student loans. Now you need to prove that the repayment will cause undue hardship to you and/or your family before the bankruptcy

clause will become applicable in your case. “Undue hardship” in this context is interpreted as living below the minimum standard of

living.

In case you have trouble with repayment, instead of considering bankruptcy, it’s better to consult an attorney or a credit repair or

finance professional who will  offer you the best solutions available in your case. Often solutions are not easy to see to the lay

person – but with the right guidance and information you will be able to find better ways out of the financial crisis than filing for

bankruptcy.

1.Do not leave this decision for last. You want to have quality, so take your time researching and comparing the best there is on the market, within your budget. Experienced bankruptcy firms are always better than fledglings because they will be able to see many dangers that might not be visible to you.

2.Do not cut costs here. Good bankruptcy firms will not come cheap; however, even if you are hard pressed for money at the time, it’s well worth it. This will save you not only money but also much heartache.

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Myth No 1 – credit repair companies thrive on your misfortune. Wrong! They actually provide vital help at a time when you are about to lose everything – your possessions, your peace of mind, and your reputation.

Myth No 2 – all credit repair agencies are fraudulent; they’re only after your money. Wrong! Reputable agencies make clients for life. They become friends, philosophers and guides to their clients, teaching them the art of financial management. They show you the light, when you are lost in financial darkness.

Myth no 3 – credit repair agencies can work miracles if you pay them enough. Wrong again! Trustworthy agencies will tell you right from the start what can be done and how long it will take. They will use only legal means, which are in no way “magic.”

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* Give you correct advice about how to repair credit. They are forbidden to introduce you to illegal means to repair credit
* State correctly and clearly what are the services they will provide and charge you for
* Ask for payment only after the services promised have been delivered to your satisfaction; never pay upfront

Remember the Credit Repair Organizations Act gives you the right to sue any organization that violates the Act.

After a while, let,s say a year or so, they will realize that the due amount is steadily increasing instead of diminishing, in spite of regular payment of the minimum required amount. Not only that, but their credit score seems to be slipping away as well.

It’s time for credit cards credit repair. This means an intervention to get rid of the credit card debt. The sooner one wakes up to this truth the better!

This can be avoided if more and more people perform a simple check on the background of the credit repair company they wish to engage. Run a search on Google with the prefix ‘scam’ or ‘fraudulent’ and you’ll have your answer in seconds.

Another way to ensure good and legal service is check whether they are affiliated to regulatory bodies of repute such as the ECRA (Ethical Credit Repair Alliance) and the BBB (Better Business Bureau)

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When you find yourself stuck with credit card bills that you cannot pay, take immediate remedial action. The biggest mistake you can make here is wait; every month that passes compounds the interest that you owe, decreasing your ability to pay off the debts even further.

Here’s what you should do:

1. Organize your money to pay all the dues in full. Preferably the money should come from low interest sources such as banks or friends. Remember you are paying about 13% compound interest on the credit card dues. This is HUGE!

2. Debt consolidation is better than bankruptcy. Unless you find a way to pay off the debts, these will soon engulf you and force you into bankruptcy. Do not let this happen.

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In order to find the good credit repair agencies, check out their affiliation and references. These factors often point you in the right direction. One excellent yard stick is that the good ones will never guarantee anything other than the offer of their best services; the bad ones will be fast to promise the moon and the stars and in the end push you into a bigger mess than you started with.

Do your homework well and check and re-check the reputation of the credit repair agencies you plan to engage. Be thorough – be safe!