| |
| |
|
Debt Relief Information |
|
|
|
Bankruptcy - The New Scarlet Letter
Nathaniel Hawthorne's book The Scarlet Letter states in Chapter 2, "On the breast of her gown, in fine red cloth, surrounded with an elaborate embroidery and fantastic flourishes of gold thread, appeared the letter A." The letter A stood for the word adulterer and represented one of the worst insults in society. One would have thought that today we are a lot more civilized than 200 years ago, but unfortunately it is not true. Society has abolished the letter A alright, but it has latched onto a new one, the letter B, which stands for bankruptcy. People do not see it on their chest and think it does not affect them, but it does. Bankruptcy is as insulting and as damaging to one's financial, emotional, mental, and even physical well- being as any major failure or stigma. Although lawyers may tell their clients the stigma lasts 7-10 years, the truth is the stigma lasts forever. Ask those that have been through the process and most will tell you how rough and hard it is to get a good job, buy a new car or a home, get a promotion at work, or even lease an apartment. In certain industries, bankruptcy also means instant termination from work. The pains and agonies of bankruptcy will not just end there. Financially the person is haunted with higher interest rates, higher down payments, and outright rejections for many years to come. Emotionally and mentally the person has to endure constant refusals that affect morale, self-esteem, and self-respect. Eventually, the stress could potentially affect the person's health. Mental stress incapacitates numerous people each and every year and the numbers are staggering. How does one avoid questions on applications such as this one: "Have you ever filed for bankruptcy?" Please note, it does not say, "Have you filed for bankruptcy in the last seven years?" The way to avoid such applications is usually by walking away from them. In other words, by allowing doors to be closed in one's face. The bottom line is, bankruptcy has a very real downside that is likely much worse than any postive short-term results. Many consumers are unaware of these potential pitfalls associated with bankruptcy, as countless attorneys often paint a rosy picture. My Advice through person experience: Avoid bankruptcy, at all cost, and only as the absolute last possible resort. Weigh your decision carefully. I recognize there are certain circumstances where bankruptcy is truly the best option and there may be times where it's the only option. One should not use bankruptcy as an option simply because it is "easy" or seems to be a quick solution. Phil Andrews is currently the VP of Business Development for Precept Financial Solutions, a leading debt settlement firm based in Dallas, Texas. For more information, go to http://www.PreceptFinancial.com or call toll free 800-584-0855 and press option 2.
MORE RESOURCES:
Benefit From Being Part Of "America'S Most Trusted Company For ... - Franchising.com (press release)
Debt-Relief - Google News |
|
|
|
RELATED ARTICLES
How To Get Out Of Debt If you have found yourself in a position where you are in serious debt and cannot think of a way out of the situation, then take a few minutes to read these few tips. Some may seem obvious but do put them into practise as they will help. UK Debt When Moving Abroad The idea of moving abroad to escape debt seems to be more of a common practice these days. People with failed businesses or swamped in debt seem to think moving abroad will give them a fresh start, free from debt and allow them to build a new life. Credit Repair? Its All Up to You Log onto to a search engine such as google.com and type in the term credit repair. Corporate Debt Management - Perspective on the Why Entrepreneurs have a tough time in their formative years. They try too many things to get a foothold on this competitive business climate, and that too they try them too soon. 5 Methods Toward Reducing Your Debt Decreasing your debt is paramount to having a good credit rating as well as giving you peace of mind. You want to get out of debt, but not all debt reduction options may be beneficial. Debt Relief with this Simple Formula Is there a way to get out of debt without getting a second job or having to increase your income in some way? Can the average person take his or her current income and pay off his or her bills in a matter of a few years, including the car and mortgage payments?The answer is YES!!! You can do it without having to cut out all of your fun and extra-curricular activities as well. Now, you may need to cut down on going to the movies or going out to eat, but you will not have to stop altogether. Mandatory Credit Counseling for Those Considering Bankruptcy Most Americans are aware of the sweeping changes in U.S. Debt Reduction, a Necessary Endeavour Massive debt is something many Americans face. Debt reduction is now becoming more and more of a necessity. Help for the Single Mother with Managing Credit and Debt Today's consumers benefit drastically from the usefulness of credit. Credit cards are especially useful for large purchases, emergency situations, making reservations, identification, and protection from fraud. Slowing Spending - The Key To Your Debt Plans Success Anyone who embarks on a debt reduction program should know the rules for success. There are two. Bad Credit Home Loan To Get You Out Of Debt A "bad credit home loan" can help you climb your way out of debt and get you started back on the road to upstanding, good credit. There are many lenders who are willing to make bad credit home loans to you - a loan based on your equity in your home even if your credit has slipped or isn't as perfect as it could be. Use A Debt Checklist To Examine Where You Are A Debt Checklist allows you to look at items and areas of your financial life. You need to examine these to gauge how you stand. Stop Debt Collectors Can you stop debt collectors ? . . Credit Card Debt & the Unfairness of the Universal Default Clause Let's look at a real world example: A woman purchased a new $4,000 large screen TV a few months ago based on the knowledge her monthly payment was going to be $175, and based on the 9% interest rate charged by her credit card company. For five months straight she made all her payments on time, but in the fifth month she was late paying her mortgage bill, for reasons unknown. Yes to Less Debt Feeling stressed by the amount of debts you have? Three years ago Michelle was struggling on a nurse's salary. She had run up huge debts with a number of court judgments against her name. Craving For Financial Freedom Have you ever felt trapped in a Rat Race and wished to retire quickly but rich?Have you ever felt that you are spending way too much time working with your boss at your office instead of with those you love? Your spouse, children, friends?Have you ever felt frustrated because you are so deep in debt that you think you won't be able to retire because as soon as you do, the money will stop coming and thus you won't be able to pay off your mortgages and credit card?Have you ever felt that you have no control over your life anymore in terms of time? Think about it: can you take a vacation just anytime whenever you want/ need it and as long as you want/ need it?Have you ever wished that you can work whenever you want and wherever you want?You are not the only one!Too many people are trapped in a Rat Race because they have to. There are too many bills to pay, and too many dreams to fulfill. Five Major Ways to Save Money There are two main roads to improving your personal finances: increasing income, and cutting costs.Increasing income is the harder road to travel. Are You SURE Your A Bad Debt? Many people who seek the advice and guidance of debt counsellors are driven to them in the first place by fear and ignorance - two powerful emotions which often mask the real scale of the problems.In many cases, what you made have been led to believe is a 'bad' level of debt, may instead need only some careful reorganisation and a new set of mortgage priorities. Pay Off Your Student Loans and Reduce Your Debts Financing a college education is one of the more expensive debts you may incur. Student loans can take years or even decades to pay off. The Road to Debt Relief Living with debt is not something someone hopes for, but it happens and it usually becomes far more severe than it should before something is done to eliminate it. Once many individuals realize they have a problem with debt, they are too embarrassed to ask for help so they let themselves dive further into debt.
|
| Good Credit Loans | home | site map | School Bus Clothing | Florida Pool Heating |
| © 2006 |
