When you’re trying to escape debt, dealing with multiple accounts and due dates can be frustrating.
Creditors
About 80% of Americans are in, at least, one form of debt.
Bankruptcy and insolvency are among the most confusing finance terms for many people – sometimes, even used interchangeably. We explain.
If other debt relief method fails, declaring bankruptcy might be the only option to ease your financial burden.
Explore the similarities and differences between liquidation and bankruptcy.
Once you file for bankruptcy, an automatic stay immediately goes into effect. This will restrict your creditors from attempting to collect on debts that may be discharged during the bankruptcy process.
Debt-to-income ratio = Total Monthly Payments / Gross monthly income.
Just like success, being in a serious financial problem is a process.
Debt is a serious problem in the United States, with the average American household carrying a debt of $137,063. As a result, trying to make monthly payments is an ongoing nightmare for a lot of people.
Debt relief (also known as debt settlement) is the process where a debt settlement company contacts your creditors on your behalf to negotiate a better payment plan or settle or reduce your debt. If they’re able to agree, they charge a percentage of the amount saved on the settled debt as their fees.