Archive for December, 2009

Friday, December 18th, 2009

Are you in urgent need of some cash to pay off your credit card bills? Are the high interest rates robbing you off your sleep? Have you been unable to arrange for cash from friends and relatives? Maybe its time you took a look at fast payday loan. It is a relatively new service that is specially crafted for people like you, who are in urgent need of some cash. You might ask, ‘How fast can I get it?’ How does 24 hours sound, or even lesser if you need it? That’s how fast you can get the cash with a fast payday loan. In fact, you cannot get money faster from any other source.

Instant Approval

Provided that you have a regular source of income and a checking account in the United States, you can easily get a fast payday loans. Since, you get the approval almost instantly; the loan is also called as an instant approval payday loans. The proof for the above mentioned details can be faxed to the lender or can be emailed to the lender via the lenders website. You save even more time with the online version of the payday loan service and in some cases; the money has been transferred into the account in as less as 5 to 6 hours. Now, that is what you call fast service.

Repayment Options

However, you need to think about it well before you borrow a fast payday loan. A cash advance loan is excellent, provided it is a small amount you need for a short time frame. Usually, you can easily borrow an amount that ranges from $100 to $500. But the interest rate associated with these payday cash loans can be higher when compared to more conventional loans. So, if you find that you are using these services more often than required, then you should consider planning out your finances better. You have many flexible options when it comes to repayment. You can repay the amount by check, but most lenders prefer to have the amount debited directly from your account.

Payday to Payday

A payday loan is also called as cash till payday loan, because you have to repay it on your first or subsequent paydays. It is recommended though that you repay it on your first payday itself. This creates a good impression about you and you can borrow a higher amount the next time around.

Friday, December 18th, 2009

Bankruptcy has helped many debtors eliminate debt. In majority of the cases, debtors file Chapter 7 or Chapter 13 bankruptcy. However, the new Bankruptcy Laws that were introduced in October 2005 have made it difficult for debtors to file bankruptcy as the eligibility criteria have been made tougher. The new Bankruptcy Laws were introduced to curtail the number of debtors filing bankruptcy.

How will Chapter 7 bankruptcy help you to eliminate debt?

As per the new bankruptcy laws, you have to undergo a Means test to find out whether you qualify for Chapter 7 bankruptcy. Your income is compared to the median income of a similar household in your state. If the results of Means test indicate that your income is less than the state median income, you will be eligible to file Chapter 7 bankruptcy.

Chapter 7 bankruptcy is managed by a court appointed trustee that monitors the proceedings. Your non-exempt assets are liquidated or sold so that the cash that is received from the same can be used to pay off the creditors. The whole proceeding usually takes 4 to 6 months to help you eliminate debt. There are exemptions you can enjoy which may be either state or federal exemptions and a debtor cannot opt for both.

How will Chapter 13 bankruptcy help you to eliminate debt?

If you fail to qualify for Chapter 7 bankruptcy, your bankruptcy attorney may suggest you opt for Chapter 13 bankruptcy. Referred to as reorganization bankruptcy, you get a repayment plan and you are expected to pay off your debts according to the repayment plan. You should have sufficient income that will enable you to make payments for your debts. As per the new bankruptcy laws, the repayment period is now 5 years instead of 3 years.

According to the new bankruptcy laws, credit counseling session has been made compulsory. Irrespective of whether you’re filing Chapter 7 or Chapter 13 bankruptcy, you need to take credit counseling session at least 180 days before you file bankruptcy. The credit counseling session will make you aware of the bankruptcy alternatives that can help you to eliminate debt. Once the credit counseling session is over, you get a certificate which states that you have successfully completed the credit counseling classes and a repayment plan. At the time of filing bankruptcy you will require both these documents.
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Bankruptcy helps you to eliminate debt but does it help your credit rating?

Bankruptcy will undoubtedly help you in eliminating debt but it has a negative impact on your credit rating. It gets recorded in your credit report for a period of 7 to 10 years. You won’t be able to take fresh credit and lenders will usually avoid working with you. However, credit repair is one way in which you can make your credit rating look up so that you regain your financial freedom again.