National Legal Debt Centers, Inc. – Consumer Alert
(ContentDesk) October 20, 2005 -- While the banks and credit card companies are expecting to benefit from the new bankruptcy laws, many consumers and small business owners will find themselves in limbo. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, limits who can qualify for bankruptcy under Chapter 7, instead many filers will be forced into a Chapter 13 Repayment Plan. Unfortunately, most consumers however will be caught in between and left out in the cold.Many of the major credit cards have doubled their minimum monthly payments to 4% monthly, adjustable rate mortgages have already started going up and foreclosures have increased 50% in the past two years and many student loans went up 2% last month. Consequently, the new bankruptcy laws will either drive many debtors into repayment plans they cannot afford, or leave them in limbo:" The cost of filing for bankruptcy is now higher, which will be a real problem for many consumers. In fact, some may not have enough money to file and will lose important assets as a result." The new law will force some consumers to pay more money to their creditors than they would if they had filed under the old law.
" It takes away consumers discretion over whether to file a Chapter 7 or a Chapter 13 bankruptcy and applies a stringent means test to their income and debts in order to determine what type of bankruptcy they must file. The goal of the means test is to force as many consumers as possible into a Chapter 13, regardless of whether they can realistically afford to make payments on their debts. As a result, many consumers are apt to lose the very assets they hoped to hold on to through bankruptcy. " Makes more debts non-dischargeable through bankruptcy. In other words, under the new law, regardless of whether consumers file for Chapter 7 or Chapter 13, they are likely to end up paying more money to their creditors than under the old law.
" It weakens the protections of the automatic stay, which prevents creditors and debt collectors from trying to collect from consumers after they file for bankruptcy. As a result, consumers who file for Chapter 13 will have a harder time holding on to their homes and cars and it will be easier for them to be evicted from their apartments and have their homes foreclosed on. Most consumers do not know there are bankruptcy alternatives and that an attorney can help you avoid bankruptcy and negotiate a settlement of your debts. And, most people do not realize the difference between the various types of bankruptcy and could easily find themselves paying back a large proportion of their debt anyway, forced by the courts to make those payments. Some are even mandated into credit counseling programs and forced into a lengthy repayment plan.
So they wind up with a bankruptcy and repay their debts anyway.Though there are many different types of debt relief companies advertised, most creditors will not negotiate with them. However, an attorney experienced in handling clients debts, can act on your behalf and help you avoid the devastation of bankruptcy. There are alternatives: Bankruptcy Alternativeshttp://www.nldc.us/debtoptions.html.
How To Stop Forelosure
A loss of a job,death in family, medical expenses and other life-altering situations can happen to anyone, causing us to fall behind in our mortgage loan payments. If we neglect paying our credit cards it hurts our credit rating; if we neglect our home loan payments the lender will foreclose, and repossess our home.We are often embarrassed to talk about our money problems, but that approach doesn't solve anything. Put your pride on hold and get serious about avoidingforeclosure.Contact your lender as soon as you know your payments will be late. Never ignore the lender's letters and do not assume you are in a hopeless situation. Lenders do not want to foreclose, and will usually work with you to get your account back on track.Below are Solutions for Temporary Problems1.ReinstatementWhen you are behind in your payments but can promise a lump sum to bring payments current by a specific date.2.ForbearanceYou are allowed to delay payments for a short period, with the understanding that another...
How To Stop Forelosure
Credit report > How To Stop Forelosure
Pay Off Debt - Get Out Of Debt And Lower Your Monthly Payments
Debt consolidation can be confusing, especially if you have never considered contacting a debt consolidation company before. A debt consolidation company can give you free advice on reducing your monthly payments and show you the path to becoming debt free. High interest rates and the various fees charged by creditors can leave the average consumer unable to meet their monthly financial obligations. If you have found yourself overwhelmed by credit card debt and unsecured loan payments, debt consolidation may be the answer you have been looking for. The services offered by debt consolidation companies will not eliminate your debt overnight, but they will assist you in lowering your interest rates and monthly payment amounts.
Debt consolidation is not an instant cure for your financial problems, but rather a tool that is available to consumers who can no longer afford the high payments and high interest rates charged by creditors. Instead of making high monthly payments to your...
Pay Off Debt - Get Out Of Debt And Lower Your Monthly Payments
Credit report > Pay Off Debt - Get Out Of Debt And Lower Your Monthly Payments
Scripts to use with your finance brokers.
Scripts to use with your finance brokers.
When you need to talk to your finance broker or lender about your real estate investing , here is an actual script of mine you may want to look over to familiarise your self with some of the type of questions you will be asked.
Thanks for following up with me today!!
As discussed given the size of your portfolio it would be beneficial for me to be able to do some research on lending options prior to our meeting.
This would obviously maximise our time together.
Could you please outline the following to me for each real estate investing property:
Address of property
Value of property
Debt on property
Lender name
Interest rate
Monthly repayment
Current rental income
I will also need to know the following:
Marital status
Dependents
Employment for self (and spouse if applicable)...
Credit report > Scripts to use with your finance brokers.
Hi-Heeled Designs Celebrates One Year Bringing Custom Designed Stationery Nationwide
On her Birthday last year, Nashville resident, Mandy Prater Stribling, received an original hand-drawn birthday card from a friend, Julie Hacker that started a trend. Since then, Hi-Heeled designs has gone nationwide! Their products are featured in over 50 stores all over the United States. "As soon as I saw the stylish drawings and witty phrasing on my birthday card, I knew that we could develop this into something fun and rewarding. And after a year we are still going strong!" Stribling said....
National Legal Debt Centers, Inc. – Consumer Alert
Credit report > Hi-Heeled Designs Celebrates One Year Bringing Custom Designed Stationery Nationwide
National Legal Debt Centers, Inc. – Consumer Alert
National Legal Debt Centers, Inc. – Consumer Alert Credit report life insurance