Filing Bankruptcy And 3 Helpful Alternatives To Eliminate Your Debt

You've got some serious debt problems. Take heart in the fact that a lot of people do these days. The key to getting out from under debt is to evaluate the situation you're in, and then to decide if you're willing to do what it takes to change it. Are you going to stop using the mall as your playground? If so then you have a chance to get out of debt without resorting to bankruptcy.

In fact there are many tactics to try before you even think of heading to a bankruptcy lawyer. Here are some important considerations and alternatives to help you avoid bankruptcy. New bankruptcy laws make it more difficult to file than it used to be.

From the period of 1994 to 2004, filing for bankruptcy has doubled. Bankruptcy filing has spun out of control with consumers being targeted with easy credit. This has become a major cause for bankruptcy.

What About The New Bankruptcy Laws?

There is now a new law for bankruptcy that was passed called the "Bankruptcy Abuse Prevention and Consumer Protection Act". People struggling to pay their credit debts are now going to have to deal with this new bankruptcy law.

3 Effective Alternatives To Help Avoid Filing Bankruptcy

1. Contacting creditors is an alternative to bankruptcy. Instead of filing for bankruptcy, you work out payment options with your creditors. In many cases they are very willing to work with you. It’s to their advantage to keep you as a customer. The creditors know the alternatives for bankruptcy will bring them more profits if you don’t file for bankruptcy.

2. Getting a debt consolidation loan is a good alternative for bankruptcy. Financial services can combine all your debts into one loan payment every month. A consolidation loan as an alternative for bankruptcy, can help pay off debts. For bankruptcy consolidation loans, you can shop online for the best terms and rates. Lenders are very competitive to earn your business online.

3. You may also consider a debt workout for bankruptcy alternatives. With a debt workout, an attorney contacts your creditors and makes arrangements. In most cases the monthly payments will be less than if the credit account was settled in full. For some cases they want the payment in full, but over a longer period of time than originally stated on the credit agreement.

Filing Bankruptcy And How To Find A Good Lawyer

If you have decided there is no alternative to filing bankrupty,you may be asking yourself, "how do I find a good bankruptcy lawyer?" The best way to find a good bankruptcy lawyer is through referrals. Family members and friends who filed bankruptcy in the past can refer you to a good bankruptcy lawyer. The yellow pages in a phone book is another great place to find reputable bankruptcy lawyers. Another invaluable place to find a good bankruptcy lawyer and services in on the Internet. When you search for a lawyer, try to find a lawyer that deals with your type of bankruptcy. You can get free advice with the first meeting.

What Will I Need For My Bankruptcy Lawyer?

With your first visit, it's important to bring everything you can on the first consultation. You will need a list of all the creditors and how much you owe for your bankruptcy lawyer to consider. This includes any insurance, medical bills, auto loans, taxes, student loans and any personal loans. Your bankruptcy lawyer can give you the advice you need with this important information. This will make the filing process easier if you do decide to file bankruptcy.

If you're not going to be able to change your behavior enough to get your debts under control, then you may, at some time, have to resort to bankruptcy.


Article by Dean Shainin.

Dean Shainin offers online bankruptcy and debt advice. For more information, articles, news, tools and valuable resources on bankruptcy and debt solutions, visit this site: http://bankruptcy.deans-knowledgebase.com

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If you have filed for bankruptcy or have bad credit, you can still buy a home. Go to http://I-can-buy.com now for FREE information on how!
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Save Your Home With Government Programs!

Don't let the bank take your home!

Don't go into denial, hoping that everything will turn out all right; it won't, unless you take action, quickly.

More government programs will be available to you the sooner you act.

You see, when a borrower stops making their mortgage payments and subsequently loses their home to foreclosure, the government loses too.

The Federal Government, both directly and indirectly, has a financial interest in virtually every residential mortgage issued nationwide.

The Federal Home Loan Bank Board (FHLBB), a Federal Agency, insurers the millions of VA and FHA home mortgages. These mortgages have the highest default rate of any type of mortgage.

When one of these mortgages goes bad, the servicing bank forecloses on the mortgage and sells the property at auction. If the property sells for less than the balance owed on the mortgage, the FHLBB has to make up the difference to the bank.

This situation will soon become commonplace as the real estate market sinks under the weight of its own excesses.

Fannie Mae and Freddie Mac, two Government Sponsored Enterprises (GSE) that supply money to the banks to make mortgage loans, guarantee or insure the bulk of the non-FHA mortgages.

These GSE's are contractually obligated to step in and make up missed mortgage payments to the banks if the borrowers do not make the payments.

They must also cover 20% of any loss sustained by a bank that forecloses one of their mortgages when the sale of the property does not fully pay off the mortgage balance.

Since these agencies have so much to lose when a homeowner defaults, it is possible for the knowledgeable homeowner to get help from them to avoid foreclosure.

It is demonstrably cheaper for the agency to help the homeowner with a grant to cover mortgage arrears rather than having to reimburse the bank’s loss on a short sale. These grants do not have to be repaid in many cases.

Other agencies will make loans to the embattled homeowner which do not have to be repaid until the house is sold or refinanced.

At the very least, most agencies have workout programs that temporarily suspend or lower payments that allow the delinquent borrower to catch up. We have even heard of situations where the government agency will bully banks into accepting payments from borrowers after they told the borrower they would not accept them.

However, there are a few problems homeowners may face when seeking help from the Government with their foreclosure problems.

One problem is that each agency has its own rules for qualifying for each option. A major requirement is the amount of delinquency, but there are other guidelines as well. Among them are whether the borrower is employed, how much cash, if any he has and the nature and duration of whatever caused the problem in the first place.

Finally, the borrower has to be aware the programs exist, as you now are; then you have to be able to find the right person in the right department to help you.

After all, these are Government Agencies!

Although you can certainly contact the various agencies mentioned in this article directly, they are all on the web; you might want to seek out professional representation to make sure your situation is presented in the best light to the right person at the right agency.

In any event, act now. The longer you wait to seek help, the fewer chances you will have to save your home!


Copyright 2005 Bill Young. Bill is a former bank mortgage officer and is now a personal financial consultant. He helps people save their homes from foreclosure. He can be Reached at 877-291-36 42 or you can visit his website: http://SaveMyHomeLLC.com

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No Downpayment? Look into Community Sweat Equity Programs

If you have little or no money to put down on home, check into community programs. They can be a very valuable resource, particularly if you have nowhere else to turn. Our community has a program that helps single parents and other financially struggling people to build their own home. They use sweat equity to make the down payment. It takes almost a year of part time labor, but you get help from professionals and volunteers, automatic equity in the new house, and a loan for the rest, even though you may not qualify under ordinary circumstances.

These sweat equity programs are becoming more and more popular and are getting more funding. The Bush administration awarded $25 million in Sweat Equity grants to communities and organizations in 2003 and the funding continues to go up.

There are now an amazing number of organizations that want to help you get into a home of your own. Besides the many charitable organizations doing this, HUD (U.S. Department of Housing and Urban Development) funds many counseling agencies that can show you ways you can get into a house. Consider taking advantage of the help they offer. It may take some research, but it could be well worth your time.

For a list of popular organizations that offer homeowner grants and sweat equity programs go to http://i-can-buy.com/chapter6cont.html.

This has been an excerpt of the FREE ebook by Alex Dey called Buying a Home When You Have Bad Credit. Copyright © 2005-2006 Mohave Publishing. All rights reserved. Check out this FREE real estate ebook, found only at http://I-can-buy.com now!

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Home Grants And What You Need To Know About Them

Do you need cash to build or improve your home?

You're probably thinking of mortgage, but, what if you can't afford a mortgage? With all those monthly payments, and interest rates, it's fairly hard to understand and even very hard to apply for one. Mortgage can be very risky even if it has low interest rate. You also need to meet a deadline to pay the mortgage to avoid penalty fees and also avoid the property to be foreclosed by the financial institution you applied for.

One such way to own a home without investing money is through home grants. There are private organizations that funds housing grants and there are also government sectors that have home grants. Government home grants usually have low interest and sometime no interest loans that can help you if you have financial problems.

Some grants are free for qualified individuals. If you are qualified for a free grant, you will never have to pay it back. It can usually be available for Native American Indians, family members of veterans, for veterans, low income families, first time home buyers, researchers, the disables, homeless people, teachers and more.

If you are a member of one of these groups then you are eligible for a housing grant from the government.

If you are a member of the military, the government will usually provide you with free housing grant as part of your benefit. It is very convenient for you and your family because you will be having housing funds provided by the government. And, the good thing about this is that it's free. This means that you’ll never have to repay the government for the housing grant they provided you.

You can also qualify if you are a family member of a veteran, usually in the first degree. This means that if you are a child of a retired military or a veteran, you can also qualify for the government's free housing grant.

Another person who can qualify for a home grants are persons who are disabled. The government will provide housing grant for disabled people. If you are disabled physically, all you have to do is ask the government for housing grants. They will usually give it to you.

Native American Indians also qualifies for housing grants. They are even given by the government reservations for tribes. Being a member of a particular Native American Indian tribe will give you housing grants from the government.

However, not only governments provide housing grants, private organizations do too. There are a lot of private organizations that both operate nationally and internationally to benefit homeless people, especially in third world countries. They are usually non profit organizations that travel around the world, particularly in impoverished countries to give families home grants from their organization. The members of these kinds of organization usually works for charity and will not ask any money in return.

The good thing about private organization home grants is that it's usually fast and requires no papers or anything to qualify for the home grant. They will just look at the situation, seek local community approval and start building homes for impoverished people for free.

Home grants are a great way to get a home even if you have financial troubles. You can just ask your government for it or inquire in private organizations for the home grant requirement.

Some home grants can even provide you money if you need to pay off your mortgage or you need home improvement. Keep in mind that not everyone is qualified for the home grant. You should be able to qualify in their standards in order to qualify for a home grant.


S. Stammberger is the editor of Grants Central. Find out all you need to know grants, financial aids, and scholarships. http://www.grantscentral.info

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Also check our I-Can-Buy.com website for more information on homeowner grants and sweat equity programs at http://i-can-buy.com/chapter6cont.html.
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