Posted on
August 18, 2009
at
5:19 am
I want to get rid of my debts but I'm self-employed, meaning that my income is not that stable, it varies. What advice can you give with regards to debt reduction or debt elimination? If I file bankruptcy, what happens to me after?
Posted on
August 18, 2009
at
5:25 am
Are your debts mostly unsecured? How much is it that you owe in total? Are you already receiving creditor/collection calls, that's why you are thinking of filing bankruptcy?
Posted on
August 18, 2009
at
5:32 am
Not knowing what your exact financial situation is-- my advice to a self-employed consumer like yourself is to seek professional help. Your situation is better than the unemployed consumer who is in debt. At least you have some income to pay your debt with. What you can do is list down all your debts, get the total, as well as the average income that you get in a month, or the past months. Your goal is to find out what percentage of your income is being applied to debt payment. If it's too much perhaps you can negotiate your payment terms with your lenders/creditors. If you find this hard to do, you may hire the services of a credit counseling agency or a debt settlement company. As to which debt relief service to use..it depends on the amount of your debt and the status of your accounts.
Posted on
August 18, 2009
at
5:41 am
I wonder what debt advice I can give you, you are self-employed ...sole proprietor or an independent contractor? You might be able to save on tax via adjusted gross income and deductions. You might want to speak with a tax advisor for those savings.With regards to your debts--if it is over $10,000 and you're already past due, you might want to use debt settlement. What it can do is reduce your debt to more or less half, structure your payments, and improve portions of your credit score.
Posted on
August 18, 2009
at
5:48 am
Don't file bankruptcy just yet. A bankruptcy stays on your credit report for 7-10 years depending on the Chapter it's filed under. It stays on your public record for 10 years. It matters how? You are self-employed, you need a good credit standing, as you deal with vendors and lenders -- having a bankruptcy on your report might cause you problems later on. If your trade involves tools that you can sell, or if you can acquire extra work to generate extra income, why not do those first? Apply the sales or the extra income on paying your debt down...although you would still need to talk to your creditors/lenders for payment adjustments or modification.If you need help, feel free to fill out a form here at destroydebt.com. Speak with a debt consultant and get matched up to the right debt relief option. It is free.Good luck!
Posted on
August 18, 2009
at
6:00 am
You can restructure your debt before your creditors/lenders take any formal legal action against you and your company/trade--stay in constant communication with them. Let them know what's going on with your income. The worst thing that can happen to you if you fail to reach an agreement with them with regards to your debts is them filing a law suit against you. To obtain a judgment, wherein they'd have a right to garnish your income, freeze your bank account, or put a lien on your property.Best debt advice for a self-employed consumer who's in debt and does not know where to start? Speak with a debt consultant.
Posted on
August 18, 2009
at
6:04 am
Debt settlement for the self-employed might work...If you are wondering how much it's going to cost you Debt settlement companies will usually charge $1,500 or 15% of the total debt amount --spread out over 18 months. That or they'd take a percentage of the settlement amount which is between 20-25%.Debt settlement can cut your total balance to more or less half if you qualify for the program.
Posted on
August 19, 2009
at
12:47 am
Here's some debt advice for the self-employed.... As far as I know there's a government loan for business owners who are going thru financial hardships. I still have to dig up more info on that. ....
