It depends on the amount you in your debt. If your debt is a large sum and figure, the best and most ideal thing would be to declare bankruptcy. If not debt settlement would be much easier.
There's no minimum. If you can't pay your bills you file bankruptcy.
There's no maximum amount. If you can't make your payments you file bankruptcy.
A Debt Counselor is a professional who is trained to assist people with debt management problems. When a person becomes a Debt Counselor they will be hired by individuals who need financial assistance. The Debt Counselor will work with the person who hired them to find out where the problem is at concerning the individual’s financial situation. The Debt Counselor will use different techniques such as budgeting, consolidation, and debt negotiation to help the client get back on track. A Debt Counselor will help the individual by first determining the amount of debt they owe. Then they must figure up what the person or couple can afford to pay per month. They assist the customer by organizing an affordable monthly payment plan to help pay off all of their debts in one combined payment. After the payment plan is worked out, the customer will send the payment to their Debt Counselor. The Debt Counselor will then send small payments monthly to each of the creditors that money is owed. If possible, the Debt Counselor will try to work with the companies that are owed money to get the amount owed or the interest rate reduced. Also included in the monthly payment will be the fee to the Debt Counselor for their services. It is the duty of a Debt Counselor to determine if the payment plan for their client is realistic. They will state whether or not they feel that the payment plan will work. If the Debt Counselor feels it will not work, they may recommend that the client file for bankruptcy. Other areas that a Debt Counselor will assist an individual with are their daily spending habits. They work with their client to try to reduce the amount of money that is spent for items that are not necessary. They will help plan a budget and organize with their client how much they can spend, and where. All pay will be reported and organized through the hired Debt Counselor. An individual will be considered for a position as a Debt Counselor if they have a degree in Business, Education, or even Psychology. Sometimes a person may be hired if they have Accounting and other credit industry experience as well. It is very important to know how to read a credit report from the major reporting companies such as Experian, EquiFax, and TransUnion. The more experience a person has, the better the chance they have in becoming a Debt Counselor. An experienced Debt Counselor will average around $50,000- $55,000 per year.
UK. Bankruptcy £15,000 or more. If you have less than £15,000 worth of debt, sustainable under 15k for the duration of one year and meet certain criteria, you may qualify for a debt relief order, which is, in effect, a mini bankruptcy.
It would depend on the person as to how much debt one would have to have before filing for bankruptcy. Some people can have more debt than others and be ok with it, while others would feel the need to file.
id say 20,000 or higher.
A consumer credit consolidation counselor is usually a nonprofit counselor for debt consolidation. Those who are paid typically charge astronomical rates to the consumer.
There is no minimum debt you must have to file for bankruptcy. However, if your debt is too low in relation to your income or assets, you will either have to repay the debt in full (if you file a Chapter 13 bankruptcy) or the case trustee may ask the court to dismiss your case for bad faith (if you file a Chapter 7 bankruptcy). For more information on the bankruptcy process, please click the link below. The above is provided for informational purposes only. It is not intended as legal advice, and does not create an attorney-client relationship.
Income has little to no determination on one's ability to file for bankruptcy. It's the debt to income ratio that most bankruptcy courts look for. Consult a bankruptcy attorney; there may be other options that will not impact your credit as harshly as bankruptcy.
The whole country has been operating in a state of bankruptcy since 1931. In fact this is the 4th Bankruptcy our union has faced.
In ANY bankruptcy, whether or how much of your debt gets paid is dependent on what type it is, and more importantly, what your assets are. Your assets are used to pay your debts...have enough and 100% gets paid.
of course you can. One does not inhibit the other. If you filed for bankruptcy as a couple, then the bankruptcy will proceed during the divorce, it just may complicate things. If you filed for bankruptcy as an individual then there should not be too much of an issue because you were only filing for bankruptcy as to your individual debt.
form_title=Hire a Debt Management Service form_header=If you have a variety of debts in different forms, this service can help you manage your various responsiblities. How much debt do you have?=_ Have you ever filed bankruptcy? = () Yes () No What are the sources of your debt?=_
form_title=Hire a Debt Counsleor form_header=In over your head? Find a debt counselor to help you learn to manage, control and ultimately pay off your debts. How many credit cards do you currenlty have that are active?=_ What is your total amount of debt?=_ How much do you know about debt counseling?=_
No type of bankruptcy, whether chapter 7, 11, or 13 discharges a civil or criminal judgment against you. Those are considered non-dischargeable debts and will remain with you until you pay them. Be sure to familiarize yourself with what will and will not be discharged before filing for bankruptcy as you may find that much of your debt is nondischargeable in which case bankruptcy may not be the option for you.
A bankruptcy will be listed and hold your credit score down for 10 years, while the delinquent payments incurred while enrolled a Debt Settlement program will be there for only 7 years (and in some instance, even less). So at a minimum, your credit report will be cleared at least three years earlier when using Debt Settlement company as opposed to bankruptcy. Another important factor to remember is that a typical debt settlement program ultimately resolves your debts for much less than other debt relief options. And, unlike bankruptcy, you won't have to sell your house or other assets in order to free yourself of your liabilities. Also remember that there are several other debt help options out there besides Debt Settlement and Bankruptcy, such as Credit Counseling and Debt Consolidation Loans, and that each has their own upsides and downsides, so it is important to evaluate each carefully and examine how they fit into your overall needs and goals.
It is not necessarily surrendering monies as it is being placed on a very disciplined payment plan to repay the debts you have incurred over the years. Chapter 13 bankruptcy is a structured repayment plan, and involves a debtor paying off as much of his or her debt as possible over a 3-5 year period. An individual's debts are not discharged under Chapter 13 bankruptcy, but rather, the individual may lower his debt payments to affordable levels. He will then have a certain period of time to pay off his debt. The plan for getting out of debt is formalized and approved by the bankruptcy court.
Start paying off your debts as much as you can by settling debts starting from the highest interest rate to lowest interest rate. If your debts are overwhelming, I suggest you consult a debt counselor and/or work overtime/extra to become debt free faster.
Debt problems, bankruptcy, poor credit ratings - loss of home/possessions, depression.
It costs money to file for bankruptcy. Usually the cost is added on as a credit towards your debt when you file. this site here will give you more information on bankruptcy http://www.boston-bankruptcylawyer.com/article-how-do-bankruptcy-lawyers-make-money.aspx.
Secured debt in Bankruptcy You can't file "selective" bankruptcy, but youcan normally keep property that is security for debts by agreeing to keep paying the debt.If there is too much equity in the property to keep it from the trustee, you may want to consider Chapter 13. Visit my profile/site for more information about Bankruptcy.
There are many ways to go about eliminating your credit card debt. The best option for you depends on your financial situation. How much debt do you have? Are you behind or current? Are your interest rates high? How much money can you send to your credit cards every month? The answers to these questions would help you get started on your way to eliminating credit card debt. The best thing for you to do is to speak with an accredited, non profit credit counselor about your situation. The counselor can give you advice on how best to get out of debt. Being able to consolidate your credit cards is also another strategy that you can use towards credit card debt elimination.
There is no minimum debt required, but it usually has to be substantial, especially since having a BK lawyer file the BK would cost around $1,000-$2,500.
Normally, as a secured creditor he would get to repossess and sell the car to recover as much of what you owed. Or if you reaffirmed the debt, then the lien stays as does your obligation to pay.