“The Bankruptcy Reform Act of 2005 made it harder for individuals to file bankruptcy, which is always the last resort. Unfortunately, simultaneously consumers racked up so much debt that counseling companies - which are higher up on my list if you need help managing your debt - are sometimes unable to help. So if you fall into this camp, debt settlement may be something to consider.” IfsNeedsMayMadeSometimesHelpingLastsFallIndividualCompanyHigherHarderDebtListsMade ItReformConsumersCampsResortsFilesSettlementBankruptcyCounselingNeed HelpDebt SettlementUnable To Help Author:Jean Chatzky
“You really don't need to hire a debt settlement company to negotiate with your creditors.” NeedsCompanyDebtSettlementCreditorsDebt Settlement Author:Jean Chatzky
“Unless you have multiple accounts that you need to negotiate and you think the project is just too big to tackle on your own, you're better off just calling your creditors directly.” ThinkingNeedsBigsCallingProjectsAccountsMultipleBetter OffCreditors Author:Jean Chatzky
“You need a clear, legitimate excuse for why you're behind [the bankruptcy], such as a layoff, divorce, or medical emergency. Be prepared to back up the circumstances with supporting documents. Anything you have to substantiate your story - including proof that you have, for instance, been actively looking for a new job - will help.” NeedsHelpingStoriesJobsBehindsClearCircumstancesPreparedIncludingExcuseDivorceProofMedicalInstanceDocumentsBe PreparedEmergenciesBankruptcyNew JobLayoff Author:Jean Chatzky
“You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or a HELOC [ home equity line of credit ] - you're taking an unsecured debt and turning it into a secured debt.” NeedsHomeLinesCreditDebtCardsEquityLoanMortgageCredit CardSecuredCredit Card DebtHome Equity Author:Jean Chatzky
