Question: I filed chapter 13 bankruptcy and got behind on my payments. What bankruptcy alternatives are there for debt relief. The bankruptcy act sent me a letter saying they are going to dismiss my bankruptcy case if I do not pay what I am behind in 30 days. If they dismiss my bankruptcy is there still any debt consolidation relief available?
Answer: Thank you for your question. First. I want to assure you that you are not alone in this predicament; many consumers find themselves buried in debt before they even know what happened. Now on to your challenge. You do undergo options. A Chapter 13 bankruptcy is a reorganization of your debts where you make monthly payments on a pay down intend (typically 5 years). Many people break their chapter 13 payments and then your creditors essentially drop out of the intend and can come after you on collections (or apply judgments where stipulated judgments were entered). You comfort have options depending on your financial situation. I would recommend exploring a Chapter 7 bankruptcy (see your bankruptcy attorney) or desire a free debt consultation. If you follow the links below. I can put you in communicate with a company that may be able to assist you in resolving these debts. Very quickly if you want a free debt consultation with one of account's approved debt help partners click here: If you own a home a secured debt consolidation give may be alter for you. This type of loan is essentially a home equity loan which is used to pay off your other creditors. Secured consolidation loans help many consumers by consolidating all of their debts into a single monthly payment with a lower interest evaluate and payment be. However since your preserve is unaware of your debt problems a consolidation give secured by your home may not be a practical solution as keeping this type of loan from your husband could be difficult. Also be careful before you borrow money against your domiciliate to pay off credit cards and other unsecured loans; you will be converting what was previously unsecured debt
into secured debt. This could cause you problems drink the road if for some reason you are unable to make your payments or if life circumstances compel you to file bankruptcy as you may not be able to accomplish the secured debt as you would unsecured debt. However secured debt consolidation loans work for many people so this is an option to consider carefully–the Bills com Savings Center is a great resource to help you find a lender for this type of loan. Bills com makes it easy to compare mortgage offers and different loan types. Please tour the loan page and find a give that meets your needs at: Another option to consider is a Consumer Credit Counseling Service or CCCS. CCCS companies furnish numerous services such as financial counseling and calculate planning as come up as Debt Management Plans (DMPs). In a DMP the CCCS would lay a new payment amount with each of your creditors usually based on a reduced interest rate. You would then make a single monthly payment to the CCCS which would distribute the funds to your creditors based on the new payment amounts. There are several drawbacks to CCCS though. First depending on your creditors it may not be able to decrease your monthly payments enough to improve your financial situation. Second it may have a negative impact on your ability to acquire a loan so you may not wish to enter into a DMP if you anticipate any large purchases such as domiciliate or an auto in the near future. Third the average DMP takes around five years to pay off your debts so you must be willing and able to commit to a long-term repayment intend. You may also want to consider the services offered by debt
settlement firms. Rather than making monthly payments to your creditors these programs negotiate accumulate sum settlements with your creditors frequently reducing your debts by 50% to 60% of your principal balances. These programs usually act only 2-3 years to end so this is a good option for many people to rid themselves of debt in a relatively speedy manner. In many cases they can also reduce your monthly payment toward your debt. There is one major drawback to debt settlement programs though–they will significantly alter your credit while in the program and for at least a year or two afterwards. However if you are currently unable to drop to pay your creditors the hit to your credit may be worth the benefit of ridding yourself of credit card debt. Because of your financial difficulties you may want to forbid focusing on the importance of your credit advance. Although you may have a good ascribe score because of your low income and large debt amount most lenders will likely see you as a high assay borrower and may not be willing to extend you ascribe so your actual ascribe rating may not good as you believe. A debt settlement program is probably the fastest way to end you debts and once you repay your debts you should be able to rebuild your ascribe advance through careful management of your ascribe accounts. Hopefully one of the several options I have described above may be able to help you. I back up you to explore the Bills com website to construe more about these and other options available to you. I hope this information helps you sight. Learn. Save. Good Luck,account
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