New Debt Settlement Laws - If You Have Over $10k in Unsecured Debt Consider a Debt Settlement
It has been almost a year since people are getting rid of their bills instead of taking the pain to pay them.
However, with the introduction of the new debt settlement laws, things are not very favorable for credit card consumers.
New debt settlement laws have created major changes in case of bankruptcy.
You cannot get a clean sweep anymore if you do not have any money left.
You still have to pay for a lot of things.
The new regulations mark the introduction of Chapter 7, Chapter 13 and Chapter 11.
Let's glance at the effects of each of them.
Effect of Chapter 7 and Chapter 13 If you thinking that declaring yourself bankrupt will solve all your problems, start thinking in a different direction.
The amendments introduced in Chapters 7 and 13 have brought a serious drop-down in the advantages of bankruptcy.
If you want to declare that you have no money left and you will not be able to clear you dues, you will have to file out of these Chapters as well.
Let's glance at the effects which you will face.
· You still have to pay for a lot of things like child support, taxes student loans etc.
· To use the bankruptcy option, you need to have a monthly salary.
This is a specific figure and varies with the state in which you live.
For instance, the figure in one state will be different from the other.
In addition to that if your salary is above or below this figure, rule out the bankruptcy alternative.
· The bank has the right to liquidate your belongings if you are unable to pay the minimum payable sum.
These belongings include your house, car or any other property that you own.
Chapter 7 and 13 are applicable for personal bankruptcies while Chapter 11 is for business bankruptcies.
Hence you should consider going for debt settlement.
According to the new debt settlement laws, you can get more than fifty percent of your credit card bills erased permanently.
Another advantage is that your credit score does not get affected much in a negative way.
The new debt settlement laws have made it very easy to eliminate unsecured laws.
Why do you need to consider bankruptcy when you are getting all the benefits in a safer way? Use the new debt settlement laws and bid farewell to all your problems for ever.
However, with the introduction of the new debt settlement laws, things are not very favorable for credit card consumers.
New debt settlement laws have created major changes in case of bankruptcy.
You cannot get a clean sweep anymore if you do not have any money left.
You still have to pay for a lot of things.
The new regulations mark the introduction of Chapter 7, Chapter 13 and Chapter 11.
Let's glance at the effects of each of them.
Effect of Chapter 7 and Chapter 13 If you thinking that declaring yourself bankrupt will solve all your problems, start thinking in a different direction.
The amendments introduced in Chapters 7 and 13 have brought a serious drop-down in the advantages of bankruptcy.
If you want to declare that you have no money left and you will not be able to clear you dues, you will have to file out of these Chapters as well.
Let's glance at the effects which you will face.
· You still have to pay for a lot of things like child support, taxes student loans etc.
· To use the bankruptcy option, you need to have a monthly salary.
This is a specific figure and varies with the state in which you live.
For instance, the figure in one state will be different from the other.
In addition to that if your salary is above or below this figure, rule out the bankruptcy alternative.
· The bank has the right to liquidate your belongings if you are unable to pay the minimum payable sum.
These belongings include your house, car or any other property that you own.
Chapter 7 and 13 are applicable for personal bankruptcies while Chapter 11 is for business bankruptcies.
Hence you should consider going for debt settlement.
According to the new debt settlement laws, you can get more than fifty percent of your credit card bills erased permanently.
Another advantage is that your credit score does not get affected much in a negative way.
The new debt settlement laws have made it very easy to eliminate unsecured laws.
Why do you need to consider bankruptcy when you are getting all the benefits in a safer way? Use the new debt settlement laws and bid farewell to all your problems for ever.
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