Bankruptcy and debt consolidation

The process of filing for bankruptcy in America is not as simple as it was at some time in the past. There are many reasons behind this need, but the main one is that anybody in the house has got severe disease, and the family is now under a big debt due to medical expenses over him, and is not in a position to maintain the balance due.

Generally, there are 6 forms of bankruptcy, but most of the families file for these two reasons: Chapter 7 or Chapter 13. Bankruptcy and Debt Consolidation

Chapter 7 bankruptcy

deals individual persons or business sector, and the debtors sell off their taxable property, which follows the procedure to eventually pay off the creditors. Generally, these debt leads have no taxable property; under this condition they are not required to sell off property. As a result, the debtor’s debt is canceled, with some exceptional cases like if there are some taxes and support for a spouse.

Chapter 13 bankruptcy

helps the individual debtor still having any source of earning. It takes the individual debtor’s future wages on legal orders for three to five years. In this process the debtor retains all of the property. In 2018, consumer lenders won over Congress and the President to change the policy by adding the Bankruptcy Abuse Prevention and Consumer Protection Act.

Today, debtors are required to go through a Means Test to meet the conditions for bankruptcy under Chapter 7, plus they need to get credit counseling, regardless what is the reason behind the bankruptcy.

All things have been discussed; it can be a good choice for many to check out debt consolidation over bankruptcy.

Most of debtors are searching for this kind of assistance, and if you are a mortgage broker, then definitely you are also offering the products that they want to get in order to avoid bankruptcy and could help them in recovering from under their debt. They want to know about your loan products; the only thing you require to do now is just reaching them. The easiest way to find them is to get qualified mortgage consolidation leads.

As you consider lead origination companies, you will find the key methods to know quality 24 hours loan debt consolidation leads without credit check. You should get leads that do not desire to give their contact details because they are doing so to get a prize.

Actually, you need those mortgage leads who ask you to contact them with necessary details to assist them solving their debt situation. One more thing to consider is that professional lead generation companies will also be guaranteeing the authenticity of the given contact details of the leads.

Moreover, these leads must have a high amount of unsecured debt they want to get rid of. That, in addition to many exclusive rights to each lead, will guarantee a high closing rate for you, and bankruptcy alleviation for your fresh customers.…

Achieve debt relief: check out these programs

debtWith the recession happening, it is no big question why more and more people are getting into debt. In fact, a recent survey showed that more than 70% of American households are in debt and that this is because these families actually spend more than they earn. With the use of credit cards, it is now difficult for families to budget and actually get a real knowledge of how much they should only spend minus all the bills and utilities.

Are you in debt? Then you are probably wondering how you could get out of debt or at the very least, achieve debt relief. First off, what is debt relief? There is no one big definition of debt relief, but it is basically a series of programs or ways that can help you slow down debt or programs that will allow you to pay only a partial amount of the debt and have the debt considered as fully paid. If you want to learn more, then here are some of the most popular debt relief programs that you can avail of:

Debt Consolidation

Debt consolidation is definitely for the person who owes money to different companies or organizations. For example, you have credit card debts and student debts with varying interest rates. What debt consolidation does is combine these debts giving you the ease of paying these debts plus the reduced interest rate since you’ll just paying one debt. The great thing about debt consolidation as well is that you are sort of starting with a clean slate, meaning your late payment penalty fees and other charges will probably be taken out of the equation. You will also be given a longer period to fulfill the debt so giving you more time to gather resources.

Debt Settlement

Debt settlement is also another viable option. With debt settlement, you basically recognize and acknowledge that you can barely pay off your debt. It might be a bit embarrassing but this is definitely better than having to file for bankruptcy. Debt settlement is when you and the company come into agreement as to how much of the debt you’ll have to pay in order to be considered free of debt. Most companies reduce debt by 40-60% so before your debt becomes a major issue, meet with your company now and try to compromise.

Debt Management

Companies however are not that confident that you can really pay your debts on time and faithfully so before they go into an agreement or compromise, they will want to bring a third-party organization or person into the scene. In debt management, a credit counseling agency will analyze your financial situation and they will be the one to negotiate with your debtors. You will be sending your payments to the credit counseling agency who will in turn give the payments to your debtors.

Better take one of these three debt relief programs now. Don’t wait for the worst alternative and face having to file for bankruptcy.…