debt

Fixing Credit After a Divorce

Divorce is a traumatic experience. The end of a marriage can lead to emotional turmoil and the loss of family and social support. Compounding these problems can be serious damage to your finances – including your credit score.

Even when a couple’s divorce is finalized, both former spouses may be responsible for joint debts incurred while they were married. This can include things as small as credit card bills and as big as car and mortgage payments. If one party to a divorce fails to pay his or her obligations, it can badly damage credit scores for both former spouses.

In southern California, divorce lawyers in Long Beach Ca may be your best bet to help you avoid credit problems and fix them if they do occur.

An attorney, perhaps even the same lawyer you’ve used as a child custody attorney Long Beach, can help ensure that your former spouse pays their fair share of bills and doesn’t damage your credit score.

In the event that an ex-spouse does not pay the bills as they are legally required to, a family law attorney can step in and negotiate with credit grantors to make sure you don’t lose your car or your home.

Finally, divorce attorneys can make other recommendations including helping you establish credit independently by opening new accounts in your own name and finding co-signers for credit.

If you’re worried about the impact of a divorce on your credit, call a family law attorney Long Beach CA today!
——————————————————————————————–
The Law Offices of Riley Khorram are divorce lawyers from Long Beach who practice family law with compassion and understanding.

Options for Debt Relief

These economic times are challenging to say the least. Many are struggling to pay their bills and are swallowed up in debt. There is debt relief assistance for those who are unable to meet all their financial obligations.

Debt settlement or debt negotiation is one option. This procedure involves negotiating with creditors to reduce the total amount of debt owed. A dollar amount to be paid off will be agreed upon between the credit card company and the customer. This amount can be between 35% and 75% less than the total amount owed. Consumers can negotiate with creditors or hire a debt settlement firm to negotiate for them.

Credit counseling may offer some financial relief. While this will not reduce you overall debt, a counselor can work with banks and credit card companies to have interest rates lowered on accounts. A counselor can also get payments adjusted to a more manageable level.

Debt consolidation is a popular option. This option replaces multiple payments with with one manageable payment. Debt consolidation does require taking out a loan to pay off debts. The loan has lower interest rates than credit cards so money will be saved. However, paying off the loan can take a long time.

If debts are too large, filing bankruptcy may be a the only viable choice. Chapter 13 bankruptcy requires some payments be made to creditors. Payments are made over a period of time–usually five years. Chapter 7 bankruptcy discharges all non-secured and credit card debt. However, with this filing status, assets are liquidated to pay off creditors.

Debt relief assistance is available for those who are struggling to pay bills. After financial needs are assessed, one or more of these options can be implemented to provide debt relief.

Posted By: 1 Stop Service

Debt Solutions: Basic facts you must know

Debt and depression are the most dreadful combination. These two terms are interrelated quiet often. Getting harassing calls from credit card issuing firms have become a custom nowadays. Huge debts can get on your nerves if you fail to look for good debt solutions. Hard earned bucks once lost cannot be regained is an old saying. However, these days debt solutions are available in order to credit ridden individuals. Several surveys regarding debts have shown that debt solutions are the only way out for many individuals out there who have plastic money credits.

It has become mandatory for individuals to meet certain requirements to be eligible for debt settlement solutions. One thumb rule that has been followed since its inception is that individuals must possess $10k minimum to be eligible for debts solutions. If an individual satisfies these requirements, no wonder he can get the support of credit card
clearance firm. Elimination an enormous part from the outstanding amount will help you avail credit relief firm.

Once you enroll with a legitimate firm, those people will begin negotiating your lenders to decrease 50% or more of the outstanding dues. Based on individual conditions, the rate of discount might vary. Well, the rate of interest might be more than 70% in some exceptional cases. This discount may to the least assist in reducing the probability of getting harassing calls from lenders. This in turn will endorse positive vibes for you until the clearance of your outstanding dues.

Debt solution programs have an added benefit for the individuals. It does not require any individual to pledge his/her property if in case he/she can’t make a payment. The fact is some firms are paid for their service only after successful elimination of the outstanding dues of their customers. This has become an added advantage for individual who seek debt solutions. Once you begin with the settlement program, your credit report will improve gradually. Therefore, you should opt for debt solutions in order to repair your credit. Search for a good debt solutions company and enjoy the benefit of living a debt free life.

Posted By: Debt Settlement Online

Debt Settlement – The Positive Side

Bad liability is a problem faced by people all over the world. If these liabilities are not handled in a proper manner, legal charges can be brought against you. Some financial companies will help you to find a solution to these problems through debt settlement.

.

Debt settlement is the process where you agree to pay off your debts to an entity in a lump sum.The advantage here is that, through negotiation, the lump sum can be anywhere from 20 percent to 75 percent of the original sum owed. The amount actually depends on how good the negotiator is and how lenient the lender feels about the whole situation. Generally, a good financial firm will be able to get you around 50 percent off of the original sum owed.

To get this concession, you will have to provide documentation that is requested by the financial company. Only when the details are verified will the company begin to take any action. The company will advise you on how to proceed and in the event that you have a source of regular income, they will provide you with a loan to pay off the lump sum.

But debt settlement is not for everyone. If you are close to bankruptcy but are not qualified to file for Chapter 7, then Debt settlement may be the only solution for you. Although debt settlement can be used in other situations, the abovementioned example is the ideal time to utilize this method. It is advisable to seek professional advice before engaging in any debt settlement procedures.

Posted By: 1 Stop Service

The Different Types of Bankruptcy

Debt is an unfortunate facet of life that some people have to face. Sometimes it becomes impossible for a borrower to pay off the debts that are owed. To protect the individual or the company to a certain extent, the government has made available bankruptcy proceeding that they can resort to. This helps them avoid certain lawsuits that can be brought against them by the creditors. It also allows them a chance to protect properties and stay in possession of some assets.

Chapter 7 – This is the least uncomplicated of bankruptcies. Individuals, business partners and even married couples can apply for this. A representative from a Credit Counseling Agency has to interview the party in question before the filing takes place. Along with an appearance in court, the proceeding usually last about three and a half months. Upon a successful outcome the party in question is released from past unsecured debts. Thereafter a trustee is entrusted with the task of identifying assets that will be exempted from bankruptcy. Whatever is leftover if liquidated and used to pay off the creditors.

Chapter 9 – This law is meant for municipalities. Because municipalities could be public agencies or political subdivisions it tends to be much more complicated.

Chapter 11 – Used by business corporations, there are no trustees in this situation. The corporation has to formulate a reformation plan, which may include plans to recover productivity, repay debtors by selling assets, debt consolidation, merging, etc.

Chapter 12 – Designed for farmers and fishermen only, it allows them to keep their assets and pay the creditors with future earnings.

Chapter 13 – Similar to the previous chapter, it allows the individual to keep their property and pay creditors with their future salary. An agreed percentage of the salary (10 percent or more) is allocated to pay off the debts.

Posted By: Debt Settlement Online