What’s Included in Debt Settlement?

Debt settlement is a way to settle your debt by paying your creditors less than you owe them. Creditors are usually willing to negotiate and typically accept a settlement in the range of 40 to 50 percent of your outstanding balance. Although this option may be a better solution for you than bankruptcy, it is still a huge mark against …

Arizona Bankruptcy Law: What is the Difference Between Chapter 7 and 13 Bankruptcy?

The term “bankruptcy” still holds connotations of debtors prisons and the social stigma of being financially insolvent.  Luckily, people have not been jailed for declaring bankruptcy since 1833, and in some cases, declaring bankruptcy can be a viable part of a plan to clean up your finances.  However, it’s important to understand what bankruptcy means, and the difference between the …

credit card debt

What Will Bankruptcy Save Me From?

If you’re behind on debt payments and don’t have much hope of catching up, you may be considering declaring bankruptcy as a solution. Before you do, it’s important to know exactly what declaring bankruptcy can (and cannot) do for your financial situation. Here’s a closer look at how both chapter 7 and chapter 13 bankruptcy work, and how they can …

What Will Bankruptcy do to my Credit?

  Many people who are having trouble paying their debts and surviving at the same time are often curious about the potential consequences of filing for bankruptcy. Luckily, debtor’s prisons were done away with back in 1833, but if you file for either Chapter 7 or Chapter 13 bankruptcy, your credit score will be affected. Here’s some more information on …

Bankruptcy: Free at last? Not so fast.

    Personal Bankruptcy: Are You Free at Last? Not So Fast.   Personal bankruptcy can be a viable solution for dealing with your consumer debts, such as credit cards or personal loans. However, personal bankruptcy does not eliminate all kinds of debt. You will still owe debts to the federal government, like back taxes and student loans.   Additionally, …

Debt Collectors To Pay $83 Million for Bad Practices

A Missouri jury ordered a debt buyer to pay nearly $83 million dollars to a Kansas City woman it pursued for a $1,000 credit card bill she didn’t owe. The jury found Portfolio Recovery Associates LLC guilty of violating the Fair Debt Collection Practices Act, for which it will pay a fine of $250,000. They also maliciously prosecuted the woman, …