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Debt - Strategically Pay It Back
When paying back debt, a little strategy goes a long way. It can
literally save you hundreds, even thousands of dollars in
interest charges. And the best part is that the best, most
effective strategy is so easy to follow.
List Your Debt...
Do you need a debt consolidation loan?
If you are in financial difficulties due to debt or have built
up a variety of debts over time, a debt consolidation loan may
be for you. But before you take that route, you should consider
all the options.
However you got into debt -...
Eliminate Your Credit Card Debt Forever-Without Stress
In recent years, the amount of credit card debt being carried by
Americans has reached hundreds of billions of dollars, with
interest payments each year that would sink the economies of
many small nations. But you can eliminate your credit card...
Self Help When You're In Debt
It's no fun being in debt. Money shortages are always stressful and serious debt can emotionally drain you. And yet, while you'll find lots of advice about the practical aspects of debt management, there is precious little help available for the...
The Best Debt Management Programs - How To Choose
There are gems and there are duds of any business. This is true
of debt management programs as well. Your money is very
important to you, so you should choose a program that has the
best reputation for success. Reviewing the number one...
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Finding The Right Answer For Your Debt Problems
As credit card bills begin to stuff our mailboxes, many consumers are faced with the hard reality that they went overboard with their holiday shopping. And for those who don’t pay the balance due in full, you’ll also wind up paying interest charges. For some people this can be the beginning of the end as they can’t see a way to manage the burden of their credit card and other debts.
“Wipe the slate clean”, “escape the pressure of credit card debt”, “call our bankruptcy hotline for an easy way out” the bankruptcy lawyers proclaim in their slick television commercials. Last year 1.6 million people filed for bankruptcy in the U.S. Is bankruptcy the right answer for your debt problems? Make sure you have the facts before making a decision that has lingering effects.
A bankruptcy stays on your credit report for 10 years. You’ll be able to get credit in the future, but at higher interest rates, even after your bankruptcy is completed.
A bankruptcy does not “wipe the slate clean” nor does it mean you are totally debt-free. Alimony, child support, back taxes and most student loans are not exempt from bankruptcy proceedings.
There are two basic types of personal bankruptcy: Chapter 7 and Chapter 13. Both must be filed in a federal bankruptcy court. You will have to pay about $160.00 in court fees. Attorney fees are additional.
Chapter 7 bankruptcy involves the liquidation of all your assets that are not exempt from the bankruptcy settlement. Exempt property may include automobiles, some household furnishings, and property needed for work-related use; for example if you were a mechanic the tools you use to perform your work would be exempt from the bankruptcy settlement. Exemption dollar
amounts vary from state to state.
Under this plan the court appoints a trustee to handle the liquidation of your nonexempt property. The trustee can sell or turn over your property to your creditors if you have more than the allowed equity.
A Chapter 13 bankruptcy allows you to keep property, like a mortgaged house (provided there are no liens on it) or a car, as long as you have a steady income. A Chapter 13 bankruptcy is a court-ordered and approved repayment plan to your creditors, usually over a 3-to-5 year period without surrendering any property. However, any earned income over the budgeted amount for basic maintenance will be distributed to your creditors.
Financial experts agree that a bankruptcy should always be the last resort used for managing your debts. An alternative to bankruptcy is personal credit counseling. Call the Consumer Credit Counseling Services at 800-388-2227 to find an office near you. A professional counselor can help you decide the best way to handle your debt problems.
About the author:
© 2004, http://www.yourfreecreditreportnow.com
Author: James H. Dimmitt
James is editor of "TO YOUR CREDIT", a free weekly newsletter offering money management news and tips. Subscribe to the newsletter by visiting http://www.yourfreecreditreportnow.com
He is also author of “Identity Theft - How to Avoid Becoming the Next Victim!” Details available at http://tinyurl.com/bc45
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| Advertisements Promising Debt Relief May Be Offering Bankruptcy |
| Cautions consumers about ads in newspaper, magazine and telephone directories that offer quick fixes for debt problems. |
| www.ftc.gov |
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| Welcome to Debt Relief International |
| Welcome to the web site of Debt Relief International. |
| www.dri.org.uk |
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| Debt relief steps, your free guide to debt help. |
| Articles on debt relief, and credit management and repair. |
| www.debtsteps.com |
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| Factsheet - Debt Relief Under the Heavily Indebted Poor Countries ... |
| The HIPC Initiative is a comprehensive approach to debt reduction for heavily indebted poor countries pursuing IMF- and World Bank-supported adjustment and ... |
| www.imf.org |
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| Special report: debt relief | Special reports | Guardian Unlimited |
| February 6: A year ago the Guardian set out to track the west's promises of action for Africa on aid, trade, health and debt relief. As G8 finance ministers ... |
| www.guardian.co.uk |
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| Debt Relief Options - Findlaw for the Public - |
| Welcome to Debt Relief Options. This section contains information about the ... To begin, select one of the Debt Relief Options topics from the list below ... |
| bankruptcy.findlaw.com |
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| William Brewer |
| The Brewer Law Firm. William E. Brewer, Jr., Attorney at Law Board Certified Consumer Bankruptcy Specialist. 619 N. Person Street Raleigh, NC 27604 ... |
| www.debtrelief.com |
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| Debt Relief - InCharge Debt Solutions |
| There are many ways to get out of debt, for good, and it may be easier than you think. The first step is knowing your options, the second step is taking ... |
| www.incharge.org |
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| Economic Policy and Debt |
| May 2006, IMF And World Bank Support Cameroon’s Completion Point Under The Enhanced HIPC Initiative And The IMF Immediately Grants 100 Percent Debt Relief ... |
| www.worldbank.org |
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| Economic Policy and Debt - The Enhanced HIPC Initiative |
| The Initiative’s debt-burden thresholds were adjusted downward, which enabled a broader group of countries to qualify for larger volumes of debt relief. ... |
| www.worldbank.org |
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| Debt relief - Wikipedia, the free encyclopedia |
| Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. ... |
| en.wikipedia.org |
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| Debt Analyzer, Debt Reduction Software, Home Page |
| Debt Elimination at its best! Potential savings of hundreds or thousands of dollars! Build debt reduction, timed elimination or consolidation schedules. |
| www.debtanalyzer.com |
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| Superior Debt Relief |
| We help you get rid of credit card debt much faster than you may believe possible with credit card debt settlement and negotiation tactics, providing debt ... |
| www.superiordebtrelief.com |
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| Debt Relief - Social and Economic Policy - Global Policy Forum |
| Aid Inflows, Debt Relief Yet to Translate into Reduced Poverty (March 20, 2006) ... Fearing that the IMF could tie debt relief to economic benchmarks, ... |
| www.globalpolicy.org |
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| Debt Relief - Global Policy Forum - Social and Economic Policy |
| Debt Relief - Global Policy Forum - Social and Economic Policy. The Debt Relief Page Has Been Moved to: ... |
| www.globalpolicy.org |
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| BBC NEWS | Business | Q&A: African debt relief |
| BBC News looks at the progress of international debt reduction efforts, and the sticking points which continue to hamper the process. |
| news.bbc.co.uk |
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| Debt Relief Australia - Start Reducing Debt Today! |
| Debt Relief offers Australians in debt assistance with finding the most appropriate debt relief solution. |
| www.debtrelief.com.au |
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| Debt Consolidation Australia, Debt Relief & Bankruptcy Information |
| Specialising in debt agreements, mortgage refinancing and bankruptcy. Company profile, calculators, solutions, media releases, testimonials and existing ... |
| www.foxsymes.com.au |
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| Oxfam - Debt and Aid - Debt Relief for Nicaragua: breaking out of ... |
| Oxfam policy paper on relationship between international debt servicing and poverty. Linked to table of contents and also zipped for download. |
| www.oxfam.org.uk |
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| What debt relief means for Africa | csmonitor.com |
| This weekend's $40 billion debt cancellation deal could spark major improvements in the lives of the world's poorest people. |
| www.csmonitor.com |
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