giving the filer time to formulate a financial plan to pay off debt over a certain period of time. Restructuring home loans and lowering interest payments can be part of the plan involved with these types of bankruptcy filings, as consumers work at taking care of obligations. All repayment plans must be approved by legal court proceedings.
Other filing options include Chapter 9, which allows for the reorganization of debt overseen by municipalities and Chapter 11, which also allows for debt restructuring, but with total debt limits that are higher than a Chapter 13. Anyone or any business considering bankruptcy should contact an attorney to get more information on the different types of bankruptcy and discover what chapter filing may be best for individual situations.
Filing bankruptcy can have very negative results on a credit report. Credit reports are essential to operating in today's economy. To qualify for home loans, credit cards, some insurances, and in many cases, certain jobs, a credit report must show financial responsibility. Consumers will need to protect their credit histories by keeping debt paid in a timely manner. A bankruptcy can stay on a credit report for up to ten years, so anyone seriously considering bankruptcy will need to keep these facts in mind.
The Bible has much to say about finances and financial responsibility. While many Chapter filings are last resorts for those in crisis, it is important to try and keep debt at a manageable level, knowing that at anytime, financial situations may change. Christians must have financial integrity because God's Word is specific about the perils of debt troubles. "The rich ruleth over the poor, and the borrower is servant to the lender." (Proverbs 22:7) Another verse that teaches the truth about money is 1 Timothy 6:10 which says, "The love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows." This verse is teaching the reader that money is not evil, but the pursuit of money and material gain can lead to poor decisions, not only in the financial arena, but in a personal walk of faith as well.
There are sources online through the Internet that can offer further information about the legal proceedings of bankruptcy. Anyone considering bankruptcy should conduct a thorough research and make sure that they completely understand all judicial proceeding involved. Those researching their debt options should also have an understanding of what consequences could result from negating debt through legal means.
http://www.christianet.com/bankruptcy/consideringbankruptcy.htm
There are also those that have over-extended themselves and are now drowning in excessive debt, unable to make their minimum monthly payments. Because of the increase of filed bankruptcies in the U.S., new laws are making it harder for families to qualify for these legal proceedings. There are alternatives to legally negating debt, before considering bankruptcy. Consumer counseling agencies and debt help companies can walk consumers through a series of steps that will lead to debt pay off. Investigating the various options available will be time well spent, and consumers will have the satisfaction of knowing that they took care of their obligations.
However, when there is no possible way for consumers or businesses to practice financial responsibility, then knowing the different options available will help in choosing the right course to take. The types of bankruptcy that most individuals opt for include Chapters 7 and 13. Most Chapter 7 filings are filing with no assets, or with little that could be sold to pay off debt. Laws are determined by states, but most states allow some assets to be protected, such as home equities, cars, and household goods. If, however, some assets are kept, the petitioner must continue to make timely payments. Those who file for a Chapter 7 may only file every six years and discharges can take up to six months from the date of the original filing. Most of the financial legal proceedings filed in the U.S. by individuals are Chapter 7 types of bankruptcy.
With Chapter 13 types of bankruptcy, consumers have the option of adjusting finances. Chapter 13 filings can stop collections and foreclosures temporarily, giving the filer time to formulate a financial plan to pay off debt over a certain period of time. Restructuring home loans and lowering interest payments can be part of the plan involved with these types of bankruptcy filings, as consumers work at taking care of obligations. All repayment plans must be approved by legal court proceedings.
Other filing options include Chapter 9, which allows for the reorganization of debt overseen by municipalities and Chapter 11, which also allows for debt restructuring, but with total debt limits that are higher than a Chapter 13. Anyone or any business considering bankruptcy should contact an attorney to get more information on the different types of bankruptcy and discover what chapter filing may be best for individual situations.
Filing bankruptcy can have very negative results on a credit report. Credit reports are essential to operating in today's economy. To qualify for home loans, credit cards, some insurances, and in many cases, certain jobs, a credit report must show financial responsibility. Consumers will need to protect their credit histories by keeping debt paid in a timely manner. A bankruptcy can stay on a credit report for up to ten years, so anyone seriously considering bankruptcy will need to keep these facts in mind.
The Bible has much to say about finances and financial responsibility. While many Chapter filings are last resorts for those in crisis, it is important to try and keep debt at a manageable level, knowing that at anytime, financial situations may change. Christians must have financial integrity because God's Word is specific about the perils of debt troubles. "The rich ruleth over the poor, and the borrower is servant to the lender." (Proverbs 22:7) Another verse that teaches the truth about money is 1 Timothy 6:10 which says, "The love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows." This verse is teaching the reader that money is not evil, but the pursuit of money and material gain can lead to poor decisions, not only in the financial arena, but in a personal walk of faith as well.
There are sources online through the Internet that can offer further information about the legal proceedings of bankruptcy. Anyone considering bankruptcy should conduct a thorough research and make sure that they completely understand all judicial proceeding involved. Those researching their debt options should also have an understanding of what consequences could result from negating debt through legal means.
http://www.christianet.com/bankruptcy/consideringbankruptcy.htm
Consequences Of Bankruptcy
Loans after bankruptcy are not as easy to obtain as before the case was filed, and it depends on what kind of loan a person is seeking just how difficult the process will be. Once a discharge of the Chapter 7 or 13 has been granted, the debtor must reestablish credit, and the first step will probably be a secured credit card. A secured card is given by the bank, and is secured by whatever amount of money the cardholder deposits in an account for that purpose. Charges are then limited to the amount deposited, which helps avoid running up too much debt again, but allows the positive credit experience to be reflected in one's credit report. This step helps make the debtor eligible for a loan.
One of the consequences of bankruptcy is that if the bankrupt person wishes to buy a house in the future, there will be a two-year wait after the Chapter 7 case is discharged before he will be deemed eligible for a home loan. When a Chapter 13 bankruptcy case is involved, the wait is twenty-four months after the debts are paid off in full. During that two-year period, the loan applicant will need to have been employed steadily, have no negative entries in his credit file, and kept debt under control. If a person is able to make a large down payment of 15% to 20%, there will be no problem getting a home loan. For less than that, the interest rate will probably be high. If a borrower has to get a loan at a higher rate, two or three years of a perfect payment record may make a lower interest rate possible through refinancing.
The recommendation for reestablishing credit is to establish credit with four creditors, including one or more secured credit cards. Stores and credit card companies will often allow people with bad credit histories to obtain credit from them, but the charge limits will be low, and the interest high. Another tip to improve the chances of loans after bankruptcy is to ask providers of gas heating, auto insurance, water, and phone service if they will give a clean credit reference letter to a post-bankruptcy customer after twelve months of on-time payments. Even though one of the consequences of bankruptcy is that the bankruptcy stays on one's credit record for ten years, these other positive events are certainly going to be helpful to a person's overall credit rating.
If all of this seems tedious and time-consuming, it is. People should know ahead of time that these difficulties are the consequences of bankruptcy. Another of the loans after bankruptcy that many people are looking for is a car loan. These are not so difficult to obtain. Again, high interest will be part of the deal. However, from a credit history standpoint, higher interest is much better than "high risk." Application for an auto loan post-bankruptcy can even be done online. The rules are simple: Applicant must be 18 years old; must make $1,400/$2,000 joint income per month; must have a valid drivers' license; and must have or be able to obtain car insurance. One thing doesn't change about buying a car, whether it's before or after bankruptcy, and that is the importance of checking with different dealers to find the best possible deal on a vehicle.
Consistent payment on a personal loan will be helpful in reestablishing credit. Once the bankruptcy case is discharged, personal loan options may include secured personal loans, unsecured personal loans, or lines of credit. The chances for approval will be greater if there has already been a move to boost the credit record with an excellent payback history on a credit card or auto loan. All of these things work together to prove to the lending institutions that although this person filed for bankruptcy, he can now be trusted to be on time with payments. Time and patience are absolutely necessary virtues in obtaining loans after bankruptcy.
While all of the creditors who are willing to issue credit cards or charge accounts will most certainly be charging a higher interest rate to begin with, the customer who proves to be reliable over time may ask for a lower rate. Asking certainly can't hurt, and may be a great help to one's future buying power. These consequences after bankruptcy are annoying. Everything is predicated upon the rock-solid commitment on the part of the person with bad credit to do everything in his power to make everything right again. Rock-solid commitment is required of us in faith, as well. Scripture reminds us to trust in God, not in things. "Some trust in chariots, and some in horses: but we will remember the name of the Lord our God." (Psalm 20:7)
Quite often the reasons for a person filing a Chapter 7 or 13 in the first place had nothing to do with irresponsibility, so the consequences of bankruptcy seem harsh. A serious illness or accident, or loss of employment, can wreak havoc in a family's budget. Keeping up with bills when income has ceased can be next to impossible, so the courts provide the only answer. In this kind of case, the individual responsible is not careless about his credit, so getting his reputation back and loans after bankruptcy will be easier than it will be for the person who just got too hooked on having more things until there was just too much to pay back. That habit is hard to break.
http://www.christianet.com/bankruptcy/loansafterbankruptcy.htm
One of the consequences of bankruptcy is that if the bankrupt person wishes to buy a house in the future, there will be a two-year wait after the Chapter 7 case is discharged before he will be deemed eligible for a home loan. When a Chapter 13 bankruptcy case is involved, the wait is twenty-four months after the debts are paid off in full. During that two-year period, the loan applicant will need to have been employed steadily, have no negative entries in his credit file, and kept debt under control. If a person is able to make a large down payment of 15% to 20%, there will be no problem getting a home loan. For less than that, the interest rate will probably be high. If a borrower has to get a loan at a higher rate, two or three years of a perfect payment record may make a lower interest rate possible through refinancing.
The recommendation for reestablishing credit is to establish credit with four creditors, including one or more secured credit cards. Stores and credit card companies will often allow people with bad credit histories to obtain credit from them, but the charge limits will be low, and the interest high. Another tip to improve the chances of loans after bankruptcy is to ask providers of gas heating, auto insurance, water, and phone service if they will give a clean credit reference letter to a post-bankruptcy customer after twelve months of on-time payments. Even though one of the consequences of bankruptcy is that the bankruptcy stays on one's credit record for ten years, these other positive events are certainly going to be helpful to a person's overall credit rating.
If all of this seems tedious and time-consuming, it is. People should know ahead of time that these difficulties are the consequences of bankruptcy. Another of the loans after bankruptcy that many people are looking for is a car loan. These are not so difficult to obtain. Again, high interest will be part of the deal. However, from a credit history standpoint, higher interest is much better than "high risk." Application for an auto loan post-bankruptcy can even be done online. The rules are simple: Applicant must be 18 years old; must make $1,400/$2,000 joint income per month; must have a valid drivers' license; and must have or be able to obtain car insurance. One thing doesn't change about buying a car, whether it's before or after bankruptcy, and that is the importance of checking with different dealers to find the best possible deal on a vehicle.
Consistent payment on a personal loan will be helpful in reestablishing credit. Once the bankruptcy case is discharged, personal loan options may include secured personal loans, unsecured personal loans, or lines of credit. The chances for approval will be greater if there has already been a move to boost the credit record with an excellent payback history on a credit card or auto loan. All of these things work together to prove to the lending institutions that although this person filed for bankruptcy, he can now be trusted to be on time with payments. Time and patience are absolutely necessary virtues in obtaining loans after bankruptcy.
While all of the creditors who are willing to issue credit cards or charge accounts will most certainly be charging a higher interest rate to begin with, the customer who proves to be reliable over time may ask for a lower rate. Asking certainly can't hurt, and may be a great help to one's future buying power. These consequences after bankruptcy are annoying. Everything is predicated upon the rock-solid commitment on the part of the person with bad credit to do everything in his power to make everything right again. Rock-solid commitment is required of us in faith, as well. Scripture reminds us to trust in God, not in things. "Some trust in chariots, and some in horses: but we will remember the name of the Lord our God." (Psalm 20:7)
Quite often the reasons for a person filing a Chapter 7 or 13 in the first place had nothing to do with irresponsibility, so the consequences of bankruptcy seem harsh. A serious illness or accident, or loss of employment, can wreak havoc in a family's budget. Keeping up with bills when income has ceased can be next to impossible, so the courts provide the only answer. In this kind of case, the individual responsible is not careless about his credit, so getting his reputation back and loans after bankruptcy will be easier than it will be for the person who just got too hooked on having more things until there was just too much to pay back. That habit is hard to break.
http://www.christianet.com/bankruptcy/loansafterbankruptcy.htm
Christian Credit Reporting Companies
Credit reporting companies are organizations that utilizes a person's credit history to issue a certain number that indicates future credit worthiness. These agencies can be accessed by any creditor with the intention of evaluating an applicant's personal debt history. There are three nationally recognized reporting companies. These agencies are Experian, Equifax and TransUnion. Each of the three major agencies retains its own information, and may report differently than one another. It is important for each person to gain copies of their own reports from all three major reporting agencies in order to review reports for accuracy. And, when wanting to find a service to help evaluate the sum of all three scores posted, consumers can also turn to a Christian credit reporting company.
Sometimes a low score is caused purely by inaccuracies on a credit report in name, employment, balance owed on cards, or charge accounts that were not placed there by the individual. Misspelled names listed as an "alias" are the biggest inaccuracy. Each time a request for a loan or money is entered and credit reporting companies are required to offer a numerical score, the information submitted is added to the report. Unfortunately this results in human error taking precedent over facts. The importance of regular monitoring is vital to the success of maintaining a proper and positive score. And, a Christian credit reporting company can offer these monitoring services, giving concerned consumers trusted advice and guidance.
These agencies are typically in business, not to serve the applicant, but to serve the lender/creditor. There are two types of reports offered by credit reporting companies, the quick version and the full version. The quick version offers a numerical value only. All contested notes on the report are not viewed. Those that are buying large ticket items such as a car or home will be fortunate to have the lender pull the entire full report version from all three major companies. This way, the lender can review inaccuracies and receive explanations for discrepancies.
Those that rely on high credit scores should enroll in an agency monitoring program. Christians may want to consider using a Christian credit reporting company as a monitor. All of these agencies are offered online and provide monthly reports conveniently into an email account. This type of monitoring is becoming popular with the growing developments of technology and telecommunications. It is advised that those seeking to correct inaccuracies or raise a score to seek professional financial help. "A good name is rather to be chosen than great riches, and loving favour rather than silver or gold." (Proverbs 22:1) The three major companies that were listed earlier in this article play a big part in determining the interest rate and types of loans offered to an individual, so it is imperative to keep scores in the positive ranges.
http://www.christianet.com/bankruptcy/christiancreditreportingcompany.htm
Sometimes a low score is caused purely by inaccuracies on a credit report in name, employment, balance owed on cards, or charge accounts that were not placed there by the individual. Misspelled names listed as an "alias" are the biggest inaccuracy. Each time a request for a loan or money is entered and credit reporting companies are required to offer a numerical score, the information submitted is added to the report. Unfortunately this results in human error taking precedent over facts. The importance of regular monitoring is vital to the success of maintaining a proper and positive score. And, a Christian credit reporting company can offer these monitoring services, giving concerned consumers trusted advice and guidance.
These agencies are typically in business, not to serve the applicant, but to serve the lender/creditor. There are two types of reports offered by credit reporting companies, the quick version and the full version. The quick version offers a numerical value only. All contested notes on the report are not viewed. Those that are buying large ticket items such as a car or home will be fortunate to have the lender pull the entire full report version from all three major companies. This way, the lender can review inaccuracies and receive explanations for discrepancies.
Those that rely on high credit scores should enroll in an agency monitoring program. Christians may want to consider using a Christian credit reporting company as a monitor. All of these agencies are offered online and provide monthly reports conveniently into an email account. This type of monitoring is becoming popular with the growing developments of technology and telecommunications. It is advised that those seeking to correct inaccuracies or raise a score to seek professional financial help. "A good name is rather to be chosen than great riches, and loving favour rather than silver or gold." (Proverbs 22:1) The three major companies that were listed earlier in this article play a big part in determining the interest rate and types of loans offered to an individual, so it is imperative to keep scores in the positive ranges.
http://www.christianet.com/bankruptcy/christiancreditreportingcompany.htm
Christian Credit Service Companies
A Christian credit service company will help those who have debt problems improve credit scores, reduce debt, and learn to understand the value of living within one's means while glorifying God with the gifts He has given. Christian credit service companies can pull debt-history reports, review possible errors, write and send dispute letters, document disputes, and keep track of the whole process. These agencies can also counsel consumers about how to eliminate or reduce debt while living within a budget. Using the Word of God, debt help agencies will also impart Biblical values of using money wisely. However, these companies cannot make false claims about report repair or the elimination of debt without actually paying it off. For protection, any debt help service should give clients a copy of the "Consumer Credit File Rights" before signing a contract.
The first step that a debt-help Christian agency will do is to thoroughly evaluate one's financial picture and unique situation. Christian credit service companies will also evaluate the client's credit reports from the three major reporting agencies. This public record will include any bankruptcies, foreclosures, or court judgments, as well as payment histories. A Christian credit service company will then make recommendations about how to begin eliminating excessive debt and how to avoid incurring more. The agency might work with creditors on behalf of their clients or advise clients on how to negotiate lower interest rates or create new terms on their own. A service that offers financial counseling and is Christian in nature will also guide clients through the process of creating a budget.
While working with a professional agency will help with many different aspects of finances, it should be noted that consumers can make corrections on their own credit reports. This is accomplished with written documentation between the consumer, the information provider that erred, and one of the three reporting bureaus. True inaccuracies can be corrected and information older than 7-10 years might be erased. But, any attempt to erase or defraud or manipulate this information is illegal; debt repair service companies are now under increasing legal supervision to abide by lawful practices. A reputable Christian credit service company will encourage clients to keep track of their history by ordering a free yearly report, and monitoring this report for errors.
Additional reports are freely available under certain conditions, but even if there is a charge, it is under $10.00. Christian credit service companies are required now to issue a detailed contract, giving potential clients three days to consider if the fees and practices contracted will be a good investment. It is wise to read the contract carefully: "A good man sheweth favour, and lendeth: he will guide his affairs with discretion." (Psalm 112:5) Of course, all debt and payment problems should also prayed about, seeking God's guidance, as well. He will be the truest source of direction in all financial matters.
http://www.christianet.com/bankruptcy/christiancreditservicecompany.htm
The first step that a debt-help Christian agency will do is to thoroughly evaluate one's financial picture and unique situation. Christian credit service companies will also evaluate the client's credit reports from the three major reporting agencies. This public record will include any bankruptcies, foreclosures, or court judgments, as well as payment histories. A Christian credit service company will then make recommendations about how to begin eliminating excessive debt and how to avoid incurring more. The agency might work with creditors on behalf of their clients or advise clients on how to negotiate lower interest rates or create new terms on their own. A service that offers financial counseling and is Christian in nature will also guide clients through the process of creating a budget.
While working with a professional agency will help with many different aspects of finances, it should be noted that consumers can make corrections on their own credit reports. This is accomplished with written documentation between the consumer, the information provider that erred, and one of the three reporting bureaus. True inaccuracies can be corrected and information older than 7-10 years might be erased. But, any attempt to erase or defraud or manipulate this information is illegal; debt repair service companies are now under increasing legal supervision to abide by lawful practices. A reputable Christian credit service company will encourage clients to keep track of their history by ordering a free yearly report, and monitoring this report for errors.
Additional reports are freely available under certain conditions, but even if there is a charge, it is under $10.00. Christian credit service companies are required now to issue a detailed contract, giving potential clients three days to consider if the fees and practices contracted will be a good investment. It is wise to read the contract carefully: "A good man sheweth favour, and lendeth: he will guide his affairs with discretion." (Psalm 112:5) Of course, all debt and payment problems should also prayed about, seeking God's guidance, as well. He will be the truest source of direction in all financial matters.
http://www.christianet.com/bankruptcy/christiancreditservicecompany.htm
Christian Online Credit Check
Christian online credit check companies offers information to help manage and protect credit through the conveniences of the Internet. Many types of agencies have sites on the Internet that offer the consumer the ability to receive an online credit score, but those that are Christian in nature will also offer other services that can aid Christians in financial matters. Some companies include three reports with scores for a one time payment amount that also includes access to debt information. Consumers can receive help in resolving debt problems when using agencies that have financial advising services on the Internet. Many sites give information and also guidance to help the consumer begin the long process of repairing their reports and eliminating debt. Filing disputes on derogatory information with each bureau is possible online through these agencies, as well.
The principle focus of the agency that offers a credit check service is to monthly monitor their client's records from all three major reporting services. Most Christian online credit check agencies will send a copy of a report to their clients through email, indicating if there are problems by red flagging specific documentation. With the issue of identity theft, these services offer consumers the ability to keep a close eye on all financial accounts without having to personally review every line item every month, on their own. An online credit score service will generally charge a monthly fee, after offering a free 30-day trial period.
These types of agencies will also offer tips on their sites about how to protect against fraud and identity theft. Today's consumer needs to be aware of how high-tech thieves can penetrate personal records and spend another's money by using a social security number or banking account information. Christian online credit check companies that are on the Internet want to help clients not only repair debt problems, but also take defensive action in preventing problems that can have long term consequences. Those who have been the victim of identity theft have had to renew driver's license, close all banking and card accounts, and struggle to qualify for loans. The price of having a service monitor reports with online credit score services is a small price to pay in preventing against future problems.
Some of the sites online will even include the ability to make disputes for derogatory items found through an online credit score check. Consumers should become familiar with the factors that are evaluated in determining a score. Reaching limits on accounts, late payments, and collection activities usually affect scores negatively. Use the Internet to obtain valuable information about credit history and scores. "That the God of our Lord Jesus Christ, the Father of glory, may give unto you the spirit of wisdom and revelation in the knowledge of him." (Ephesians 1:17) And, of course, know that covering all financial matters with prayer will be helpful.
http://www.christianet.com/bankruptcy/christianonlinecreditcheck.htm
The principle focus of the agency that offers a credit check service is to monthly monitor their client's records from all three major reporting services. Most Christian online credit check agencies will send a copy of a report to their clients through email, indicating if there are problems by red flagging specific documentation. With the issue of identity theft, these services offer consumers the ability to keep a close eye on all financial accounts without having to personally review every line item every month, on their own. An online credit score service will generally charge a monthly fee, after offering a free 30-day trial period.
These types of agencies will also offer tips on their sites about how to protect against fraud and identity theft. Today's consumer needs to be aware of how high-tech thieves can penetrate personal records and spend another's money by using a social security number or banking account information. Christian online credit check companies that are on the Internet want to help clients not only repair debt problems, but also take defensive action in preventing problems that can have long term consequences. Those who have been the victim of identity theft have had to renew driver's license, close all banking and card accounts, and struggle to qualify for loans. The price of having a service monitor reports with online credit score services is a small price to pay in preventing against future problems.
Some of the sites online will even include the ability to make disputes for derogatory items found through an online credit score check. Consumers should become familiar with the factors that are evaluated in determining a score. Reaching limits on accounts, late payments, and collection activities usually affect scores negatively. Use the Internet to obtain valuable information about credit history and scores. "That the God of our Lord Jesus Christ, the Father of glory, may give unto you the spirit of wisdom and revelation in the knowledge of him." (Ephesians 1:17) And, of course, know that covering all financial matters with prayer will be helpful.
http://www.christianet.com/bankruptcy/christianonlinecreditcheck.htm
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