If you are late by more than 30 days on your mortgage payment, the lender can declare the mortgage in default. When this happens, the owner of the house has two choices – either pay the mortgage amount due immediately or face a foreclosure lawsuit that would auction off his/ her home to recover the mortgage costs that were outstanding. If you are currently facing this scenario do not despair– you can stop foreclosure without bankruptcy declaration. In order to do this, the property owner must utilize the Chapter 13 clause, which allows the house owner some time leeway in which they could pull together resources in order to pay the lender.

Chapter 13 is a very powerful tool for people who wish to keep their homes – but it requires following stringent rules so the money due could be repaid in the court allotted time. The mere fact that you can stop foreclosure without bankruptcy is enough for most people to accept any conditions stipulated during the process. With that being said, it is best that you educate yourself on the stipulations of the Chapter 13 clause of the Bankruptcy Act so that you fully understand the process, the ramifications, the projected goal and the consequences of not meeting the specified deadline. In most cases, at least a consultation with a qualified professional is recommended.

Source:  You can stop foreclosure without bankruptcy – did you know this?

The cost and process of voluntary bankruptcy differs very much from that of an involuntary bankruptcy. Before you decide to make use of this legal proceeding, you need to understand the pros and cons of such process. Each state has its own rules, so ensure that you do sufficient research and weigh your options carefully. Bankruptcy follows filers for a very long time and is not a process that should be undertaken haphazardly.

If approved, the court would then decide what assets would be sold to enable the creditors to recover whatever possible of their outstanding debt; and what assets would be protected under a clause known as “minimum livelihood necessities.” Voluntary bankruptcy is a double-edged sword to be used with extreme caution. It is best to seek the advice of a well- qualified, experienced attorney to guide you through understanding the process before you decide to file for voluntary bankruptcy.

Source: What is voluntary bankruptcy?

The Disadvantages

-    If one spouse filed for bankruptcy earlier he/she cannot file under joint bankruptcy
-    If the husband-wife combined debt exceeds the limit permissible under Chapter 13, you cannot file under joint bankruptcy

The Advantages

-    Saves money on legal counseling fees
-    Each spouse can file for personal exemptions and thereby protect more assets together
-    Collection agencies will not hound one spouse with requests for payment
-    Easier to file for joint bankruptcy than to file separately

Review information carefully for all the advantages and disadvantages of filing bankruptcy through online research. You may find that many terms are different depending on where you live. You also need to contact a bankruptcy expert to receive case specific advice about your financial situation. Be careful when you make this decision since this will affect both spouses credit reports. Your decision should take into account your goals, assets, future financial obligations and the affect this decision will have on both spouses as well as any children in the family.

Source:  Joint bankruptcy – Is this a Good Idea?

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Filing bankruptcy in Oregon is a good option if any of the following statements apply to you:

-    Your bills are too long overdue and you do not have any concrete plans or ability to get any additional income to pay these bills
-    You are unable to pay your mortgage
-    You are unable to make even the minimum payments on your credit card balances
-    You have lost your primary source of income/ job and you do not see an ability to get a new source of income in the near future
-    You have suddenly incurred a huge medical expense

The following debts/ payments due/ financial obligations will not be covered/ exempted when filing bankruptcy in Oregon:

-    Student loans
-    Child support and alimony
-    Fines imposed by the Oregon government
-    Cash advance made within 90 days

Source:  Filing bankruptcy in Oregon – The Pros and Cons

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First of all, not everyone will qualify for bankruptcy. After the bankruptcy laws were amended in 2005, there were many sub-clauses (for example, Chapter 7) that would give consumers the ability to redress their debts without filing for bankruptcy.

Monetary Implications Of Bankruptcy

Before you file for bankruptcy you will need to undergo bankruptcy credit score counseling 180 days prior to the bankruptcy filing. You will also need a certain amount of expert legal counseling that may cost you anywhere between $1,000 to $2,000. Bankruptcy is definitely not the cheap alternative, even when you have reached the absolute rock bottom with your finances.

Credit Report/ Score Implications Of Bankruptcy

This is one of the most significant implications when filing bankruptcy as this will remain visible on your credit report to financial companies, employers and anyone else who requests your  credit score report. It will take 11 years before this is removed from the report; and that is a very long time.

It is possible to improve your credit score over time with proper financial discipline and smarter financial choices. However, this a very arduous process and can have lasting effects for years to come. You must always keep in mind your financial goals and the timetable for reaching those goals before deciding which course of financial relief to utilize.

Source:  Implications Of Bankruptcy – Is This Freedom From Debt Worth It?

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1.    Student loans – This loan is not covered by bankruptcy solutions. Hence, if you are in trouble due to your student loans and declare bankruptcy in the hope that this will solve the problem, be aware that this is not true. You will still be liable to pay the student loan back and you will have the report of a bankruptcy on your credit report for the next 11 years. In order to seek relief for student loan payments you should contact your lenders and try to renegotiate the terms of your repayment. Some options are an “income- contingent” repayment plan as well as temporary forbearance.

2.    Child Support -  This is another field that will not fall under the relief of bankruptcy. In the eyes of the law this debt is not going to be relieved without your actual payments. Child support and alimony are not considered debts as much s they are considered financial obligations that do not warrant bankruptcy relief.

3.    Criminal fees/ fines – No bankruptcy solutions will delete criminal fees or fines. Hence, declaring bankruptcy will not resolve such issues. Again, this type of debt is considered unforgivable and thus must be paid by the individual. You can attempt to enter into a new repayment plan but often times you must show the court extreme financial hardship in order to qualify for a change in repayment terms.

Source:  Bankruptcy Solutions – What Is Not Covered Under This Umbrella?

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Credit cards are used for a large gamut of services – not only for buying goods and services online and offline. In many places, credit cards serve as proof of ID. Paypal, for example, requires you have a valid credit card before they approve your account. With the immense acceptance and popularity of this mode of payment came the potential for credit card fraud.

Be aware that banks have introduced a second and third layer of Payer Authentication System PIN that will protect the payer at a different level while paying for goods and services online. However, credit card fraud is still possible during offline transactions. How do you prevent that? Here are some tips to help keep consumers aware of the transactions on their accounts before a statement is mailed out:

1.    Check when signing the counter slip that the amount is correct. Also ensure that you are not inadvertently signing two copies of an original receipt which can then be used to purchase goods under your available credit.
2.    Subscribe to sms to your mobile phone for every transaction made. This allows you to keep track of your spending in real time.
3.    Have the credit card company provider verify when payment are requested over a reasonable limit, say $200. What this means is that the credit card company will call you before they will approve any transaction over the set limit, allowing you to catch potentially fraudulent activity.

Source:  Credit card fraud – Be Sharp About Your Security

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The cost of identity theft ring start-ups is next to nothing when you consider that each individual victim might lose a minimum of $5,000, when they fall into such traps. Since the potential for profit far outweighs the initial cost it is no wonder that identity theft crime statistics show this type of crime is on a steady uphill climb.

The only way to ensure that you stay safe from this type of fraud is through education. Do not dismiss any news or education material on how to prevent identity theft. Given the cost of identity theft business set up, you will need to stay on the top of the latest news and technology developments to protect yourself from this crime. Identity theft criminals work tirelessly to find ways around security measures put into place by financial institutions and government agencies; you must work twice as hard to keep your financial information private and secure.

Source:   Cost of identity theft – A Thriving Business?

Take steps to prevent business identity theft:

1.    Monitor your business credit account – This is an added expense that many businesses try to avoid, but is most necessary. A credit monitoring service can save you plenty of headache and thousands in dollars in the long run.

2.    Freeze your credit – All three major credit bureaus offer credit freezes in more than 37 states across the country. This is an excellent way to prevent anyone from obtaining credit in your name. However, be aware that freezing the ability to get credit from criminals also freezes your ability to get legitimate credit for yourself. Always be sure to know exactly what the terms of the credit freeze are and how to go about getting more credit for yourself in the future, which will entail lifting the credit freeze.

3.    Check continuously for mirror websites of your business – There are excellent software programs that will search the internet and identify mirror websites, pirated content and so on. This a great tool against business identity theft. Also, be very honest when and if you think there has been a breach by informing your customers as soon as possible so they may take proactive measures.

Source:   Business Identity Theft – 3 Steps To Prevent It

Any error, no matter how small, needs to be removed from your credit report because the error has the potential to connect with some flaw or mishap and affect your credit score negatively at any time in the future. Also, you will be amazed to see how many times just removing bad entries can boost someones  credit score.

It is not difficult to remove errors, still very few consumers follow through with the process. Some consumers do not follow through just because they hate writing letters, feel intimidated by the process and even more find it difficult to follow up on the status of their letters. Do not worry if disputing credit report entries is not on your favorite ‘to do’ list. Hire a reputed credit repair agency and leave the process to them.

Source:  Is disputing credit report necessary in credit repair?

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The answer is simple, you ask for a copy of your credit report. Legally, every consumer is entitled to one free credit report annually from each of the three credit bureaus and therefore, if you plan your requests accordingly, you can have one credit report every four months. Although the bureaus are different, they maintain more or less the same standards when calculating the credit score. That means you can keep a close eye on the things that creep in on your credit report, enabling you to appeal inaccuracies almost immediately.

It is very important to write to the credit bureau as soon as the discrepancy appears on your report. If you are not comfortable with writing credit dispute letters yourself, seek the assistance of a credit repair agency or counselor.

Source:  What Do You Know About Credit Dispute Letters?

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When you commission a credit company to sanction a loan it looks up your credit score. This tells the company what is the risk on the investment it is about to make. No more; no less.

You can get more out of the credit bureaus. You can use credit bureaus as a compass in your financial life. There are three credit bureaus and each gives one free credit report per year. If you make use of this benefit, you can have a credit report every quarter and use these to guide you in your financial decisions.

Source:   Make Friends with Credit Bureaus

The best way to go about it is to find a reputable bankruptcy law firm, or experienced credit repair agency that can guide you in choosing the best from among the available bankruptcy solutions. Make the extra effort in identifying a reputable professional agency that can offer you the required guidance.  The survival of your business and your future depend upon the path you take when you are threatened with bankruptcy.

These Chapters of the  are meant to allow you grace time that varies from 3 to 5 years. Such bankruptcy solutions can save you from more than 10 years of heartache.

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When you are on the brink of losing everything and you desperately want a professional opinion where should you go? You have two choices – first, you can go to any leading attorney or legal agency for advice; second, you can go to a reputable and effective credit repair agency or agent.

These are the two places where you will find sound advice about whether or not to file bankruptcy; and if yes, how to do it in a manner that  harms you the least.

But the most vital bankruptcy advice would be to reconsider it again and again, until you have exhausted ALL your possibilities. This should be indeed your parachute – a last resort. It’s worthwhile to avoid declaring bankruptcy if you have any other alternative, because once it finds its place onto your credit report, the repercussions are very discouraging. You will have to bear the stamp of high-risk investment for 10 years … which is a very long time.

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Yes, of course! These seminars are often conducted by professionals who will be able to guide you in the best plan of action.

In many cases bankruptcy looks like the end of some very trying financial times; however, the post bankruptcy period of 10 years when you will be branded as financially unreliable will be as tough, or even tougher.

Bankruptcy seminars will be able to put you in touch not only with expert financial advisers, but also with other people just like you who seek a permanent solution to their problems. Very often, you will be able to develop an Internetwork with some very wonderful and talented people, who just like you are fast learning a lesson in financial management.

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Look for solutions that lead away from declaring bankruptcy, because this is definitely not the best way out. Take the advice of experts and look for all possible alternatives before you throw in the towel. Use the trail of bankruptcy articles to lead you to empower yourself with information, and possibly to some great professionals and/or financial advisor agencies that could help you work out something to prevent the bankruptcy.

Bankruptcy articles and forums will also put you in touch with other people who are struggling to find solutions, just like you are. There are many success and failure stories recorded this way.

Credit repair is not really easy to learn or do in spite of popular belief. It takes a lot of time and experience to be able to strike the right balance between what you need to write, when, and to whom. Why do you think there are so many credit repair agencies coming up? The demand for this type of work is extremely high, but that definitely does not justify the falsehood that thrives in the name of a credit repair guide

Be very careful that you choose a good company either through personal references of friends, and/or through patient and careful research on the Internet.

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What is the difference between the two services? A credit repair agency zeroes in on methods that help you repair your credit score in the fastest way possible; a credit advisor goes beyond that, and teaches you how to manage your finances.

Many reputable credit repair agencies also act as credit advisors, because they opt to deliver more to their customers than the subscribed services. Besides debt management counseling, these agencies will also help acquiring poor credit financing, working out a budget, finding alternatives to generate wealth and many such other activities that improve the overall financial status of the client.

While credit repair is a highly focused service, at the end of the day it’s the credit advisor that will be your real friend!

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Space your request every four months so you can have a free update at quarterly intervals. You can have these reports at more frequent intervals but that will require a fee of about $15 – $30.

The purpose in getting your one time credit report is to check whether it contains an accurate representation of your financial history. Chances are good that there will be anomalies. Your score will improve considerably if you remove all the inaccurate entries on the report. For best results, you will need to write separate letters for each erroneous entry if there is more than one.

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When you are on the brink of losing everything and you desperately want a professional opinion where should you go? You have two choices – first, you can go to any leading attorney or legal agency for advice; second, you can go to a reputable and effective credit repair agency or agent.

These are the two places where you will find sound advice about whether or not to file bankruptcy; and if yes, how to do it in a manner that  harms you the least.

But the most vital bankruptcy advice would be to reconsider it again and again, until you have exhausted ALL your possibilities. This should be indeed your parachute – a last resort. It’s worthwhile to avoid declaring bankruptcy if you have any other alternative, because once it finds its place onto your credit report, the repercussions are very discouraging. You will have to bear the stamp of high-risk investment for 10 years … which is a very long time.