When to File for Bankruptcy - 5 Sure Fire Options You Must Explore Before Filing for Bankruptcy

As a credit consultant, my clients always ask me when to file for bankruptcy. As a result, I advise them to file only when you have exhausted all of your available avenues such as talking with your credit card company, car, and mortgage lenders and your student loan representative about the various options you have to explore. You should also look into Consumer credit counseling organizations, debt consolidation, balance transfers and taping your savings and investments. If none of these options worked, and your debt exceeds your annual salary, then it's time to talk with a bankruptcy lawyer. Moreover, you must look at your advantages and disadvantages to filing.

When to file for bankruptcy option 1 - Credit cards

Talk with your lender and see if any of the following options are available.

• Having your interest and payments reduced
• Changing your payment dates.
• Qualifying for a hardship program
• Suspend payments until you get caught up
• Settling your debts for 20% on the dollar

When to file for bankruptcy option 2 - Car

Before you get to behind on your car payment, see if the bank will let you do any of the following:

• Move your late payments to the end of your loan
• Refinance the car for a lower payment and interest rate
• Participate in a hardship program

When to file for bankruptcy option 3 - Home

Talk with your lender to see if they can help you in any way. You can also do the following:

• Try to get your payments reduced and suspended
• Contact your local housing authority for help
• Try refinancing
• Selling the home

When to file for bankruptcy option 4 - Student Loan

Since the student loan can't be discharged in bankruptcy, talk with a representative at the student loan center and try some of the following options:

• Request a deferment
• Apply for a forbearance
• See if you qualify for the income sensitive program

When to file for bankruptcy option 5 - Credit Counseling

Schedule an appointment with credit consumer counselor. The CCC is a non-profit organization that assists consumers who are in financial trouble. Here is what they will do for you:

• Help sort out your financial problems
• Provide credit education
• Help you with a budget
• Provide you with a plan to get out of debt
• Set up a payment plan for you
• Negotiate with creditors on your behalf
• Reduce interest rates and get late fees removed

Concluding, as you can see there are many options you can explore before making the decision to file BK. Just because you are over you head in debt does not mean you should think about BK. Bankruptcies stay with you forever so keep that in mind along with the information you learned in this article. Now that you are empowered with new information, please make the right choice.

Mark Clayborne is a Certified Credit Consultant with ten years of experience assisting consumers with credit issues. For more powerful secrets on credit repair, debt settlement, stopping collectors, rebuilding your credit, and raising your score, please read the first chapter of The Credit Repair Book and get a Free Restore your Credit E-class at http://www.hiddencreditrepairsecrets.com

Car Repossession - Secrets Revealed About A Car Repossession Article Source: http://EzineArticles.com/5619849

Let's face it, when you default on your financial obligations, the lender will use the courts to take back property that is secured by a loan. If want to keep your vehicle because you were set back do to temporary financial problems, there are multiple technique's you can try to prevent a car repossession.

Car repossession secrets revealed - How do I stop the bank from taking my car

• If you can't afford the vehicle, try to sell it and pay the difference in your loan.
• You can also refinance it if possible.
• Ask your lender if you can add the delinquent amount to the end of the loan.
• Voluntarily surrender it to avoid the car from being repossessed. If you let the repo man take the car, two things will happen. There will be more fees involved because the bank had to hire a company to come out and pick up the car. And the word repossession will be placed on your credit report, which is more damaging than voluntary repossession.

Car repossession secrets revealed - How can I get my car back?

According to the law, you have a certain amount of time to reinstate the vehicle. Call the bank and ask them how much time you have to pay the back payments, late penalty and repossession fees.

Car repossession secrets revealed - What if I owe a balance on my car after the auction?

Once your repossessed car has been sold in the auction, you will receive the deficiency amount (the amount you owed from your original loan minus the auction sale price and fees) from the bank. You can try to settle the debt for 20 cents on the dollar. You can also set up a payment plan to settle the balance, and then subsequently challenge the item. If you don't posses the money to pay, it will go to a collector and possibly to court if it's a large amount. If this happens, follow the strategies used for collection agencies and judgments. See nfa.org for car repossession laws in your state.

Car repossession secrets revealed - What if I'm sued for the deficiency amount?

Find a good lawyer to represent your interest. Once you have found a lawyer, talk with him or her about the various arguments listed below. These defenses can be used to cancel the deficiency amount.

Car repossession secrets revealed - Arguments you can use:

• You have evidence that the mileage disclosure was false.
• The car sale was not commercially reasonable according to the law.
• The dealer failed to display the Federal Buyers Guide as required by Federal Law.
• Upon financing, you did not receive a completed sales agreement in a format required by the Federal law.
• Most state statues list a category of deceptive trade practices (Check your state statute to see if the dealer or the creditor violated any of these practices).
• If your car was sold with a written warranty and was taken back to the dealer for repairs, you may have an argument if the dealer refused to fix it.
• Any breach in warranty is considerable.
• The creditor did not send you a written notice advising you that they would sell the car, and that you would have a certain amount of time to redeem (pay off) the vehicle before it was sold.
• Dealers are required by law to let you know that the car was either wrecked, rebuilt, salvaged, stolen, water-damaged or a buy back lemon. If they did not disclose this information, and it caused you some type of damage, you can use this as an argument.
• Some states require dealers to inspect the engine and drive train on cars purchased after October 1, 1997. The dealer must give the buyer a written disclosure of any defects. If your car breaks down after you leave the lot, then you can use this argument because the dealer did not disclose the problem with the car.

Car repossession secrets revealed - How do I get late car payments off of my credit report?

You want to make the lender prove that you were late for those days indicated on your credit report. Call the loan company and ask them to send you proof that you were behind on your bill. If they can't provide you with proof, contact the credit bureau by letter and advise them that the bank has not provided you with proof and that the late entry should to be deleted from your report.

As you can see there are multiple techniques you can use when it comes to dealing with a car repossession, so take your time and apply the technique that fits your situation.

Mark Clayborne is a Certified Credit Consultant with ten years of experience assisting consumers with credit issues. If you liked this article, then please sign up to read the first chapter of The Credit Credit Book/HCRS and get a Free Restore your Credit E-class at http://www.hiddencreditrepairsecrets.com. This article may be freely reprinted or distributed in its entirety in any Ezine, newsletter, blog, or website. The author's name, bio and website links must remain intact and be included with every reproduction.

Hidden Credit Repair Secrets

Credit Card Debt Settlement
Having to many credit cards can be overwelming, I know because I was in your shoes.  But there are ways to deal with this debt and it's called credit card debt settlement.   Click here to get your Free debt Settlement Report  Here

Ways to Increase Your Credit Score in 90 Days

Have you ever image how you could get your credit score up so that you could buy that dream house, new car and that new flat screen TV. Are you tired of being turned down for credit because your three-digit number is too low? What about being charged high inter rates. Well, rest assure because if you apply the four proven strategies listed below, I guarantee you will see results with an increase credit score.

Increase credit score tip 1 - Pull your credit report

You can start by removing errors from your credit report. While scanning your credit report, look for any inquiries that you did not authorize. Inquiries could lower your score as much as five points per inquiry. Get the creditor to prove that you gave them permission to pull your credit report, and if they can't prove it, then the inquiry must be deleted according to the law. You should also inspect your report for the following:

• Accounts that are not yours
• Trade lines that are incorrect
• Outdated debts
• Accounts with the mark of authorized user
• Credit accounts that were paid but still shows outstanding
• Credit limits that are not being reported
• Any errors that require dispute
• Unauthorized Inquiries

Increase credit score tip 2 - Pay your bills on time

Make a list of all of your debts and their due dates. Then type in the due dates into your computer and cell phone calendars with reminders made active. Use the Internet banking program, and your online credit card site to send you email reminders when your bills are due. In addition, you can set up your accounts to have the money automatically taken out at the due date. When paying your bills, you can pay them as they come in, use online banking or bill pay or through your financial institution web site. Using the various methods mentioned above will help you pay your debts. Making each payment on time raises your credit score.

Increase credit score tip 3 Pay down your debt

Put your debts in order from the card with the highest balance to the lowest. Pay each account down to 30% and keep it there to increase your three digit number. Finding money to help you pay down your debt may be difficult, but there are numerous ways to raise extra cash. You can have a garage sale, sell on Ebay, get an extra job, pull from your savings, borrow from friends, and cut your expenses. Any of these are an option.

Increase credit score tip 4 Don't close old accounts

Closing trade lines won't help. In fact, it will hurt your three digit number by reducing your total available credit and making your balances seem higher. It also makes your total credit look young, and the FICO model likes to see age on accounts because of payment history. Last, you want to keep the cards active by having a monthly bill debited from your card at the end of the month to avoid the creditor from closing your account due to lack of use.

Concluding, working to increase credit scores are a time-consuming process because of the many techniques you must apply to make the four strategies work. However, you may not need to use most of the methods to raise your score. So now that you are empowered with new education, go out there and get the financial things you want in life.

Mark Clayborne is a Certified Credit Consultant with ten years of experience assisting consumers with credit issues. For more powerful secrets on credit repair, debt settlement, stopping collectors, rebuilding your credit, and raising your score, please read the first chapter of The Credit Repair Book and get a Free Restore your Credit E-class at http://www.hiddencreditrepairsecrets.com

Article Source: http://EzineArticles.com/5684325

Six Powerful Ways to Remove a Judgment From Your Credit Report and Watch Your Credit Score Increase

First, write down the court information listed under the judgment in your credit report, then contact the court and ask them to send you a copy of the judgment. Once you have a copy of the judgment, try any of the following techniques to remove it from your report.

Try the basic dispute method to see whether the judgment will simply fall off. If you have no success with challenging negative items, you can settle them for 20-50 cents on the dollar and try for a deletion. If the creditor won't accept a complete deletion, request that your creditor list your account as "paid as agreed." From there you can begin the basic dispute process. Make sure you get a judgment satisfaction letter to send to the court advising them that the debt was paid.

You can make an agreement with the creditor's counsel to stand still for full payment of the debt. You can then file a motion (i.e. make a request) to have the judgment vacated based on a mistake such as a clerical error. Most likely, the attorney will not respond to your motion. As a result, the judgment will be vacated. Make sure you send the order to the credit bureaus for complete deletion.

You can file a motion to have the judgment vacated (dismissed) based on a technicality, errors in the complaint, or the judgment has moved to another state, or the collection agency did not validate the debt. A technicality can be. You were not properly served or the statute of limitation has run out to collect the debt. You can find errors in the complaint like. The amount of the judgment was wrong. Your name is misspelled, or the date is incorrect.

You can file a motion to have the judgment vacated based on discrepancies in the notice or any difficulties in obtaining it. For example, if you did not initially receive the notice, if the server left the notice on your doorstep or at an incorrect address, or if your spouse was served instead of you, you may be able to have the judgment vacated. Also, if the notice has the wrong district indicated, your name incorrectly listed, or if you are ill on the day of court, you may also be able to file a motion.

If the judgment follows you to another state, you can dispute the interest by arguing that the collection agency did not validate your debt according to the FDCPA. By doing this, it can result to the judgment being vacated.

Mark Clayborne is a Certified Credit Consultant with ten years of experience assisting consumer with credit issues. If you liked this article, then I invite you to sign up to read the first chapter of my book Hidden Credit Repair Secrets and get a Free Restore your credit E-class at http://www.hiddencreditrepairsecrets.com "This article may be freely reprinted or distributed in its entirety in any Ezine, newsletter, blog, or website. The author's name, bio and website links must remain intact and be included with every reproduction."

Wage Garnishment - How to Stop Them and Keep My PayCheck Article Source: http://EzineArticles.com/5437919

Having a wage garnishment attached to your weekly or monthly income can be devastating to most consumers. But with a little education and know how, there are ways to avoid a wage garnishment. Wage garnishments can be initiated after the creditor gets a judgment against you for the debt you owe. The creditor will contact a sheriff who will send the garnishment paperwork to your employer. This allows money to be taken from your paycheck until the judgment is satisfied.

How long can my check be garnished? 
It depends on your state law. Some states allow the creditor to pull money once, and other states allow the creditor to garnish your wages until the debt is satisfied. Check your state law for further information on this matter.
What kinds of wages are exempt from garnishment?
Welfare
Unemployment
Veteran benefits
Social security
Workers compensation
Child support
Pension
Sick and vacation days

How much can be taken out of my check? 
Again, check with your state on the amount that can be taken out. Most states allow up to 25% on regular debt. For child support or alimony, 50% can be taken out. If you support a second child or spouse, up to 60% could be taken from your paycheck. See wage garnishment laws in the appendix.

How do I stop a wage garnishment? 
You can stop this by filing a wage garnishment exemption with the court or with the levy officer within 10 days from the start of the garnishment. You want to claim that you cannot afford to have money taken because it will create a hardship for your family. In addition, it will prevent you from buying the basic needs like food. Only present this argument if you will indeed experience a hardship. If you file a claim for exemption and the creditor fails to challenge it within a certain amount of time allowed by the court, the judge may set the garnishment to the side.

You, or a lawyer, may file a motion to set aside, suppress, or void a writ of garnishment due to a lack of jurisdiction or unlawful bases. You can challenge the writ by stating that you never owed the debt to begin with, or that the statute of limitation to collect it has expired. You can also argue for inaccuracy, or that an improper person is identified as the debtor.

When settling, make sure you get a release to prevent the creditor from trying to collect the difference. Moreover, get a satisfaction of judgment letter. This document tells the court that the debt has been paid in full.

If the debt is too big and your negotiations fail, you can file bankruptcy. After initiating a bankruptcy, you must let your employer, the creditor's attorney, and the levy officers know by sending them a copy of the voluntary petition. This will stop the wage garnishment. For more information on wage garnishment, check Title 111 of the Consumer Credit Practice Act.

Mark Clayborne is a Certified Credit Consultant with ten years of experience assisting consumers with credit issues. If you liked this article, then please sign up to read the first chapter of Hidden Credit Repair Secrets and get a Free Restore your Credit E-class at http://www.hiddencreditrepairsecrets.com This article may be freely reprinted or distributed in its entirety in any Ezine, newsletter, blog, or website. The author's name, bio and website links must remain intact and be included with every reproduction.

How Long Does Negative Information Stay on Your Credit Report

What is a credit report and why is it important?
Your report is a snapshot of your payment history. It details when you applied for credit, how many positive and negative accounts you have, who viewed your report, and all of your personal information. Reviewing your report every four to six months gives you a chance to check for identity theft, inaccurate accounts, and incorrect information. It allows you to manage your financial situation before applying for a credit card, auto loan, bank loan, mortgage loan, employment, or insurance. For example, if you check your credit and notice that there were a few negative items on your report, you will have a chance to fix those items before applying for credit. By doing this, you avoid embarrassment and several inquiries, which lower your credit score.

How Long Does Negative Information Stay on Your credit file?
Every month, the creditors and collection agencies that you have accounts with?will report positive and negative information to the credit bureaus through a computer tape monitoring system that is updated regularly. The credit bureaus then turn around and update the information. A third-party company normally passes public record information onto the credit bureaus.

When does negative information come off my credit file?
Each negative item has a federal statute of limitation on when it must drop off your credit report. Once the statute of limitation has expired, the item must be deleted from your credit report according to the Fair Credit Reporting Act.

Federal Statute of Limitations

Late payments:
Once you become more than 30 days late on any of your bills, the financial institution that you hold the loan with will disclose your late status to the credit bureau. You can be reported as either 30, 60, or 90 days late, and by law, the late marks will remain on your credit report for seven years.

Inquiries:
Whenever you apply for a credit card or a loan, your report is checked, which results in a hard inquiry. These inquiries could damage your credit score if you have more than six in two months. They can also stay on your credit report for up to two years.

Charge offs:
These are debts that the creditor felt that they could not collect on anymore after 180 days, so they charged them off as a bad debt. However, the creditor can still sell the account to a third-party collector for collection purposes.

Judgments:
If a creditor takes you to court and sues for a judgment, this destructive item will be placed on your report. The courts issue judgments that can stay on your report for up to seven years, but it can be renewed until it is paid or until it reaches the 20-year mark. See appendix for your state statute of limitation on judgments.

Child support:
If you stop making child support payments, it becomes part of your public record and will therefore show up on your credit report. This negative mark can stay on your report for up to seven years.

Foreclosure/Repossession:
Foreclosures take place when you default on your home mortgage and the bank takes the house back. Repossession is when you can no longer pay your car note, and the lender confiscates?the vehicle without your permission. Both create negative marks that will remain on your credit report for seven years.

Tax liens:
Tax liens are public records that will find their way into your credit report if you default on your tax liability with the IRS. Paid tax liens will stay on your credit report for seven years, but while owed, they can remain on your record forever.

Collection:
If you see an old account on your credit report under the collection trade line, this is a bill that was sold or assigned to a collection agency. It was passed onto the collector from your original creditor because you refused to pay. These debts can legally stay on your credit report for up to seven years, but you cannot be sued for it after the state statute of limitation has expired. See appendix for the state statute of limitation on revolving accounts.

Bankruptcies:
Your credit report will list the date you filed for bankruptcy and the time it was discharged. A Chapter 7 bankruptcy can remain on your credit report for ten years, and a Chapter 13 bankruptcy will remain on your credit report for seven years.

To answer your question on how long does negative information stay on your credit report various by the type of negative information on your report.

Mark Clayborne is a Certified Credit Consultant with ten years of experience assisting consumers with credit issues. If you liked this article, then please sign up to read the first free chapter of Hidden Credit Repair Secrets and learn more on when negative accounts falls off and get a Free Restore your Credit E-class at http://www.hiddencreditrepairsecrets.com This article may be freely reprinted or distributed in its entirety in any Ezine, newsletter, blog, or website. The author's name, bio and website links must remain intact and be included with every reproduction.