What do I do If I can’t pay my Christmas credit card bills?  Is Credit Debt Settlement a good option.  Many American feel an obligation to provide gifts at Christmas.  It seems that the media is pushing the sense that we should be providing a gift for everyone at holiday.  The truth is that many Americans are still trying to pay off last Christmas while piling on more debt for this one.  The truth is that is just doesn’t work.  It is more like short term pleasure and long term pain.  Once the holiday is over you are left with the credit card bills to pay.  It usually ends up being more like worry and fear.  You mind will become occupied with strategies about how you are going to pay for everything.  Millions wont be able to keep and and will fall behind on their credit card payments.

What Are My Options If I Can’t Pay My Credit Card Bills? Continue Reading »

Tough times call for tough decisions when it comes to money.  If you are facing a mountain of debt in a slow economy you should be nervous.  Large debt is what brings people down fast.  Once you start getting behind on your bills, it may be impossible to catch up.  It is important to tackle you debt head on and pay it off as soon as possible.  If you have to eat kraft macaroni and cheese and top ramen every meal it will be worth it.  You need to start living by your needs and not your wants.  Your wants are what got you in a pickle in the first place.  Just think that you are learning a new habit.  It may be painful at first but you can do it.

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There seems to be a misconception that you cannot include credit cards in a bankruptcy.  This could not be more far from the truth.  In most cases credit cards are treated like any other debt for bankruptcy purposes.  The new bankruptcy law did make it more difficult to clear out some debts incurred within a short period prior to the filing of the bankruptcy.  The law in this area is basically the same as it was prior to the passage of the new bankruptcy amendments.  Certain debts can survive the bankruptcy if a creditor files papers with the bk court requesting that the debt survive and the court agrees with the original creditor.  The process is not automatic however and you have the opportunity to dispute what the creditor is saying.

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Just because you are filing for bankruptcy does not mean that you have to give up all of your property.  Most people are able to keep all of their property in bankrupcy.  This is because certain property cannot be sold or taken from you according the bankruptcy exemptions that are provided by state or federal law.  The new BK laws made certain changes concerning residency requirements and in some cases actually capped the amount of equity that is protected in a residence.  These changes should not effect most people however.  On a good note, Congress did pass a provision allowing a person to be able to protect up to a million dollars in a qualified retirement account or IRA.

What Happens To Secured Debt In A Bankruptcy? Continue Reading »