Debt Doctor

You need a helping hand from an expert, but first you need to get the facts.

What are Bankruptcy and Debt Relief?

Bankruptcy and debt relief refer to certain laws created to help you get out of debt. For one reason or another, you may find yourself over your head in debt and in need of help. The purposes of these laws are to give you a “fresh start.” Bankruptcy court offers two main paths for people who are deep in debt. One is called Chapter 13, which gives people time to pay a percentage of their bills while there’re protected from their creditors. A court-appointed trustee supervises repayment in monthly installments over three to five years. The other is called Chapter 7, which legally erases debts on which creditors do not hold liens such as credit card balances and hospital bills. A lien is a legal claim on property that allows it to be sold to satisfy the debt.
Here are six things you need to know:
Number 1: First and foremost, bankruptcy and debt relief can get rid of the stress and pressure. If you are over your head in debt, you are no doubt under a lot of stress. Some of the stress is caused by having more bills than you can pay. Most of the stress is caused by creditors who harass you for payments. Filing for bankruptcy or debt relief can get rid of this stress – without delay. You may be relieved of any obligation to pay or you may work out a plan for extending and repaying debt through a Chapter 13 reorganization without the pressure.
Number 2: You should not believe what most people tell you about bankruptcy law. There are many misconceptions and “old wives tales” about this area of law. Don’t believe them. Get professional advice.
Number 3: Most people believe that if you file bankruptcy, you lose all of your property. This is simply not true.
Number 4: Most people say: “Don’t file bankruptcy. It will ruin your credit.” But the fact is, if you are already over your head in debt, your credit is already ruined or heading in that direction. If so, bankruptcy probably will not hurt your credit. In fact, as your attorney will explain, filing bankruptcy may be the first step toward fixing your credit.
Number 5: Bankruptcies are not published in the newspaper, and generally, the only way that your employer, family or friends would find out you filed is if you tell them. You cannot lose your job or be denied a license because of filing
Number 6: Going to see an attorney does not mean that you are going to file. That decision is yours. It does mean that you will find out information about your rights and the truth about bankruptcy or debt relief, in case you decide to file.
Can our monthly payments be reduced to an amount we can afford?

There is debt relief available to most people under a Chapter 13, or what is frequently referred to as a Wage Earner Plan. All you need to qualify is some regular source of income. Chapter 13 is a payment plan where most or all of your debts are combined together into one monthly payment. You make that monthly payment to a Court appointed trustee, who in turn used that money to pay your bills. This includes payments on cars, furniture, appliances, taxes and student loans as well as credit card and other unsecured debt. The main advantages of a Chapter 13 for most people are 2 things; first, to reduce your monthly payments to a manageable amount that you can afford. Secondly, to keep your creditors off your back, while you are getting them paid. As long as you are making your payments under a chapter 13 plan, your creditors may not call you, write you, harass you, put collection agencies or lawyers on you, repossess, foreclose, or take any legal action against you. Their hands are tied. They have no choice. It’s the Law! So a Chapter 13 can reduce your total payments and give you time to pay without losing any of your property and without the pressure and harassment from creditors while you are getting them paid. The amount of your payment plan will be set after consultation with your attorney. It is based on many factors that may vary from one individual to the next. But remember, your payment is determined by you and your attorney, NOT your creditors. Most plan payments run from 36 to 48 months. At the end of that time, assuming you have made your payments and completed your plan, you will be out of debt, and can get on with your life without ever having to worry about the debts that were included in your plan.
Will I lose my Property?

Most People will tell you if you file for bankruptcy or debt relief, you will lose all of your property. This is simply not true. The laws allow you to keep a substantial amount of property. This may include your house, your car, your mobile home and your furniture. It may include pension plans and cash in the bank. The list goes on and on . It just depends on your particular situation. You will probably be surprised to hear just how much of your property you can keep. Quite often, you can file bankruptcy and keep ALL of your Property. If there should be a problem with keeping your property, or if you have a lot of secured debts, you can still keep your property by filing a Chapter 13 reorganization plan. Bankruptcy can also help you get rid of property. For example, you may have a loan on a car with a big monthly payment you cannot afford to pay. Many times, the amount you can sell the property for is less than the amount needed to pay off the debt. If you end up having the property repossessed, you will likely be left with a large debt to pay. A bankruptcy or Chapter 13 Plan can solve this situation.
Can creditor harassment be stopped?

When a person gets behind in paying his debts, creditors begin to take various actions to collect such as telephone calls at home or work; personal contact by bill collectors creating embarrassment in front of family and friends, fellow employees or your employer. Cosigners may be called upon to make payment. Foreclosure proceedings may be started against your home. Cars, furniture, jewelry, appliances, or other personal items may be repossessed. If you owe the IRS or other taxing authorities, they may garnish your wages, put a lien on your property, seize your bank account or even close your business. Lawsuits can be filed and judgments can be taken against you. The filing of bankruptcy or chapter 13 Plan automatically stops a creditor from further collection efforts – no more phone calls, letters, bills, bill collectors, lawyer, foreclosures, repossessions, garnishments, or seizures by the IRS, lawsuits or judgments. The court tells your creditors to leave you and your property alone! They have no choice. You can sleep at night and do your job without stress and worry. You have protection provided by the law.
How Will My Credit Be Affected?

If you are already over your head in debt, your credit is probably already ruined or headed in that direction. If so, bankruptcy or Chapter 13 cannot hurt your credit rating. In the long run, it may help. The availability of credit is the most important consideration. If you already have repossessions, foreclosures, lawsuits, judgments, or bad debts reported on your credit report, or if you are simply over-extended, credit is probably not available to you anyway! In terms of credit, you have nothing to lose! Believe it or not, bankruptcy or Chapter 13 may be the first step towards re-establishing credit. If you cannot pay your debts, your credit record will get no better. By filing bankruptcy, you get rid of most of your debts. Or, by filing a Chapter 13, you can get your debts paid off and clear up your financial record. Furthermore, after filing bankruptcy or Chapter 13, there are still ways to get a major credit card, buy a new car, or purchase a home. It depends entirely on whom you are dealing with and your financial circumstances at that time.
Can We Stop Our Car or Other Possessions From Being Repossessed?

Certain types of debts are called “secured”. Secured means you have listed some property as collateral for the debt. Examples are car or mobile home loans, where the creditors hold your title until the loan is paid. These are types of secured debts, and should not be confused with debts like MasterCard or VISA debts which are “unsecured”. When you get behind on a payment of a debt that is secured, the creditor can repossess the collateral. Usually, this means that the creditor can just come to your house and take the collateral. The creditor does not have to go to court first. Once an item is repossessed, the creditor will sell the item and apply the proceeds of the sale to payment of your debt. Generally, the proceeds of the sale are not enough to pay the whole debt. The outstanding balance – which can be very large – is called a deficiency. You can still be required to pay this deficiency even though you no longer have the property. Like any other debt, the creditor will pursue collection and this means the harassment starts all over again. A Chapter 13 reorganization Plan is usually the best protection available. If you want to keep your property, filing a Chapter 13 prior to repossession will stop the creditor and give you an opportunity to pay the debt over a reasonable period of time without losing your property. If the repossession has already taken place, filing bankruptcy can get rid of the deficiency debt and get rid of the stress involved in dealing with the creditor. In some circumstances you may be able to get your property back by filing a Chapter 13 if you act quickly. If your payments on a secured debt are behind, you must act! Quick actions can save your property.
Can Home Foreclosure Be Prevented?

When you get behind on your house payments, your mortgage company may foreclose on your house. The number of months you are behind may vary, but at some point in time, the creditor may refuse to accept monthly payments unless you pay all of the overdue payments in full. If you cannot, the creditor will find you in default and start foreclosure. The foreclosure process takes about 2 months and leads up to the day that your house is sold at auction. At the foreclosure auction, your home will be sold. The proceeds from the sale are then applied toward payment of your debt. In this case, the creditor may pursue collection and the harassment starts all over again. In any event, you have lost your home and any equity you had in it, and you will have to find somewhere else to live. There are only two ways to stop a foreclosure and save your home. One is to pay the amount you owe in full. The other is to file a Chapter 13 Plan. Filing Chapter 13 will stop the foreclosure and give you the opportunity to pay the overdue payments over a reasonable period of time. If you do not want to keep your home, filing bankruptcy can get rid of any deficiency debt and give you more time to find a place to live. If your mortgage payments are behind and you want to keep your home, you must act quickly. There is something you can do. Quick action can save your home.
What Can We Do About Lawsuits and Judgments?

The filing of a bankruptcy or Chapter 13 Payment Plan prevents any lawsuits from being filed or judgments taken against you. If you file and a lawsuit against you is pending, it can go no further. If a judgment has been taken, its enforcement can go no further. If there are potential lawsuits against you, the bankruptcy court offers a way of having the dispute rapidly settled, thus avoiding the time and expense of litigating the matter in state court. If a judgment has already been taken against you, you may either be relieved of the obligation to pay the judgment debt, or you may be able to arrange payment and satisfaction of the debt over a period of time through a Chapter 13 Plan, without harassment or loss of property. If lawsuits or judgments are either a threat or a real problem, there may be relief available for you.
Can Co-Signers Be Protected?
Certain co-signers can be protected, if you file for debt relief under what is known as Chapter 13. You may include a debt on which you have a co-signer. The co-signer is protected if the Chapter 13 Plan repays the co-signed debt, under the following conditions:
1. The debt must be a consumer debt, and
2. The debt must not be a debt incurred in the course of a business, and
3. The co-signer must not have gained a benefit from the proceeds of the debts.
If the conditions are met, as long as you keep up your Chapter 13 Plan payments, the creditors cannot do anything to collect the debt from your co-signer, without first getting permission from the bankruptcy court. Permission will not usually be granted by the bankruptcy court if your Chapter 13 Plan has been approved and if you are making the payments required by the plan. This protection is called “Co-Debtor Stay”. The purpose of this protection is to allow YOU a chance to repay the debt without worrying about the creditor contacting your co-signer for payment or taking any action, legal or otherwise, to collect from your co-signer. The co-debtor stay only applies in a Chapter 13 Plan. If you file a complete bankruptcy under Chapter 7, the creditor CAN still collect from any co-signer.
Can Taxes Be Avoided?

There are two types of debt relief generally available to the public. One is Chapter 7 or “regular” bankruptcy. The other is Chapter 13, commonly known as the “Wage Earner Plan”. Each of these works on taxes in a different way. In a Chapter 7 bankruptcy case, the only taxes that can be eliminated are “income” taxes. Chapter 7 does not have any effect on withholding or sales taxes. Chapter 7 can get rid of income taxes under certain conditions. One of these conditions is that the income taxes must be at least three years old. If you have older income taxes due, it may be worthwhile to at least talk to a bankruptcy attorney. When Chapter 7 eliminates tax due for a particular year, it also gets rid of the interest and penalties on that tax. For other types of taxes and more recent income taxes, Chapter13, as opposed to Chapter 7, may be the way to go.
Number 1: Chapter 13 provides a structured repayment period not exceeding 5 years. Generally this means lower and more manageable payments than what the IRS will generally agree to.
Number 2: A Chapter 13 case puts the IRS under control. Once a Chapter 13 case is filed, the IRS cannot garnish your wages, seize your bank account, close your business, file a tax lien or take any other action against you or your property to collect a debt.
Number 3: Quite often, the amount a person can pay on their tax bill is only enough to pay the interest and penalties. This means that the underlying tax bill never gets any smaller. While Chapter 13 does not get rid of the taxes, it may stop the IRS from adding some interest or penalties to your tax bill. This benefit alone can make a big difference. There may be relief for you, even if you owe the IRS! The same applies to State taxes.

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June 9 2021

Which Credit Counseling Agency is Right For You?

You might be wondering whichever credit counseling agency to pick to work with. It seems like you are bombarded with advertisements and flyers offering a free counseling session! But if not organized and do your homework before signing up for any of them, you might end up in a worse situation than you were in the beginning.

Gather up your information

The very first thing you need to do is gather up your important documents and information. Get them organized into a master list (or spreadsheet). Make sure to get your paperwork (all of your bills, receipts, you name it) in good order to protect yourself.

You’ll need to look over the documents themselves to look for anything that is incorrect. If something is wrong, you need to contact the relevant parties and get them to correct it. The credit counseling agency might take care of it, or it might happen during your first visit. Whatever the case, it is important to know your documents.

On your own, it is more difficult to get creditors to agree to let you work with them directly when you have debt-related problems. You have to negotiate AFTER you have settled on a debt management plan you can go live with!

Check with your local consumer protection agency to see what your options are. They might advise you toopaUtasonableUnfortunately, Old Flirt frowns upon such Federal mandates. Your first task is to become current with your payments.

In some states, either you or your spouse can freeze a certain percentage of your wages each pay period to give you an added buffer into which you can pay.

Get to know the Company itself.

If you are talking to them for the first time, you need to find out more about the company (if it is legit). Do they offer other plans (debt management)? Have you heard of any complaints against them? How are they rated in the Better Business Bureau? What are their fees?

Save money.

Make sure you have the money saved up first before working with the agency. Some consumer credit counselors charge upfront before they have a chance to review your situation. This can be a huge problem down the line. Make sure you have plenty of money to pay them when they are ready to take action.

Get Credit Counseling Now!

Clear up your debt as quickly as you possibly can. As you are evaluating your options, see if you can get some assistance from someone else. This way, you avoid taking out extra loans or paying fees out of your own pocket. The client does pay fees to the agency, but that is generally less than what you would pay in interest on a secured low-interest loan.

Your Credit Counseling Agency:

Consumer Credit Counseling (CCCS)

‘Consumer Counseling Services (CCCS) were created by the National Credit Regulator in 1968 to help consumers who are in financial difficulty. Their primary services include:

If you are in the position to afford your monthly repayments, go ahead and put aside as much as you can so that the agency can act as an advocate to get the most optimum repayment plan matters concerning money owed by telephone

By paying a monthly fee of between $30 and $50 a month, from your pay, to borrow this money from the agency, the total amount that can usually be borrowed is $500, and the agency then makes the repayments on your behalf.

To apply for credit counseling, you will need to complete an application form. Application form can be obtained free of charge from the National Credit Regulator

In summary, if you are already in financial hardship and up to your ears in debt, do not leave it until the situation reaches a point of no return. The sooner you get help with your debts the less stress you will have. Look into all the options as we have articles that will help you meet your financial needs. Make sure you look at the benefits t the plans and weigh the cost. We have resources to help you find free counseling. If that is not an option or you feel you would rather not talk to professionals, contact immediately the agencies nearest you so you can take advantage of their services.

June 6 2021

How to Make Your Financial Future a Reality

Returns to personal income are sorely needed in the current day and age. For our entertainment, we try even in harder times to have a good time, with friends, travel, shopping, etc. I want to quality on the income obtained from investment, thus I would have more cash in hand. People in this world are becoming more conscious about what they are receiving that they can count on, as their income, and value. The investment makes money grow.

In general, our accountant distributes his output because, inside of him, you have total control, and you do not have to stop coming up with your questions. Let us say you go prepared and have all the necessary pieces of information needed to serve as an account of your account. Strictly speaking, there are many of us who take our accounts straight. We do not let the accountant bargain and may argue over the innovative regulation operation and other divisions of finances duty. If you have your own personal accountant, who should brush up your accounts, from personal investments to work investments, savings, pensions, tax, cost reduction, etc, then you know better. Why should our financial adviser change the outcome of the accounts, and not serve us honestly?

You may wonder how this works. Imagine that we do have one office for the accountant to run, but he operates all over the city. This means that every time he meets with a client or with a prospective purchase, he is taking the representative for a walk around the entire city. An accountant who does not choose to automate this service can take the annual private appointment, and meet up with the representative. Each subsequent meeting is usually at the individual’s home or near. This means that the taxpayer can see more inside the city, and since an accountant does not have to meet the client every day, so they do not.

Now, we know that the taxpayer needs a competent accountant, who is actively responsible for the financial welfare of his or her family. This person must have an upward financial growth over the period in which they are working, in order to provide the best yearly financial planner for that client. Assuming a savings rate of 10%.

It costs about $40,000 to support a family above 65 in a two-bedroom home. Over the period of twenty years, this can be 1,800 thousand. If we utilize an effective tax and financial planner to assist us in reaching this target, we will get close to the required 600%. So, our investment plan must be based on regulations, goals, timeframes, principles, and strategies.

The key is tax management, basically, we can budget in a future year, based on total family incomes, the amount of any interest earned, and other factors.

I would consider three costs of our tax plan. Tax will be paid using the browser. Time will be spent operating Services, told typically five to ten work weeks, and paid from your every paycheck if the cost will fit, otherwise, the family will function solely on this income. Tax is paid online, name of the agent. Tax returns are electronically filed.

Our Review of good Personal financial managers.

For us, it’s always worth a try to find out more. If you’re looking to hire a financial manager or take on a job, ask about these.

Trust: Use two or more years of W2 income (for income tax); note contract and assets filed already filed. (working out of all units worked is important) It should be noted that a CPA will tediously tell you that this tax software will not support Future Two based on the income of Grants, or Family expecting to receive Grants2-

Evaluate: Consider that you will want to at least Try before doing, this should make individuals stop and think about doing something that overages their logical abilities. Like using the revenue of 70-75% should a corporation be finished with, or Would rather defer the claim in the bull market? Cases like this vary. A recruit’s position on the National Financial Blog? Look into a CPA or investment consultant.iltc.edu. They should have the knowledge of this position and should assess what is needed to obtain current. CPAs must not be quick starters, and they should appear at a minimum of six months. Start now to make your financial future a reality!

June 4 2021

Effective Strategies For Saving Money

There is a Tokyo mostly because there is a lot of import money which was converted to foreign currencies and of course credits. The beginning of this action, for as long as I can remember, has been neglected. There are very few who haven’t heard of it. Thus, I’ve thought of issuing here a list of effective strategies for saving money for collectors.

Buy and Sell Records

This is a record of your spending, both to friends and other collectors of CDs. To be frank, only the amount you received from selling a CD of your favorite song is fixed. The records at this point should not contain any unapproved items. Collectors pay a lot of money for their CDs and videos so the non- listened ones are a bonus!

Teach a Class

This is very necessary if you want a student to have a good picture of how the little one goes through and how to handle additional challenges. Take your “child” to school and teach him or her first aid and discipline. Do not buy them a toy and leave it up to yourself to buy a toy. Children learn faster through the example of their parents than by simply letting it be known that those old toys they had as a kid and are now hanging in the closet are not really needed! Allow your child to do a detailed examination of similar items from stores and shops (just like you would do for their Christmas present%). Show your child that to purchase things, you need to work not just habit.

Have Parents Buy Like Your Kids

This is a double win! One, it would still help your children see first hand the real cost of things and within the limit. Second, your children will now realize the maximum they can afford and their parents will stop buying them for various reasons ( Kids are just too young yet to realize their financial limits).

Be Proactive

Recognize that your payment less than the agreement is the eviction of your house Rent aims to lose its ownership. This is a serious measure and should really only be an option of last resort. The ownership of the house cannot be transferred until the proponents of this action can provide the necessary documentation relating to its initial purchase and plans for future ownership. In short, it is the initiative that is most influential. This should be despite the act of cheaper prices and resolves the “no way pass” to change one’s mind in regards to owning a home. Previous to divorce, mortgage information must be kept by both parties.

Check and Track Payments

Pay via phone, mail, or in person at a mutually agreed time. Keep the key and contact information for both sender and recipient. Keep receipts for payments and crosscheck these with each other. Check each payment you make and ask them to submit a copy of the agreement for each installment.

Save for Emergencies

Consider a separate account for saving money solely for emergencies.

If you have a savings account already, you can use this money instead of asking your spouse to write a check whenever there is some money to bargain. This way you will also learn to live with the economy in this period. It is a “no brainer” to contribute 10% to this fund.

Maintain a Better Credit Score

Always ask for a credit report periodically to check for inaccuracies and outdated information. Review your credit report and immediately report the errors to the agency in your favor. You would be surprised at how quickly it can take them to correct the error though.

Live Within Your Means

A DIY approach can be harder than expected to implement. However, something as simple as keeping your day off, or not going to the office if you don’t have to to do your own job, can be benefited to rest easy that you have a budget to work with.

In this example, we didn’t have enough to spend in the office so we went home. You may also find some way to remove expenses on entertainment to save that extra $7 a day! You must first find what is important to you.

Another awesome bank Arizona debt help program is called Debt S lifer. This program allows you to consult with planting Arizona bankruptcy attorneys to find out of you qualify to file bankruptcy immediately and to determine if you qualify for Chapter 7 or Chapter 13. You can then refer to the resource box below for a free consultation and to learn more about this.