Dollars and Sense: How Bankruptcy Lawyers Will Help You Out of Your Sticky Financial Situation

The word “bankruptcy” tends to strike fear into our hearts, especially if we’re going through financial trouble. But most people can’t see themselves ever filing for bankruptcy. The process seems like it’s made for failing businesses, government bodies, and other organizations. But personal bankruptcy laws exist to protect citizens who find themselves struggling with severe debt. If your finances drop into the red zone, taking the following steps will get you back on your feet:

Assess the Damage

Look closely at your financial portrait. If you owe large sums to multiple creditors, if collectors are calling your house, or if you find yourself paying for essentials with a credit card, you should start to consider remedying your situation. Begin by tallying up your financial assets – bank account balances, retirement funds, stocks and bonds, real estate, vehicles, and anything else of value. Once you have a grand total, compare it to the amount you owe. If your assets are worth less than your total debts, you should seriously consider filing for bankruptcy.

How Do I File?

You may voluntarily file for bankruptcy as soon as you determine it’s necessary. Alternatively, you may be compelled by your creditors to file. However your legal process originates, don’t try to navigate it by yourself. Get in touch with bankruptcy lawyers who will look closely at your circumstances and advise you on how to proceed. There are two different claims you can file, so an attorney will help you determine the legal route that best serves your interests.

Filing a Chapter 7 Claim

A Chapter 7 claim is fairly straightforward. If approved, this claim liquidates your assets and uses them to pay off a large chunk of your debt right away. In other words, it turns most of what you own into cash, and then distributes this cash among your creditors. It sounds scary, because you lose most of your holdings. But it’s not the end of the world – many people bounce back and rebuild their assets without all that debt holding them back. Especially with trusted bankruptcy lawyers on your side, this process can lead to a much-needed fresh start.

Filing a Chapter 13 Claim

Since they involve seizing most of the filer’s holdings, Chapter 7 claims aren’t great for people who own businesses, property, and other major assets. When you have large properties that you don’t want to lose, a Chapter 13 claim is the better choice. It allows people with consistent, predictable annual incomes to pay off debts over a three- to five-year grace period. Once a judge approves a Chapter 13 claim, creditors must stop contacting the debtor. The debtor then continues to work, paying off his or her debts as best they can during the grace period. No property or other assets are liquidated in this process.

Bankruptcy lawyers will tell you: filing isn’t so scary, and can drastically improve your situation. If you’re letting unpaid bills stack up and trying to ignore them, know that you can pursue legal options to relieve the stresses of debt and protect what you own.

Facts about Personal Bad Credit Loans

If you have a job, a checking account and/or a clear title to a vehicle, but you have bad credit, you may be targeted by payday advance companies or car title loan companies. Some of the companies that offer personal bad credit loans have been investigated by the Federal Trade Commission. The fees charged by companies for these small loans for bad credit risks are much higher than the fees charged by banks and other lending institutions for standard loans. These personal bad credit loans have been called a debt trap. Before you take one of these small loans for bad credit, consider your options.

If you have a job and a checking account, talk to your bank first. Just because you have bad credit does not mean that they will not approve a small loan. If you have a clear title to a vehicle, then the chances of your being approved are even better. Many people think that because they have bad credit, they will automatically be rejected by a commercial bank or lending institution. They think that they will only qualify with companies that advertise “no credit check”, personal bad credit loans or small loans for bad credit risks. The truth is that lenders consider different factors when approving loans. If they do approve your application and you make your loan payments on time, then you will also be building a good credit history. Payday advance and other small loans for bad credit risks do not report to the credit bureaus. They will not help you improve your credit score.

If the bank will not approve your application, consider borrowing from a friend or family member. You can write up a promissory note that will be legally binding. If you need money quickly to pay mortgage, rent, utilities or another creditor, talk to them first. If you just need a little extra time to pay, then they will usually work with you. A late fee will be less than the fees charged by a company offering personal bad credit loans.

If you are active duty or retired military, there are emergency funds available. Check with your commanding officer. In fact, companies that offer payday advance and other small loans for bad credit risks are required to inform military personnel that they have other options.

If you must take one of the personal bad credit loans, borrow only what you must have to get through this emergency situation. Borrow only what you can afford to pay back on your next payday. Companies that offer payday advance and other small loans for bad credit risks charge roll-over fees if you are unable to repay at your next payday. Because of these roll-over fees, people have paid as much as $60 to borrow $100. The roll-over fee is not applied to your balance. You cannot make partial payments on these personal bad credit loans. They must be paid in full.

If you are searching for small loans for bad credit risks, then your real problem is bad credit. Once you get through this emergency situation, consider making efforts to repair your credit score. There are do-it-yourself kits and companies that offer bad credit repair. It is possible to improve bad credit scores. It takes time, patience and a little know-how, but it is worth the effort. Credit repair will probably cost less than the fees charged by companies offering personal bad credit loans and it will save you money in the long run. For more information, visit Credit Fix Solutions.

Facts about Personal Bad Credit Loans

If you have a job, a checking account and/or a clear title to a vehicle, but you have bad credit, you may be targeted by payday advance companies or car title loan companies. Some of the companies that offer personal bad credit loans have been investigated by the Federal Trade Commission. The fees charged by companies for these small loans for bad credit risks are much higher than the fees charged by banks and other lending institutions for standard loans. These personal bad credit loans have been called a debt trap. Before you take one of these small loans for bad credit, consider your options.

If you have a job and a checking account, talk to your bank first. Just because you have bad credit does not mean that they will not approve a small loan. If you have a clear title to a vehicle, then the chances of your being approved are even better. Many people think that because they have bad credit, they will automatically be rejected by a commercial bank or lending institution. They think that they will only qualify with companies that advertise “no credit check”, personal bad credit loans or small loans for bad credit risks. The truth is that lenders consider different factors when approving loans. If they do approve your application and you make your loan payments on time, then you will also be building a good credit history. Payday advance and other small loans for bad credit risks do not report to the credit bureaus. They will not help you improve your credit score.

If the bank will not approve your application, consider borrowing from a friend or family member. You can write up a promissory note that will be legally binding. If you need money quickly to pay mortgage, rent, utilities or another creditor, talk to them first. If you just need a little extra time to pay, then they will usually work with you. A late fee will be less than the fees charged by a company offering personal bad credit loans.

If you are active duty or retired military, there are emergency funds available. Check with your commanding officer. In fact, companies that offer payday advance and other small loans for bad credit risks are required to inform military personnel that they have other options.

If you must take one of the personal bad credit loans, borrow only what you must have to get through this emergency situation. Borrow only what you can afford to pay back on your next payday. Companies that offer payday advance and other small loans for bad credit risks charge roll-over fees if you are unable to repay at your next payday. Because of these roll-over fees, people have paid as much as $60 to borrow $100. The roll-over fee is not applied to your balance. You cannot make partial payments on these personal bad credit loans. They must be paid in full.

If you are searching for small loans for bad credit risks, then your real problem is bad credit. Once you get through this emergency situation, consider making efforts to repair your credit score. There are do-it-yourself kits and companies that offer bad credit repair. It is possible to improve bad credit scores. It takes time, patience and a little know-how, but it is worth the effort. Credit repair will probably cost less than the fees charged by companies offering personal bad credit loans and it will save you money in the long run. For more information, visit Credit Fix Solutions.

How to Find a Skilled Bankruptcy Attorney

A bankruptcy attorney has the ability to guide you through the entire process of filing for bankruptcy. In the process of looking for the skilled professional, you want to find someone who you are comfortable discussing your private financial matters with, an expert in their field and will quote a fair price. Here are a few things to consider in the process of finding a skilled bankruptcy attorney:

Make the initial contact

There are several ways to get in touch with a bankruptcy attorney, including online directories, colleagues and friends. If you feel comfortable doing so, a recommendation from a colleague or friend is a great way to find a reliable professional.

It may be worth visiting official sites like the National Association of Consumer Bankruptcy Attorneys (NACBA) and the American Bar Association (ABA). They are likely to include the type of lawyers that meet the required standards to provide a high level of service.

Try to get in touch with two or three attorneys and make sure to arrange an initial conference to discuss your situation and ask relevant question to make sure they are right for your needs.

Finding a specialist that has deep knowledge of this specific area of law is essential to achieve the best result, and avoids issues like a missing a deadline or not filing a form that could lead to a case being thrown out.

In the process of interviewing the attorney’s make sure to ask questions related to their background and what specialized training they have completed. If they are able to provide proof of their knowledge, such as a certification issued by the American Board of Certification then this will indicate they know how to handle a bankruptcy case. Try to find out the number of similar cases handled in the past. Also, a respected attorney has the ability to give guidance on other options, such as credit counseling.

Cost of services

The cost of the services quoted by the bankruptcy attorney is certain to be a major consideration. A Chapter 7 filing is likely to cost less than a Chapter 13. The most basic Chapter 7 case may start at about $500, but will increase depending on what is involved. However, the more complex cases related to Chapter can reach $6,000 or more. It is important to get an idea of the attorney’s fee structure at the first meeting to make sure they are within your price range.

The Convenience of a Graduate Student Loan

Students look at a graduate student loan as an alternative to student debt, its obvious attraction being the ability to get one without collateral or the need to show proof of a regular income. Normally, students are in college fulltime and neither have jobs or properties of their own.

Being an unsecured loan, a graduate student loan normally has a reasonably good interest rate. It usually doesn’t take long for such a loan to get approved, but this speed and convenience comes at a price. Borrowers could find themselves tied up in a long-standing bond that is not exactly to the advantage of the borrower.

More costly than a student loan, a graduate loan is typically given upon graduation, when a student just out of college is not qualified for a student loan anymore. This loan is intended to ease the transition from college life to an employed life. Someone who has just joined the workforce would need a place to stay, new clothes appropriate for the workplace, and other necessary expenses.

A student overdraft, a regular feature in a student’s bank account, can be paid using a graduate loan. But one has to be reminded that a graduate student loan, even though inexpensive compared to a personal loan, is more costly than a student loan.

But once a fresh graduate has found a job, he or she could get a loan from the employer or company that has hired him or her at better rates. This is an alternative to a graduate loan open to new graduates, who could also avail of what is called a career development loan, meant for those who enroll for another course like medicine or graduate studies.

Student debts are continually increasing, with graduates who have found employment doing better than undergraduates since the former do not rely too much on loans but on their salaries for their daily needs and other necessities.

Someone who finishes college and decides to pursue graduate studies will broaden his or her horizons in other academic fields which could lead to better career opportunities. If it is necessary to do this by taking out a graduate student loan, it could also mean a new set of financial burdens. But it is an alternative that many graduate students are more than willing to take to pursue higher education.

If you want to apply for this loan, the first thing to do is fill out a Free Application for Federal Student Aid (FAFSA) form. You will be asked questions about your salary and savings or that of your parents. You can do this online or obtain a hard copy. After you have mailed your FAFSA application, the government will look at it and inform you how much you need to contribute to your graduate studies. Include in your application the graduate schools you are thinking about to enroll in so the government agency in charge can also send them a report.

Send applications to federal agencies for both subsidized and unsubsidized loans. Federal loans have the least expensive interest rates. You are better off maximizing federal loans to avoid the more expensive interest rates of private creditors.

A Grad Plus Student Loan can help you with the balance for your tuition. This loan can only be acquired from private creditors. Find the best interest rates available by shopping around. Many graduate schools will provide you a list of creditors and the interest rates they’re offering. The amount you can borrow depends on your credit so you better apply as soon as possible for a graduate student loan, making sure that you only make a request for the exact amount you’ll be needing for your education to increase your chances of getting approved.