Author name: New Tomorrow

BANKRUPTCY Bankruptcy is an affordable and surprisingly easy federal court remedy that frequently allows debtors to get rid of their debt and start over without paying anything back. Bankruptcies can generally be described as “liquidation” (Chapter 7) or “reorganization” (Chapter 13). The biggest advantage to filing a bankruptcy is that you are in control and …

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CREDIT REPAIR A credit repair company is an organization that offers to improve your credit in exchange for a fee. The companies often promise to handle all the heavy lifting of working with credit reporting agencies. Credit repair organizations are different from credit counseling agencies, which are typically a free resource from nonprofit financial education …

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DEBT SETTLEMENT Debt settlement companies are for-profit companies that claim that they can eliminate consumers’ debts by negotiating settlements with creditors that are a mere fraction of the consumer’s outstanding debt.  Many of these companies accomplish little for consumers and charge hefty fees.  Many debt settlement companies make promises that they simply cannot keep and …

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Credit Counseling If what you really need is money management education or budget counseling, consider getting help from a credit counseling organization. These agencies can also suggest options for digging out of debt, provide housing counseling, and refer you to other agencies that provide specialized help. Some credit counseling agencies can contact your creditors to …

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Budgeting If you have some income left over after you’ve paid all your basic monthly expenses, you might be able to dig yourself out of debt trouble. The path can be slow and arduous but, with hard work and diligence, you can be successful. Be sure to prioritize your debts and expenses, listing those that …

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