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Bankruptcy Credit Counseling - What the Bankruptcy Law states
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Your Trauma Can Become a Creditors Payday
One of the traps of credit cards is that family members often share the card and purchases on one card. For example, when you were in college, you might have been lucky enough to have parents that gave you a credit card for "emergencies."
Of course, for a college student, "I have nothing to wear on Friday night" can constitute a major emergency. So, what do you do when the safety net go... Read credit counseling article
Credit counseling - Preparation and procedures
Prepare for credit counseling to save time, and help your counselor give you the best advice. Here are the basic steps to prepare for credit counseling:
Make the initial contact
Prepare a draft of your current household budget
Gather together:
payroll stubs (last one for each income source)
last 2 years of tax returns
copy of last received billing statement... Read credit counseling article
Bankruptcy Credit Counseling - What the Bankruptcy Law states
Bankruptcy credit counseling is a requirement of the new bankruptcy law effective October 17, 2005. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires court approved bankruptcy credit counseling to be completed by debtors prior to filing for bankruptcy within the 180 days immediately preceding the filing of a bankruptcy petition.
The new requirement for bankruptcy credit counseling prior to filing for bankruptcy may be completed by internet credit counseling, phone credit counseling, or group or individual credit counseling at specific, court approved bankruptcy credit counseling agencies. Under the new bankruptcy law, the U. S. Trustee's Office is responsible for approving bankruptcy credit counselors. The U. S. Trustee's Office may approve a nonprofit budget and credit counseling agency or an instructional course concerning personal financial management if the nonprofit budget and credit counseling agency meets certain stringent requirements set forth in the law.
The new bankruptcy law has made filing bankruptcy more difficult than ever before. The new bankruptcy law was fueled by credit card companies and their high powered lobbyist who wanted to make it harder for debtors to wipe out credit card debt. Bankruptcy credit counseling has been seen by many bankruptcy attorneys as an attempt to delay a debtor from seeking protection in the bankruptcy court. The delay may be just enough time for a creditor to obtain a judgment or collect garnishment funds.
Most bankruptcy lawyers are finding out that the telephonic method of counseling is the easiest for debtors to complete in a hurry. Most telephonic counseling can be completed in about 1 hour.
The maximum amount any bankruptcy credit counseling agency can charge for counseling is set by law. No bankruptcy credit counseling agency can charge more than $50.00 for the credit counseling. Once bankruptcy credit counseling sessions have been completed, debtors are given a certificate of completion from the credit counseling agency to be filed with the bankruptcy court upon filing of the debtor's bankruptcy petition.
BankruptcyHelpOnline.org is the bankruptcy resource solution that makes bankruptcy under the new bankruptcy law easy to understand.
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Debt Consolidation and Credit Repair
Debt and credit issues face all Americans whether they are currently working or not and whether or not they have managed their finances well over the years. A multitude of financial concerns plague many who have had tragic circumstances hit them such as job loss, unforeseen health problems, divorce, disability and many other situations. Personal stress mounts as looming bankruptcy or constant collection calls shadow family after family who has accrued huge debts through credit cards, mortgages, car loans and business refinancing.
Many people who live under the crushing weight of mammoth debt can find some help or complete debt relief through many avenues of debt resolutions that are available from a myriad of financial sources. Knowing which avenue to take in resolving financial problems is often a confusing and daunting task which in itself makes many consumers want to give up before they even get started. Considering that the average American carries over $8,000 in credit card debt alone and has up to 8 credit cards in his or her possession, it would seem that proper financial management would be the first step in addressing anyone's credit concerns.
There are many sources that offer credit counseling, debt management options and financial planning for everyone's needs. Consumer credit counseling agencies offer various financial planning and management options at no charge. Many Americans can choose a local consumer credit counseling agency for free workshops on budgeting and financial planning as well as free counseling from staff members who specialize in debt settlement or debt relief strategies. Keep in mind that many consumer credit agencies offer free help but they also work in conjunction with large financial companies such as credit card institutions and other businesses.
Consumer credit counseling agencies can negotiate a debt settlement for credit card debts through a refinancing strategy with these financial institutions, but they also may receive a percentage amount of your settlement which is donated back to the credit counseling agency. There have been questions as to conflict of interest in some cases, so in order to receive not only free credit counseling, but your best deal, make sure you ask plenty of questions regarding any debt relief transactions on your behalf. You can also choose help from one of the many Christian financial ministries that are listed online. Many Christian financial ministries offer financial counseling and planning for anyone who wishes to contact them.
Some Christian ministries provide one-on-one counseling, workshops, materials and long range planning for serious financial issues such as credit repair and debt eliminations options. Many financial ministries are non-profit and may only suggest a donation for their materials and professional advice. Ministries that specialize in financial management are different from other types of financial agencies or businesses in that they always provide a biblical perspective and solution for fiscal management for individuals, families and businesses.
The third option you have for effective financial solutions to any debt problem you may have is through a financial management business or law firm. Many of these businesses are approved by the Better Business Bureau and provide certified financial specialists or lawyers who can guide you to a positive resolution through strategies such as debt consolidations. Using financial strategies such as professional negotiations to reduce your overall credit card debt to an agreed upon amount is a common specialty. This avenue can provide you with a workable plan to help you get debt free and provide you with a way to repair even your credit reports over a reasonable amount of time.
As you determine which avenue is the best to deal with your financial difficulties, be sure to compare your options. A consumer credit agency, financial ministry or financial business can all provide you with abundant information and workable solutions. Choosing the right one for your particular situation, however, will be the first major step in providing you with debt relief and hope for future financial stability. No one wants to end up in bankruptcy and most would rather deal with debt reductions in a positive way that will eventually free them from financial bondage as well as provide a good financial outlook.
It is best to attack any financial problem that you, your family or business may experience as soon as it is apparent rather than evade the inevitable financial disaster that many people eventually endure. There are many online financial management resources that can help you determine which corrective avenue to take for your financial freedom. "But lay up for yourselves treasures in heaven, where neither moth nor rust doeth corrupt, and where thieves do not break through nor steal: For where your treasure is, there will your heart be also." (Matthew 6:20-21)
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Bankruptcy Credit Counseling - What the Bankruptcy Law states
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