Debt Negotiation may be cheaper than filing a Chapter 13 bankruptcy

I just had a client that was interested in doing a debt negotiation program. They checked with their attorney to see what the monthly payback would be and it worked out that it was cheaper to do a debt negotiation program than a chapter 13 bk. From my understanding it is that the laws for bankruptcy have gotten a lot tougher so it may be cheaper to do a debt settlement program. If you are considering a bankruptcy, you may want to check with a debt negotiation company just to compare what the payments would be.

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Debt Negotiation

Debt Negotiation as an alternative to a Bankruptcy

Debt Negotiation has been given a bad rap. My experience has been that a lot of people have been mis represented about how the process works. Debt Negotiation is playing hard ball with your creditors. Your credit will be negatively affected, you may get calls from your creditors and you can get sued. A good negotiator can help you navigate through these waters and save a ton of money. On average people can settle for about 50% of what they owe. Anyone who boasts a higher amount is probably not able to provide this.

A debt consolidation might be a better route to go if you are still current on your bills. Bottom line use an attorney if you are going to do a debt negotiation program. You have recourse and your money is safe in their trust account. They are accountable to their state bar for how the account is managed.

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Buying a home with a Bankruptcy

Consumers Beware: If you have collection accounts that are over a year old and you are told by a mortgage loan officer to pay them off in order to get yourself ready for a mortgage hang up on them. For more information call Dale Stouffer at 480-226-3020 to get the scoop.

Additional Articles on home buying.

Debt Settlement, Debt Negotiation an alternative to Bankruptcy

I think this is going to be the year that America is going to have to face its unhealthy debt problem head on. There has been a big party going on in the real estate industry for a few years and now it is time to deal with the hangover. If you have turned on the TV we are beginning to be bombarded by commericals for debt reduction, debt consolidation, credit counseling, CCCS and debt negotiation services. I do not remember seeing that many of these ads when the real estate market was doing well a few years ago. Debt gurus such as Suze Orman, Dave Ramsey, Larry Winget and Kevin Trudeau have been flooding the airwaves pitching debt salvation with their programs and products.

The fact is that millions of people are just getting to far behind on their bills to even try to bail themselves out. They would love to do a debt consolidation or debt restructure program but they just cannot afford it. Many people will look at the bankruptcy option. Getting a chapter 7 or chapter 13 bankruptcy is not as easy as it used to be. I think if you are considering a bankruptcy you may want to consider the debt negotiation option. Debt Settlement and Debt Negotiation will allow you to settle your debt without the long-term negative impact on your credit like a bankruptcy would have. You can also be out of debt in 36 months or less. Usually you can settle your debts for 40-60 cents on the dollar. In a chapter 13 you will still be making payments. The majority of credit card companies such as Discover, Master Card, Visa, American Express, MBNA, Citibank, Washington Mutual, Providian, HSBC, Chase, Bank of America, Wells Fargo and others will negotiate with you. If you file bankruptcy, they stand the chance of collecting nothing. It is very expensive for them to go to court and try to collect from you. Getting judgements is the easy part, collecting on them is the difficult part.

If you are considering bankruptcy, it is worth your time to investigate the debt negotiation option.

Additional Articles on Debt Negotiation

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Universal Default Rate on Credit Cards, Suze Orman

I got a good tip from watching Suze Orman the other night. Consumers don’t realize that when you default on one debt it can affect other credit use. There are a lot of people that are losing their homes due to foreclosure. They feel that the mortgage is hopeless yet they want to keep their credit cards for emergency use. While this is understandable, consumers fail to realize what the impact to their credit is across the board. Your creditors are checking your credit all the time. If they see that you are having trouble on one of your credit accounts, they have the right to raise your credit card interest rate to the universal default rate. It is in your contract. If you don’t believe me, then believe Suze Orman. I’ve seen her tout this fact a few times on her show. Your rates can go as high as 29% just because you are late on your mortgage. The reality is that you need to keep up on everything. If you are having financial difficulty you need to be aware that your credit cards may not be your safety net.

For additional credit articles go to GetPrequalified.com

The Fair Debt Collection Practices Act

If you are falling behind on your bills or are already in collections you do have rights. Creditors cannot harass you. To view a summary of the Fair Debt Collections Practices Act go to GetPrequalified.com.

Debt Negotiation as an alternative to Bankruptcy

I think this is going to be the year that America is going to have to face its unhealthy debt problem head on. There has been a big party going on in the real estate industry for a few years and now it is time to deal with the hangover. If you have turned on the TV we are beginning to be bombarded by commericals for debt reduction, debt consolidation, credit counseling, CCCS and debt negotiation services. I do not remember seeing that many of these ads when the real estate market was doing well a few years ago. Debt gurus such as Suze Orman, Dave Ramsey, Larry Winget and Kevin Trudeau have been flooding the airwaves pitching debt salvation with their programs and products.

The fact is that millions of people are just getting to far behind on their bills to even try to bail themselves out. They would love to do a debt consolidation or debt restructure program but they just cannot afford it. Many people will look at the bankruptcy option. Getting a chapter 7 or chapter 13 bankruptcy is not as easy as it used to be. I think if you are considering a bankruptcy you may want to consider the debt negotiation option. Debt Settlement and Debt Negotiation will allow you to settle your debt without the long-term negative impact on your credit like a bankruptcy would have. You can also be out of debt in 36 months or less. Usually you can settle your debts for 40-60 cents on the dollar. In a chapter 13 you will still be making payments. The majority of credit card companies such as Discover, Master Card, Visa, American Express, MBNA, Citibank, Washington Mutual, Providian, HSBC, Chase, Bank of America, Wells Fargo and others will negotiate with you. If you file bankruptcy, they stand the chance of collecting nothing. It is very expensive for them to go to court and try to collect from you. Getting judgements is the easy part, collecting on them is the difficult part.

If you are considering bankruptcy, it is worth your time to investigate the debt negotiation option.

Throw out the 4 year Bankruptcy time period

You can now get a home through Fannie Mae with a Bankruptcy under four year. Fannie Mae allows you to buy with a Bk as long as you are two years from the filing date. It must be discharged however. For more information go to www.getprequalified.com.