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| Did you know? |
| The OCC required many creditors to double credit card minimum payments! If you have a Bank of America, Discover, Citibank, MBNA, Chase or any other major credit card, prepare yourself now. |
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| TIME IS RUNNING OUT. |
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 General Information You Must Know
The United States Bankruptcy Courts have exclusive jurisdiction over bankruptcy cases. You cannot file a bankruptcy in State Court.
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| Reasons why bankruptcy should be your last resort: |
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| 1) |
Chapter 7 filings are a matter of public record |
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| 2) |
Credit bureaus will record your filing and keep it on your credit profile for 10 years |
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| 3) |
Depending upon the state you live in, (a community property state), you may obligate your spouse even if your spouse did not sign on your accounts. |
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If you are discharging a credit card debt, the card will be cancelled unless you reaffirm that debt |
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| 5) |
Credit cards with a zero balance will be closed as well |
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| 6) |
You have very little control over the disposition of your assets. A trustee will be assigned to your case. |
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| 7) |
Assets in excess of your allowed personal exemption and non exempt assets such as real estate, boats and automobiles will be liquidated by the trustee in order to satisfy some of your debt. |
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| 8) |
Recently passed bankruptcy reform will now require certain tests to be passed prior to allowing you to file Chapter 7. The purpose of the new bankruptcy law is to make those who can afford to pay some of their debts to pay them and force them into Chapter 13. Even if you manage to pass the Chapter 7 tests, you will be required to take an approved financial management course before receiving the discharge. |
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| 9) |
New bankruptcy law passed as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has resulted in a complete shift in attitude towards Debtors. Instead of affording a “fresh start” for those consumers in the unfortunate predicament of having too much debt and not enough income, the Act fosters a more hostile approach holding Debtors responsible for mismanaging their debts and forcing Debtors to admit that responsibility. The overall aim of the new law is to make the Courts favor creditors; not debtors. |
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| Stay informed. Remember, the largest debt you owe is to yourself. |
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| Click here |
| for a look at where you spend your money |
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| Do you have accounts in COLLECTIONS or are you just running late? Debt Settlement may be the solutions for you. |
| Did you know? |
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| Credit Counseling is NOT factored into your FICO® score! |
Call to learn more. |
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1-800-489-8985 |
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| Fair Isaac® and FICO® score are trademarks and/or registered trademarks of Fair Isaac Corporation |
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