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Debt Relief Information5 Options Toward Debt ReliefIf you are in debt, well over your head in debt that is, there are options to help you overcome this situation. Let's examine five possible responses and uncover which ones lead to true debt relief. Home Equity ? Foreclosure Often Not Necessary in Current MarketWhile driving around your community, you may have seen signs posted on telephone poles that offer ?foreclosure help.? These seemingly generous offers to help financially troubled homeowners who are in danger of losing their homes to foreclosure are actually scams. Typically, the ?help? comes in the form of an offer to buy the home for a reduced price from the homeowner. The scammer offers to pay off the homeowner?s existing debt and to rent the home back to the homeowner until they can afford to buy the home back. The scam comes after the owner signs the paperwork and the offer to rent the home to them abruptly disappears, leaving the scammer with an inexpensive house and the homeowner without a house or a place to live. Fortunately, the current booming real estate market has made it possible for financially troubled homeowners to avoid foreclosure on their home and the scammers. Bankruptcy: What the New Law Means to YouOn April 20 of this year, President Bush signed a bankruptcy reform law. When this law goes into effect in October of this year, it will be much more difficult for Americans to use Chapter 7 bankruptcy to get a fresh start on their financial lives. Is Filing for Bankruptcy an Option for You?Bankruptcy laws give debtors a way to resolve debt by dividing their assets among their various creditors and in some cases will allow debtors to be freed of outstanding debts that cannot be paid, even after the division of assets. For individuals who find themselves unable to pay their debts, bankruptcy can be a viable option. As a debtor, you are entitled to file for bankruptcy. There have been recent changes to bankruptcy laws that may affect your ability to discharge your debts without credit counseling, but individuals who have found themselves unable to pay their debts can still file bankruptcy and be freed of outstanding debts. Dont Drown Your Debts, Manage Them!Are you among the millions of people who have found themselves unable to make even the minimum payments on credit cards and other unsecured debts? If so, there is relief in sight. It is no longer necessary to keep paying constantly but never really make any progress towards reducing or eliminating your debts. You can manage your debts, reduce the amount you pay each month, and begin to decrease your balances. Debt management organizations are an excellent place to start when you are searching for way to become debt free. Your Ticket Out of Debt ReliefIf you are in debt over your head and wondering if you will ever find a way out, the answer is yes! Serious financial problems can make life miserable and cause a great deal of stress and worry. Many people have found themselves in the situation of avoiding calls from creditors and wondering how they will ever get out of debt. Debt relief is not impossible. There is a way out of debt and you can be on your way to financial freedom in a shorter period of time that you ever thought possible. Debt Negotiation and Debt SettlementDebt negotiation and settlement can give you a drastic reduction in the amount of debt you owe and allow you to repay your debts in a much shorter time. Resolving your debts is important to your well-being and financial stability. Debt negotiation is a way out of debt without filing bankruptcy. Paying your debts off at a much lower interest rate and lowering your monthly payments will have a better long-term outcome than bankruptcy or simply not paying them at all. Your credit standing can be restored in much less time than it takes for a bankruptcy or delinquent accounts to be removed from your credit report. Pay Off Your Student Loans and Reduce Your DebtsFinancing a college education is one of the more expensive debts you may incur. Student loans can take years or even decades to pay off. Making late payments or missing payments all together can result in a poor credit rating and collections on your accounts. Millions of people have found themselves owing large sums of money due to student loans and other unsecured debts. Finding a way to eliminate your debts and pay off student loans is the primary thought on the minds of many people. The Bankruptcy Code Acknowledges the Validity of the Homestead ExemptionMany times the subject of bankruptcy seems baffling in its complexity. Actually the basic principals of bankruptcy are fairly simple even though the federal statuses on bankruptcy are extensive. The reason that the statutes are so complex is because in as effort at social engineering, the lawmakers want to cover every possible contingency. The very complexity of the Bankruptcy Code gives the lawyers ample opportunity to try to obtain interpretation of the law which best serves their clients interest. This results in extensive litigation and occasionally in interpretations of the Code which were not what legislature intended. This on turn results in additional legislation, which results in additional litigation and on and on. Nevertheless, the underlying principals are not as complex as the Code makes them seem. Here we will discuss the personal nature of bankruptcy. Save Money When Going OutIt seems as though whenever we go out for the night, it costs much more than we originally intended to spend. Having a 'night on the town' shouldn't cost you a whole weeks salary. Getting Past The Idea Of Budgeting & Saving MoneyI'm sure you'll agree that budgeting, saving money, and eliminating debt are very appealing ideas. If effectively tackled, these goals can secure your financial status for the future, and allow you to live a comfortable, debt-free life. Your Secret Weapon... A BudgetFor many, the word 'budget' immediately sends shivers down the spine. Why in the world would anyone need or want to budget their money? Secrets to Why Debt Reduction is So Vital for Your Financial HealthLiving with debt is never a good idea if you want to make long-term financial plans. Every cent you use to service debt is money that could have been invested in your future. Investment is extremely important, and can lead to a more comfortable and secure retirement. Just as smart investment can lead to a more secure future, mismanaging your money and incurring debts can lead to financial difficulty down the track. Poor money management can prevent you from taking advantage of many different kinds of financial opportunities, and may effect your credit report. British Families and DebtThere is current concern from the Bank of England that British families are getting deeper into debt, however, it has been said that lenders are putting themselves at risk because people are now more willing to make themselves bankrupt. Debt SettlementWhat is debt settlement?
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