A Debt Consolidation is a simple thing to avoid Bankruptcy. So simple the process is largely overlooked and used rarely because most individuals think they “Need” an attorney. Attorneys are only really needed when you do a Formal Debt Management or Consolidation Plan that involves the Federal Government. You may do one on your own with some simple guidlines. Bankruptcy-America.com can assist you in forming the strategy to first understand your debts then deal with them. This process is pain free and virtually cost free. Avoid the pains and agonys of Bankruptcy with help.

FICO stands for Fair Isaac and Company.

These folks have developed a system that allows all of the content of an individuals Credit File to be condensced into a 3 digit number that runs between 330 and 850. The higher the number the better information we have on our file.

This system allows creditors to offer the “Instant Decision” at the car dealership or qualify you for the “no payments til 2011″ type of marketing deal. For more information contact us directly at Bankruptcy-America.com

An “informal” Debt consolidation… (One that you do outside of Chapter 13) Will not appreciably affect your credit score as in essence no Federal Protection is in place and no real reason for anyone to care enough to place any information on your file. If there is no information placed adversely on your credit file then your score should stay the same.
On the other hand if you do a formal Chapter 13 proceedure then the Government is brought in to make sure everyone stays on track and formal paper work is signed and issued to all of your creditors thus letting them (the creditors) make the decision to place an entry on your file… Perhaps affecting your scores.

Fees are part of transacting for goods and services.. Some are “hidden” when they are only in the “fine print”.. Any proprietary Debt Consolidation Service does not hide and misrepresent fees. It is on the shoulders of the consumer to be aware of what fees could be however in order to select the best service for them.

The size of your debt, the numbers of creditors owed and complexity of servicing them usually factor in to the cost of the services. I tend to look at how much cost for how much service.

Using a percentage of your total debt say 2-3% administered monthly is not a bad deal to get someone else to essentially cooridinate payment on your behalf.

More information on details are available with us.

Simply; Credibility and validation: Check with the BBB and perhaps the Dept of Justice to find out if whom you are dealing with is accredited and legitimate.
Ease of Assess: Can you meet face to face with a representative of the company?
Fees and Charges: What are they and when are they payable?
Payments to Creditors: What is the settlement and when will they be paid?
Guarantees or Promises: Just exactly what is the firm going to do to make sure your interests are protected.

There are a few more points and for specific information contact us directly via email or throught the blog comments section

Welcome to the United States, AND our credit system. Ethnicity and language barriers can certainly complicate the existence in a new country, now add some credit tricks and traps and the first several years can be very uncomfortable indeed. Just like language lessons and education upgrades or equivalences, Financial Health education is just as if not more important than getting your citizenship exam. If you can not understand the terms of credit than do not sign or assign any personal property to any agreements with out a visit to a trusted Financial Health counsellor or Debt Management Specialist.

There is a difficult time comparing the two since both have particular situations that must be evaluated. The simple answer is it is always best to consolidate your debts and pay them out over a period of time workable by you and your creditors. The bankrutcy is the fall back after all else fails. It would be considered not to wise to leave everything to the last minute. I suggest that your total debt exceeding $500.00 that can not be paid needs attention and before it climbs higher consider a debt consolidation

Nope.. A garnashee is a court ordered and administered judgement made to snap you to attention on a very overdue debt… The only way you can get out from underneath a garnashee is by satisfying the courts or entering into a bankrupt situation whereby you will be “protected”. Depending on the garnashee not even backruptcy protection will help… Contact a Credit Counselling service or American Bankruptcy attorney for more information.

Is it better to get a debt consolidation loan, or to go through credit counseling. My credit is not very good, and I want to make sure it does not get worse.

Budgets do not work unless they are built on true and accurate expenses. If you work out your budget based on guess work and what you “think” you spend then you will only look at the top 7 or so items… Rent, Car payment, Telephone, Cable etc. These expenses are what I call “in your face” because they reoccure month after month. What folks dont do is look at the money spent on … Soda, Fast food, kids, entertainment, booze and smokes, laundry, lottery, ALL THE LITTLE THINGS AND ALL THE OTHER THINGS. Sit down and keep reciepts for a 30 day period on every thing you spend money on. Put them in categories.. add em up. Then look. Budget your next month based on a hard look at where your money is going then see if you can relocate some elsewhere at a different time if need be… The map work is right there. Contact me again for a more specific approacj.

Dave