Things to Consider When Getting Personal Loans for Bankrupts

Bankruptcy has its consequences. While it provides relief for borrowers who cannot pay their debts, it can negatively affect your finances in a lot of ways. But, if you know the four important factors to consider when getting personal loans for bankrupts, you can easily navigate your way back to financial stability.

Your credit score

The […]

By |October 16th, 2017|Categories: Personal Loans|Tags: |Comments Off on Things to Consider When Getting Personal Loans for Bankrupts

The Importance of Avoiding Bankruptcy

Bankruptcy is that particular legal status of a person, a company or other entity that can no longer repay his or its debts to creditors. Even though some people may affirm that bankruptcy also has a few advantages, the list of disadvantages is definitely much longer. For this reason, you should think of bankruptcy only […]

By |March 10th, 2016|Categories: Debt Consolidation, Debt Management|Tags: , , , , , |Comments Off on The Importance of Avoiding Bankruptcy

Is Debt Consolidation Still a Viable Solution?

Unfortunately for us, over the last few decades, we’ve been raking in a lot of debt. As we all know, the global economy has not been the best these past few years, and that has left people in uncertain financial situations, including multiple debts. Debt consolidation was offered as a solution and for a long […]

By |February 10th, 2016|Categories: Debt Consolidation|Tags: , , , , , |Comments Off on Is Debt Consolidation Still a Viable Solution?

Should I Consider Debt Consolidation?

Consider Debt Consolidation?
A lot of consumers are confused about debt consolidation. Most assume that debt consolidation is only necessary when you’re living pay cheque to pay cheque or you’re facing bankruptcy. The fact of the matter is that anyone can benefit from debt consolidation and they don’t have to be underwater to do so. In fact, taking advantage of debt consolidation before your bills get out of hand can actually prevent further damage to your credit file.
What is Debt Consolidation?
Debt consolidation combines multiple loans and credit cards into a single loan and payment. You do so by applying for a new loan through a debt consolidation specialist and using that loan to pay off your current debts. Then, you repay the single loan to the lender.

Not all debts can be consolidated. Debt consolidation loans are meant for credit cards, some medical expenses, store credit cards and personal loans. Your home loan or business loan cannot be placed into debt consolidation. […]

By |February 14th, 2013|Categories: Debt Consolidation|Tags: , , , , |Comments Off on Should I Consider Debt Consolidation?

What is the Impact of Becoming Bankrupt?

Bankruptcy does not last forever. Usually, its protection lasts only a year. During the period, the individual’s financial affairs will be put under restriction. That means there are certain privileges that the bankrupt person may not possibly enjoy even after bankruptcy has been lifted.

Furthermore, being bankrupt is not a guarantee that a person will be totally free from any financial obligation. In many cases, the individual is still required to pay a certain amount to repay debts from creditors following an assessment of current inflow and outflow of income. The repayment scheme under bankruptcy may continue even after the individual is discharged from the provision.

Needless to say, bankruptcy brings about serious implications. Its impact can never be underestimated and overlooked. Aside from the embarrassment and eroded self esteem, an individual can face the greatest setback in his financial aspect. […]

By |October 31st, 2012|Categories: Debt Management|Tags: , , , , , , |Comments Off on What is the Impact of Becoming Bankrupt?

Controversy over Bankruptcy Threshold

The banks don’t want the government to go ahead with their plans to raise the bankruptcy threshold from $2,000 to $10,000. The Australian Bankers Association claims that by raising it to $10,000 it will encourage Australians to run up bad debts.

What this change will mean is that companies that debtors owe money to will not be able to ‘chase’ their payments from the debtor until they have accumulated at least $10,000 of debt.

The proposed new law also would increase the “stay period” from 7 to 28 days, which would force creditors to wait a month before being able to take action to recover the debts owed to them.

By |May 20th, 2011|Categories: News|Tags: , |Comments Off on Controversy over Bankruptcy Threshold