The recent recession in the U.S. economy has created both employment and financial challenges for Americans and Christian families alike. credit card debt problems will no doubt reach an all time high as unemployment rates continue to rise. Christians face the reality that filing bankruptcy may be their “only way out”, but that is not necessarily the only workable solution that may be available. Filing bankruptcy should be the “choice of last resort” and the reasons are outlined below. Christian debt settlement is a viable solution to be considered by Christian families hoping to turn their financial situation around and live a better, debt free life.

<b>Why Avoid Bankruptcy</b> - When Christians face such extreme financial hardship that they feel they must explore something as “life changing” as filing bankruptcy, we encourage them to seek out all other Christian debt reduction alternatives first. Filing bankruptcy may allude to the feeling of a “fresh start” and might provide immediate relief from the unbearable stress created by financial difficulties. However, this is not necessarily an accurate picture of the “brighter financial future” you are seeking. A bankruptcy filing will remain on your credit report for up to 10 years. You will face difficulty in securing home mortgages or vehicle loans at reasonable rates of interest, potentially costing thousands of dollars in additional interest charges resulting from high interest rates. Needless to say with the recent financial problems U.S. financial lending institutions are experiencing, individuals deemed a credit risk are being scrutinized more closely than ever before. A bankruptcy can also impact future employment opportunities as more employers are now completing credit checks as part of their screening process. Again, with unemployment rates at an all time high in 2008, you don’t want to lose that perfect position because you are deemed irresponsible when your credit history is evaluated. Walking away completely from your financial obligations should be the last resort for a Christian. All Christian alternatives to bankruptcy should be investigated first, including Christian debt settlement, Christian credit counseling, and even debt consolidation loans.

<b>Why Christian Debt Settlement May Be The Right Solution</b> – Christian debt settlement is becoming a more well known form of Christian debt reduction because it offers many distinct advantages when compared to other Christian alternatives to bankruptcy. Christian debt settlement is a debt reduction solution involving the negotiating of creditor balances down to a mutually agreed upon “reduced amount” that is considered payment in full by the creditor. For this reason, Christian debt settlement is often referred to as Christian debt negotiation. Christian debt settlement is gaining in its popularity primarily because it provides the following benefits for Christian unsecured debt problems:

· Provides an ethical and honorable alternative to bankruptcy.

· Allows the client to maintain privacy and control over their financial affairs (unlike bankruptcy which becomes public record)

· Allows the client to take charge of the program and control their own financial destiny (unlike bankruptcy where the courts decide all matters)

· Provides a relatively short program duration, typically taking 2-3 years to resolve Christian unsecured debt problems (in contrast to the longer Christian credit counseling programs which can take 5-9 years to complete)

· Requires the lowest overall total financial payout (when compared to debt consolidation loans and Christian credit counseling)

· Provides the most flexibility of any Christian debt reduction program in terms of monthly budgeting

It is no surprise that <a href=”http://www.christiandebtconsolidation.net/aboutus.htm”>Christian unsecured debt problems</a> create stress and worry that often feel unmanageable for Christian families. But there is hope in a variety of Christian debt reduction solutions. If you are facing financial troubles, then researching the various Christian alternatives to bankruptcy is the first step to changing your financial destiny. It is advisable to do your research and your “homework” so that you select the best Christian debt reduction solution for your situation. Christian debt settlement is just one option that clearly offers numerous benefits and advantages over other forms of resolving Christian unsecured debt problems. The decision is ultimately yours and must be right for you and your family.

Mansi Gupta
http://www.articlesbase.com/business-articles/christian-alternatives-to-bankruptcy-consider-christian-debt-settlement-675348.html

The only way to cut down all your tensions against non-repayable debts and financial stress is by filing bankruptcy. However, filing bankruptcy badly affects the credit points of the person. Therefore, one has to choose the debt consolidation method accordingly. If there is no other way to repay your debts, then the best option is bankruptcy. It is very important for a person to attain basic bankruptcy information before the filing.

Bankruptcy is a way by which a debtor pays all of his debts in the best way he can and has a sense of relief. He can go for a new era in his life and make himself financially very strong. Although, before going for bankruptcy you should make sure that u have no other way left to solve your financial problems. Any person or company must show in front of the Bankruptcy court that he has no other assets to repay the existing loans. Also the expected future income is not sufficient for the repayment of debts; thus bankruptcy is the only left option.

bankruptcy law has many sections covering the various sectors of the society. If you are a self employed individual then you have to file chapter 13 of the bankruptcy. In case of partnership, entities, individuals or cooperation then you need to file chapter 7 of the Bankruptcy Law. Bankruptcy can help you get out of the debts, but it can cause your credit rating diminish. In future you may be seen as a risk factor and may be deprived of certain loans too. But this condition will prevail only a few days if you improve your financial status considerably. So, after bankruptcy you must plan your future well and work on your financial improvement.

Jennifer Morva
http://www.articlesbase.com/loans-articles/bankruptcy-information-get-a-renewed-life-and-make-a-fresh-start-674878.html

There must be a few valid reasons why you’d think of bankruptcy to clear out your ongoing problems. Everyone who’s in bad financial problem would like to know how to find a cheap bankruptcy lawyer. Here are easy ways of locating cheap bankruptcy attorneys online.

Web Resource #1:

Use Google Maps located in http://maps.google.com

Type the search phrase “cheap bankruptcy lawyers” in the search field. Add your city, state, and zip code to make the results more accurate. Click the “Search Maps” button or press “Enter” on your keyboard. Google will then give you a result of law firms that meets your search query. You will see a map with markers on it. Click any of the marker and you will see the actual address, web site address, and phone number. You can also do the above procedure using Yahoo! Local located in http://local.yahoo.com

Web Resource #2:

LexisNexis’ Martindale-Hubbell Lawyer Network located in http://www.lawyers.com

This is LexisNexis’ online version of Martindale-Hubbell comprehensive attorney directory. Use the “Lawyer Search” to find an attorney from over one million lawyers and law firms in their searchable database. Under the “Lawyer/Law Firm or Area of Law” input field type in ‘bankruptcy’. Type your city under the “City” input field and select your state. Remember to change the country to “United States”. Click the “GO” button and you should see your result of bankruptcy attorneys. If the results are too few, then you can widen your search criteria by removing the city on the search box. You can also use the adjacent towns close to you. Make sure that you select lawyers or law firms that handle consumer bankruptcy.

Web Resource #3:

Thomson Reuters’ FindLaw located in http://lawyers.findlaw.com

This is the online version of West Legal Directory of attorneys. Use the “Search for a Lawyer” to search their online database. Under the “Legal Issue” input field type in ‘bankruptcy’. Type in your city under the “Location” input box. Remember to include your state and zip code. It will make the query results more accurate. Press “Enter” or click the “Find lawyers” button. You will then be presented with a list of bankruptcy attorneys. If the list is too few, then you can widen your search criteria by removing the city on the search box. You can also use the adjacent cities close to you. Take note of the entries that have “offers free consultation” mark. They are the attorneys that you should prioritize on your list.

Some Warning on Choosing a Bankruptcy Lawyer

A lawyer can either represent the creditor or the debtor. Make sure the bankruptcy attorney that you are getting is a “pro consumer” and not a “pro creditor.” Remember that bankruptcy is not an easy matter, you do not want your attorney to miss the complexeties and intricacies that could save you money and property in the long run. Never assume that free or cheapest is better. Experience always counts.

Roilee Mandeville
http://www.articlesbase.com/law-articles/cheap-bankruptcy-lawyers-the-real-secret-to-quickly-finding-them-online-674359.html

Bankruptcy really does not seem to be a preferable or the most suitable option. However while you are on the track that cannot help you to lead on or switch on to the other alternatives or when you are in the state where you have possessed yourself with overwhelming debts, all you require or the way that may help you is going for a personal bankruptcy.

It probably, may help you to once again to raise your credit score by enhancing the repayments of al the pending debts. It lets you to live with a risen head in the society, you may once again. Moreover it encourages a fresh start for you by clearing your debts.

Filing for a bankruptcy, you must know about the chapters and the different laws of bankruptcy. It helps to clear out the existing debts.

Let us have a short and quick view over the bankruptcy chapters. You should know at least its use or application under different circumstances. Here you are given with some of them.

There are about six different bankruptcy chapters. They are: chapter 7, 9, 11, 12, 13

and 15. Of these the most common ones are chapter 7 and chapter 13. Chapter 11 & 12 are also used sometimes.

Chapter 7: it refers to the liquidation process. In this the debtor appoints a trustee who collects the non-exempt property of debtor, sells them and uses the money or cash to pay to the creditors. It does not help out to clear the recent taxes, student loans, maintenance expenditure, student loans, speeding tickets, and criminal penalty, debts that involved fraud or intentional misdeed.

Chapter 13: it aids in keeping your property and valuable assets safe while you are given approval to repay the debts on your own over an extended period of time. Repayment plans depend upon your income and type of and amount of your debts. You may be assigned a trustee who will handle your repayments. One can also repay the debts through payroll deduction; if certain eligible pre-requisites are met.

Chapter 11: it refers to the reorganization process. It is for those who own a business; those who want to reorganize their business. It again helps to keep all your property and assets and to continue with your business. You need to meet certain legal conditions; in that a proposal plan of reorganization is to be prepared and presented before the creditors and your plan thus enters into an election. If a major percentage is in your favor, the court approves and confirms it and you become legally bound to it.

Chapter 12: it refers to the simplified reorganization; specifically meant for the farmers. They can repay their creditors through their future income while keeping with their property and assets.

Chapter 9: it refers to the municipality bankruptcy which is formulated for the different cities, towns, countries, states, etc.

All these can undergo significant changes as per the new bankruptcy laws. So it is better to get nicely informed about all these by keeping in touch with a wee-qualified attorney and a knowledgeable bankruptcy lawyer who would certainly help you a lot.

Isabel Searie
http://www.articlesbase.com/bankruptcy-articles/bankruptcy-chapters-you-need-to-know-672706.html

If you simply cannot fulfill your obligations to your creditors, then you have the option to file for either chapter 13 bankruptcy or chapter 7 bankruptcy.

There is a voluntary bankruptcy, which is when you file for bankruptcy yourself, and there is an involuntary bankruptcy that is when your creditors are the ones that initiate the process of filing bankruptcy.

When it comes to voluntary bankruptcy there are two options. You can file for chapter 13 bankruptcy or you can file for chapter 7 bankruptcy. These are your options so you should know what you are doing before you file for bankruptcy.

When you file for Chapter 13 Bankruptcy , the court approves a repayment plan that allows you to use your future income to pay off a default during a three-to-five-year period, rather than surrender any property. You will have to satisfy some of the secured loans and the other debts before they will be discharged. After you have made all the payments under the plan, you receive a discharge of your debts. When you file for Chapter 7 Bankruptcy .

and it is granted to you, then you will have to surrender your properties, or at least the ones that were not exempted by the law. These will be surrendered to the trustee who will liquidate them and use the money to help pay off your creditors. It does not matter if you own enough property to pay off the debts in full, they will still take the property and use as much as they can to help pay your creditors. After this process the debts will be discharged and you will not have to pay on them again. You can receive a discharge of your debts through Chapter 7 only once every six years.

Depending on your situation and your debts will depend on whether you file for chapter 13 bankruptcy or for chapter 7 bankruptcy. Either one can be very helpful when you are so far in debt that any other option will not help.

James Kertley
http://www.articlesbase.com/loans-articles/chapter-7-bankruptcy-vs-chapter-13-bankruptcy-677655.html

I filed for a chapter 7 bankruptcy on December of 2001 and it has since been discharged. I would like to know how long that bankruptcy will be on my credit report. I filed the bankruptcy in the state of Connecticut. Thanks in advance for your help.

State does not mater…federal law says 10 years from date of discharge.

Although bankruptcy offers some people a clean slate, it is by no means an easy solution. Bankruptcy will destroy your credit and may possibly force you to sell your assets. It could also affect your future employment. In addition, 2005 bankruptcy reform laws made it more difficult to file for chapter 7 bankruptcy, and limited other bankruptcy rights.

If you want to preserve your credit, you will be much better off if you do whatever you can to avoid bankruptcy. Although it’s not easy, it’s worth the effort. Follow these steps to avoid bankruptcy.

Total All Your Debts

Only once you have a true picture of your debt can you take the next steps to avoid bankruptcy. Gather every bill, every statement, and every document that has an effect on your financial situation. Total up both your debts and your assets. Include your mortgage as a debt and the value of your home as an asset.

Now break down those debts into good and bad categories. Good debts are home loans and student loans. Bad debts are credit card debts, personal loans, high-rate car loans, and medical bills.

You should also list the interest rates and minimum payments for all your debts.

Reduce Your Expenses Now total up all your expenses – everything you spend. Even the $1 you spend in the vending machine at the office should be included. Divide those two figures into necessities and non-necessities. Necessities are items you need to survive, like groceries and housing.

 

Non-necessities are nice things to have, but which you don’t need, like that vending machine candy bar or designer sneakers.

 

Add up the minimum payments on your debts and the monthly cost for necessities. This is the minimum amount you need to cover your bills for the month. If you don’t earn enough to cover them, then you need to find a way to reduce your minimum debt payments or necessities. Even little steps like switching from name brands to generics and canceling cable can help.

 

If you can cover your monthly bills, but aren’t making enough to pay down debt, then start cutting non-necessities until you free up enough money to reduce your debt.

 

Consolidate Debt

 

If you have multiple small debts, getting rid of any one of them can be a challenge. By consolidating debt, you not only reduce the total number of bills and minimum payments you owe, but you also reduce the interest rate. So you can reduce your debt faster.

 

In addition to consolidating debt, you can get out of debt faster by paying more than the minimum payment every month. Funnel as much money as you can towards your debt every month.

 

Consult a Credit Counselor

 

Contact a reputable credit counselor if you need help totaling your debts, finding ways to reduce expenses, or consolidating debt. In addition to teaching you money management, they can help you qualify for a consolidation loan, whether it’s in the form of a home equity loan or a personal loan. In some cases, they can help you set up a debt management program. Although there are fees, it may be what you need to avoid bankruptcy.

 

Consider Debt Settlement

 

If your debt vastly outweighs your income, then you may need to consider debt settlement. A credit counselor may be able to negotiate with your creditors to reduce the balance owed. Although debt settlement will ding your credit, it’s not as big a hit as bankruptcy. Debt settlement shouldn’t be taken lightly, but it is a way to avoid bankruptcy if you’ve exhausted all other options.

 

No matter how you got into debt, you can get out of it without resorting to bankruptcy. Although there are situations where it’s the only reasonable option, it’s best for your credit and your financial future to avoid it.

For more articles on avoiding bankruptcy, visit bills.com

 

justin narin
http://www.articlesbase.com/personal-finance-articles/how-to-avoid-bankruptcy-678037.html

I need to file for bankruptcy but Im not sure on the steps

I own a 3 bedroom House, and I own a 4 apartment building,
My home is being foreclosed on right now, what can I do to file for bankruptcy?
How do I file for bankruptcy?

You have only one option and that is to see a bankruptcy lawyer and get some advice from the man/woman that knows. The bankruptcy laws have changed over the years and bankruptcy lawyers do not use this site. You could end up loosing everything because if you have a mortgage on the 2 properties you do not own the property, the lien holder does. You owe them money and they hold the property as collateral, if you don’t pay they will take back their property.

While no one wants to find themselves contemplating bankruptcy, sometimes factors beyond our control make it seem unavoidable. However, there are actually several options other than filing for bankruptcy. Bankruptcy is a huge, drastic step, and should only be considered as the last option. You should first investigate all your other options thoroughly.

Remember that if bankruptcy turns out to be the best or only option available to you, you still shouldn’t go it alone. It doesn’t matter whether it’s personal bankruptcy or business bankruptcy. The counsel of a good bankruptcy lawyer is vital to understanding the laws in your state, since the bankruptcy laws are different from state to state. This person will be familiar with the process of filing a claim and will be able to help you get through the sometimes bewildering heaps of paperwork involved.

Many people assume false things about bankruptcy. Here are some common misconceptions about the process, and the real truth.

Misconception #1: When you file for bankruptcy, you’ll lose everything

There are actually several different types of bankruptcy. A qualified lawyer can help you understand the difference between them. Depending on how you choose to file, you may not lose anything at all. Many people who file for bankruptcy are actually able to retain all their property, and even get caught up on their overdue payments. bankruptcy is a way to help you deal with your debts when it becomes impossible to do anything else. Learn about your different options and choose the one that works best for you. You may be able to retain everything you own.

Misconception #2: My bankruptcy will become public knowledge

While bankruptcy is a matter of public record, no one goes looking for these records. Therefore, the only people who’ll know about your bankruptcy are the people you choose to tell. Only your creditors will know, unless you choose to tell someone else. Your creditors are prohibited from telling anyone else. This makes your bankruptcy as public or private a matter as you choose.

Misconception #3: I won’t be able to get credit ever again

Some people think that from the moment they file bankruptcy, all purchases are cash only. This isn’t true. Filing will put a mark on your credit report that stays for seven to ten years, it’s true. However, you’ll probably find yourself inundated with secure credit card offers, and other offers to help you get your credit score back up. Be careful with them, though. They charge very high interest rates and penalties. Careful use of these kinds of offers can help get you back on your feet, credit-wise, as long as you don’t get carried away.

Misconception #4: Filing for bankruptcy is very difficult or even impossible

While recent changes to the laws have made it a lot more difficult to file for bankruptcy than it used to be, that doesn’t mean you can’t do it. It’s a tedious and difficult process, and a knowledgeable lawyer certainly helps. However, if you’re educated and know your options, filing for bankruptcy doesn’t have to be a horrible experience. Remember that the more you know, the more power you have over your situation. The recent laws are in place to prevent abuse, but they don’t prevent people with legitimate needs to file bankruptcy from doing so. Consult with your lawyer about any concerns you may have.

Jon Arnold
http://www.articlesbase.com/finance-articles/correcting-the-common-misconceptions-about-filing-bankruptcy-185361.html

I’m a lawyer who is about to go into solo bankruptcy practice in the Eastern District of Virginia and I’m looking to buy bankruptcy software. Should I get BestCase, EZFiling, or some third option? I’m especially interested in opinions from attorneys or paralegals who have tried out more than one program.

Hands down go with New Hope Software’s Bankruptcy2010 program. You’ll find that it’s the easiest to use, and extremely high quality. The company is run by former bankruptcy attorneys, so the program is perfect.

I’d recommend downloading a demo from them, or giving them a call. Good Luck in your new bankruptcy practice!