Posted on June 17, 2009 at 2:22 am There are three types of bankruptcy, chapter 7, chapter 13 and 11, but how will I know when to file bankruptcy?

Posted on June 17, 2009 at 7:32 am What is your situation? Filing bankruptcy to eliminate your debt should be your last option and avoided if it absolutely can be. Credit counseling and debt settlement are bankruptcy alternatives that may be suitable for you depending on your circumstances. Is it credit card debt or are you having difficulty with secured debts such as a mortgage or car note? Let me know and I will do my best to point you in the right direction.

Posted on June 17, 2009 at 9:03 am If you are behind on your monthly payments I would suggest trying to settle your debts. Especially if your debt amount is over $10 thousand dollars. If your debt amount is smaller, and you have no trouble making your payments but are suffering from really high interest rates, you may want to consider credit counseling. Both are effective ways to get out of debt and avoid bankruptcy.

Posted on June 17, 2009 at 2:23 pm It all depends on the situation, and as previously mentioned would be a last resort.  If you are talking credit card debt, I would never file bankruptcy on that.  It will take sacrifice, intensity, and laser focus but you can take care of credit card debt on your own.  I know it's easy to get down and feel hopeless when you are up to your eyes in debt, but there is light at the end of the tunnel.   The most important thing is to change the bahavior that got you into debt in the first place.  You may need to sell some stuff, get another job or two.  You may even have a career crisis, but I don't know your situation.  This happens a lot, especially in this day and age and debt can become a symptom.  If you want to develop a game plan and eliminate your debt you might want to check this out:http://www.onlinewaystowealth.com

Posted on June 17, 2009 at 3:08 pm "You may need to sell stuff or get another job or two." You make it sound so easy. Are you ignoring the fact that our economy is still in recession and less than 7% of all business are currently hiring? And how about people who do not have any assets? Contrary to what you believe, some people really do need help to get out of debt. A reputable credit counseling or debt settlement company can potentially do that depending on the person's circumstances.

Posted on April 16, 2010 at 3:05 am Credit card, bankruptcy - basically don't have to be together. Meaning, if your debt type is unsecured (credit card) you don't have to file bankruptcy just to eliminate it. You can do debt relief programs like credit counseling or debt settlement - depending on your balance and account status.

Posted on April 16, 2010 at 3:07 am Credit card bankruptcy - right, and the only times that you should consider filing bankruptcy for credit card debts are when you need the automatic stay provision (to stop all collection activities against you). For example, if you have been served a legal action (a lawsuit), if you're facing foreclosure, eviction, and even repossession.

Posted on April 16, 2010 at 3:09 am Credit card bankruptcy - I agree with the above posts, you can turn to debt relief programs instead for debt reduction/elimination instead of bankruptcy (because it impacts your credit heavily) not unless you live in a state that restricts or prohibits professional debt settlement.

Posted on April 16, 2010 at 3:11 am And those states would be - :::Giorgia/ Idaho/ Kansas/ Maine/ Mississippi/ Minnesota/ North and South Carolina/ Utah/ Wisconsin/ as for the why? There really are no Federal laws regarding debt settlement so the states fend for themselves./ But still, you don't have to file bankruptcy in those states. There are attorney/debt settlement companies or you can do a d.i.y. debt settlement instead.

Posted on April 16, 2010 at 3:13 am If you're wondering what to look for or how to find a credible debt settlement company - here's a guideline - -The settlement company's program must have a fast completion time. 12-36 months. -The program must be able to protect and improve the consumer's credit standing. -Must also have a good standing with the Chamber of Commerce -A Member of TASC - The Association Of Settlement Companies and the IAPDA or the International Association of Professional Debt Arbitrators