Different Ways Of Dealing With Debt.

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Onrepparttar other hand, bankruptcy is a legal procedure that offers a fresh start for people who can’t satisfy their debts. Individuals who followrepparttar 145257 bankruptcy rules receive a discharge or court order that says they do not have to repay certain debts. There are two primary types of personal bankruptcy:

Chapter 13 bankruptcy allows you, if you have a regular income and unlimited debt, to keep property, such as a mortgaged house or car, that you otherwise might lose. In chapter 13,repparttar 145258 court approves a repayment plan that allows you to pay off a default during a period of three to five years, rather than surrender any property.

Chapter 7 bankruptcy known as straight bankruptcy, involves liquidating all assets that are not exempt. Exempt property may include cars, work-related tools and basic household furnishings. Some property may be sold by a court-appointed official (trustee) or turned over to creditors.

NOTE: You can receive a discharge of your debts under Chapter 7 bankruptcy only once every six years.

Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments utility shut-offs and debt collection activities. Both also provide exemptions that allow you to keep certain assets, although exemption amounts vary.

Personal bankruptcy usually does not erase child support, alimony, fines, taxes and some student obligations. Also, unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy does not allow you to keep property when your creditor has an unpaid mortgage or lien on it.

Being burdened by debt is overwhelming and puts you into a position of great vulnerability. And, clearly, yielding to bankruptcy is an extreme measure that requires a great deal of thought. Inrepparttar 145259 last few years, a record number of consumers have been filing for bankruptcy.

To find out more about bankruptcy, how the most common chapters of bankruptcy work, bankruptcy terminology, and easy steps anyone can take to repair there credit report, visit: http://www.creditandyou.com/dealingwithdebt.html it’s a free information website!


All Is Fair In Love, War, And, Your Credit Report. At Least It Should Be. Under Standing The Fair Credit Reporting Act

Written by Www.creditandyou.com


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Q. Can my employer get my credit report?

A. Only if you say it’s okay. A consumer reporting agencies may not supply information about you to your employer, or to a prospective employer without your consent.

Q. Can creditors, employers or insurers get a report that contains medical information about me?

A. Not without your approval.

Q. How can I stop a consumer reporting agencies from including me on lists for unsolicited credit and insurance offers?

A. Creditors and Insurers may use consumer reporting agencies file information as a basis for sending you unsolicited offers. These offers must include a toll free number for you to call if you want to remove your name and address from lists for two years, completing a form thatrepparttar consumer reporting agencies provides for this purpose will keep your name off lists permanently.

Q. Do I haverepparttar 145256 right to sue for damages?

A. You may sue a consumer reporting agency, a user or in some cases a provider of consumer reporting agency data in state or federal court for most violations ofrepparttar 145257 FCRA. If you win,repparttar 145258 defendant will have to pay damages to reimburse you for attorney fees torepparttar 145259 extent ordered byrepparttar 145260 court.

Q. Are there other laws I should know about?

A. Yes. If your credit application was denied,repparttar 145261 Equal Credit Opportunity Act (ECOA) requires creditors to specify why if you ask. For example,repparttar 145262 creditor must tell you whether you were denied because you have no credit report with a consumer reporting agency or becauserepparttar 145263 consumer reporting agency says you have delinquent obligations. The ECOA also requires creditors to consider additional information you might supply about your credit history. You may want to find out whyrepparttar 145264 creditor denied your application before you contactrepparttar 145265 consumer reporting agencies. See Equal Credit Opportunity Act article by credit and you.com

Stay On Top Of Your Credit …

Before financing anything, car, furniture, or a home, it’s a god idea to make sure your credit report is clean. Errors can often be quickly removed. And no sales person should ever know more about your credit report than you.

To find out: additional rights you have, who can get a copy of your credit report, how long negative information can be reported, easy steps anyone can take to repair there credit report visit: http://www.creditandyou.com/creditreports.html it’s a free information website!


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