When you're struggling under the weight of debt that never seems to end, consolidating it into one affordable payment can make it easier to manage. However, many people worry that debt consolidation will damage their credit (or make it worse than it already is). Whether this debt payment strategy has a negative impact on your credit score depends on how you handle it. Here are two ways debt consolidation is typically done and the effect each option will have on your credit.
- Dealing with bankruptcy is extremely stressful. If you're one of millions of Americans who suffer from depression, the mental and financial burden of bankruptcy is probably adding to your mental illness extensively. Here are three ways to minimize that stress and cope with your depression during this difficult time. Develop a Meditation Routine In popular culture, meditation practices are often associated with robed Buddhist monks and other esoteric religions. However, there is an increasingly large body of scientific research proving that meditation is an effective treatment of depression and other mental illnesses.
- When you file a petition for Chapter 7 bankruptcy, any non-exempt assets may be liquidated and sold to repay creditors. Depending on your state of residence, you will refer to a list of either federal or state exemptions to determine the amount various types of assets that is exempt, or safe, from liquidation. It is then extremely important to provide an accurate assessment of the true value of your property to the trustee in charge of the case.
- What is the difference between chapter 7 and chapter 13 bankruptcy? Do you lose all your possessions if you file for bankruptcy? How do you discharge your debts? These are just a few of the questions you must consider when you think about filing for bankruptcy. If your finances get all out of sorts, it may be time to file for bankruptcy, but in order to navigate the process of filing for bankruptcy and get your finances in order to avoid future problems, you should at least consider enlisting the help of a bankruptcy lawyer such as Jeffrey S.
- You already know that having a bankruptcy on your credit report will affect your ability to finance a car or get a mortgage on a house. But can it keep you from renting an apartment? Unfortunately, it might. A survey conducted by one of the major credit reporting bureaus shows that almost one in two landlords named the credit check one of the top three things they used to make a decision about whether to rent to a specific tenant.