Sunday, May 24, 2009

Using The Internet To Get Bankruptcy Information

Using the Internet to get Bankruptcy Information

Whether you are looking for chapter 13 bankruptcy information or any other type of bankruptcy information, at least you can rest assured knowing that you have tons of great options here. However, the best resource of all to you here is going to be is the Internet. With the Internet you are able to not only get the best, most up to date bankruptcy information, but even better, you can get it free.

There are various different websites and online banking and other financial institutions offering bankruptcy information that you can check out.

Hoyes Michalos

This is definitely one of the best online companies that you can check out if you want to get bankruptcy information. You can even talk to an expert right online, who will speak to you one on one and offer you the detailed, personal information that you are looking for.

They have offices located all over Canada, and they are always updating their information so you can keep checking back and make sure that you are up to date on everything to do with bankruptcy.

They have a long list of answers to frequently asked questions, and this is the easiest way to find what you are looking for if you have a question that you think may be commonly asked.

Bankruptcy Canada

Another company that you can check out for bankruptcy information is Bankruptcy Canada. They are strategically aimed towards Canadian residents, to offer them information on the process of filing for bankruptcy and what the pros and cons are.

They feature a trained qualified staff, a member of which will talk with you and assess your current financial standing. From this they will be able to properly determine whether or not bankruptcy is really the only option that you have here and if so, they will tell you what steps you need to take next to get the process going.

Although bankruptcy can certainly be helpful in some cases, you need to realize that it is not just a golden ticket out of your financial trouble. You may not have to deal with all the debt and creditors as you did before, but you will have a huge hit to your credit and you will have most if not all of your assets away, and this includes any businesses that you may own and any credit cards that you may have. It will also stay on your credit report for up to seven years.

Tuesday, May 27, 2008

Drowning in Debt - Get Out Now

Feel like you are drowning in debt? It's time to do something about it.

First, rest assured that you are not alone. There are many, many people who are deep in debt.

Second, more than likely you can pay off your bills and change your spending habits to fit your income. There is example after example of families who were deep in debt and were able to not only pay it off but who ended up in better financial shape than before.

For instance, there was one family who found themselves in such debt (over $100,000) that they had to move in with the wife's sister. She let them live in her basement.

They worked hard paying off the debt and creating a home business and are now worth over a million dollars. This is a true story.

If they can do it, you can too. Even if it means moving in with family temporarily, or downsizing your home, you can get out of debt. It is entirely up to you, though.

The first thing you need to do is take a close look at how much you spend each month and how much you make. Add up all of your expenses in one column and your income in the other.

Check to see if there is any spending you could reduce, such as not eating out, forgetting about going to the movies for awhile, or any unnecessary purchases.

Once you figure out what you need for expenses each month, if there is any extra income left over put it all towards paying off the smallest credit card debt. Once that is paid off, put all the money you were putting towards that credit card towards paying off the next smallest bill.

Continue with this until all of your credit card and other debt are gone.

If, after adding up your expenses and comparing it to your income, you find that there is no extra money to put towards paying off debt, you have some tough choices to make.

Perhaps you need to sell your home and get a smaller, cheaper residence. Even if you need to rent for just awhile, it will be worth it in the long run. It is better to pay off your debts than declare bankruptcy.

You might need to get a second job. Perhaps your wife could start a business at home. Perhaps you and your wife could start a home business together to bring in some extra money.

Perhaps you need to find a financial counselor who can help you figure out a budget and how you can pay off your debt. There are many to choose from.

There are options available to get out of debt. Whether you sell your home or start a home business you can do it. Do not let it ruin your life. Do not get so stressed that it wrecks your health or your marriage.

The important thing is to start today before it gets any worse. Then be patient and consistent in paying back what you owe. See it as a time to grow and learn money management. It isn't hopeless. You will become debt free.

Monday, January 14, 2008

Are Debt Collectors Harassing You? How to Make Them Stop!

If you've been a victim of job loss, medical emergency or other cause of income loss, you may be one of the millions of individuals facing a pile of debts that you cannot cover. Miss one or two payments and you can expect to get a call from a debt collector.

Calls from debt collectors trying to find you at your place of employment can be humiliating. You may already be screening your calls, your chest tightening as you realize it's them - again.

While not every debt collector is unsympathetic and berating they likely do have to steel themselves for many of the sad stories given to them as explanations for past due debts. They are also frequently rewarded for their efforts in collecting the debt with a commission based on the amount obtained. It is easy to see why it is not uncommon for individuals who are already in a desperate state to fear encounters with the more aggressive collectors who are determined to get their fees.

"What Are They Allowed to Do?"

Debt collectors are allowed to contact you by in person, by mail, by telegram, by fax and by phone; at home or at work - unless they know your employer would disapprove. They may also not contact you before 8 a.m. or after 9 p.m. unless you have agreed to the contact at that time.

They must contact your attorney unless you don't have one. They may then contact other people to find out your telephone number, work place or address, but in most cases they are not allowed to inform them that you owe money or contact them more than once.

"What If I Don't Want to be Contacted?"

Whether or not you actually owe a debt you can write a letter to the collector telling them to stop contact. They may then contact you only once to inform you that they will make no further contact or to tell you what action may be taken against you.

Stopping contact will not clear the debt. If you do not believe you owe the debt make that clear in your letter.

"What Can I Do If I Am Harassed?"

The FTC (Federal Trade Commission) has a Fair Debt Collection policy to protect consumers. Knowing your rights will put off even the most determined collector since they already know the law and are pressing you on the assumption that you don't.

Debt collectors are NOT allowed to harass, abuse or oppress you or other individuals on your behalf - that includes obscene language, threats of violence or repeated calling in an effort to annoy.

They are not allowed to misrepresent themselves as government agents, attorneys or representing a credit bureau if they are not. They cannot imply they are sending legal documents if they aren't or that you've committed a crime, if you haven't.

They cannot imply legal action, including seizing property or garnishing wages unless they are legally allowed and intend to do so.

You can find out more about your rights from the FTC. If you want to report an agent you can do so by contacting the FTC or your Attorney General. If they are breaking the law you have the right to sue.