The only option for becoming debt free is filing for bankruptcy. A chapter 7 bankruptcy is considered a total liquidation when it pertains to unsecured debts. A chapter 13 is a consolidation BK, in which the debtor is placed on a payment schedule usually 3-5 years for repaying all debts secured and unsecured, according to their priority. With the new bankruptcy laws in effect filing a chapter 7 is a little more difficult than previously, but most people will still qualify under the new regulations.
Most people think that you need to be employed to get a loan. But if you have a recurring type of income, you may still be eligible for an unsecured loan, even if you don't have a job. Other types of income may count towards your income requirements, to include: social security, child support, disability, alimony, structured settlement payments, and pensions. If you regularly make more than about $800 a month in this type of income, you will more than likely be eligible for an unsecured loan for hundreds of dollars or more. Unsecured loans can help out in any type of money emergency, so consider one today if you need to.
20%(food) + 23%(rent) + 42%(other expenses) = 85% food, rent, and other expenses is 85% of the income so then the savings is 15% of the family income 100% - 85% = 15%(savings) 360(savings) is 15% of the family income 15/100 = 360/x if 360 is 15% of the family income the total of the family income is 2400 20%(food) + 23%(rent) + 42%(other expenses) = 85% food, rent, and other expenses is 85% of the income so then the savings is 15% of the family income 100% - 85% = 15%(savings) 360(savings) is 15% of the family income 15/100 = 360/x if 360 is 15% of the family income the total of the family income is 2400
Yes, you can. If you are current, but struggling with credit card debt, medical debt, or other unsecured debt. If your income is less than the median family income for your state, you can probably file chapter 7. If over that amount, you may have to file a chapter 13. Consult an experienced bankruptcy lawyer in your area.
Bankruptcy laws changed dramatically in 2005 and make it considerably harder for people to file chapter 7 bankruptcy, those people who do not qualify for chapter 7 are left with the option of chapter 7. Some of the major changes with chapter 7 are:In a Chapter 7 bankruptcy, the income of the person filing will be subject to a two-part test. First, your income will be calculated with exemptions such as rent and food to determine whether you can afford to pay 25 percent of your unsecured debt such as your credit card bills. Second, your income will be compared to your state's median (middle) income.You won't be allowed to file for Chapter 7 if your income is above your state's median income and you can afford to pay 25 percent of your unsecured debt. Even if your income is below the state's median income and you can pay 25 percent of your unsecured debt, the court may still deny your Chapter 7 filing. There will be very few exceptions to this test, no matter how sympathetic your case is.
Unsecured small business loans can be taken out at a bank, credit union, or a specialty loan office. The difficulty in acquiring the loan, however, lies in finding someone willing to lend to you: an unsecured loan is a large risk for the company providing the loan as there is no collateral. You need impeccable credit and a secure income to be considered for an unsecured small business loan, and even then you can expect to have a much higher interest rate than a typical secured loan.
For a monetary emergency, getting an unsecured loan can be the best idea. If you only need a couple of hundred of dollars, you may wish to forgo the bank and apply for an online unsecured loan instead. With an unsecured loan, you do not need to supply any credit history to be eligible. You simply need to be employed, or have a steady source of income, and have a checking or savings account. An unsecured loan can get you through until your next paycheck comes, especially when you don't have good credit. Apply carefully, and make sure to check out the company you plan to deal with thoroughly.
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