Know How to Handle Chapter 7 and Chapter 13
October 29, 2013 by Dr. Letitia Wright
Filed under A Note for You, Front Page
English: Part of Title 11 of the United States Code (the Bankruptcy Code) on a shelf at a law library in San Francisco. (Photo credit: Wikipedia)
A lot of men and women around the U.S and in the state of Georgia have to make the hard decision every day of whether or not they should file for bankruptcy. For some, bankruptcy can be the last of a long list of options to help them achieve some form of debt relief, so that they can attempt to continue living their lives the way they did before their debt problem. For others, it simply doesn’t work out for them and they continue their foray into the deep, dark crevices of debt.
If you have found that you are considering filing for bankruptcy, have you thought about what chapter of bankruptcy you are going to file for? Do you know the difference between Chapter 7 and Chapter 13 bankruptcy? If not, continue reading below to find out.
Chapter 7 – When you file for Chapter 7 bankruptcy, you are more or less asking the court to discharge or get rid of a large amount of the debt that you owe. However, for this discharge to take effect, the bank or trustee can reposes or take any property that is yours and that is not on the exemption list (this differs in every state). After the trustee claims your property, they can sell it or distribute it however they see fit.
Chapter 13 – Unlike Chapter 7 where you receive a discharge of your debt, Chapter 13 allows you to pay back the debt that you owe through a payment plan that lasts anywhere between 3-5 years. The amount of money that you have to pay back is determined by how much money you make at your current job, the kind of debt that you owe, how much debt that you owe, and how much property that you currently own.
If you think that filing for bankruptcy can help your debt situation, it’s always best to contact an Atlanta bankruptcy lawyer who can walk you through the complications and intricacies of both Chapter 7 and Chapter 13 bankruptcy. This way you can find which chapter best suits your unique needs, so that you can get back on your feet sooner rather than later.
How to Understand the European Bail Out
October 31, 2011 by Dr. Letitia Wright
Filed under Featured Articles, Front Page, Wright Ideas
This is awesome and simple, I promise you in 4 minutes
you will get it!!
Your Own Debt Settlement Company
July 3, 2009 by Dr. Letitia Wright
Filed under Wright Ideas
In this article I am going to show you three ways to operate a debt settlement company (DSC). Learn these three ways to get your DSC off the ground and up and running in an ethical yet profitable manner.
These are the three ways:
1) Learn how to qualify your clients for a Debt Settlement (DS) plan that will pay off all the credit cards plus your fee in a reasonable period of time;
2) Learn the proper way to sell and advertise your services without creating deceptive practices claims;
3) Offer your services in an ethical manner following TASC principles.
Lets take a closer look at these 3 ways:
1) Learning how to qualify clients for a DS plan:
This first element is likely the most important aspect you will need to learn when handling DS clients. This is the primary service that you will provide to your client. As part of this service, your will also explain how the program is administered and how we will be making contact with the creditor to settle the debt for 50% or less than what is owed.
2) Learn the proper way to sell and advertise your DS services. It’s very important to know what you can and cannot do while you are advertising or selling your services to the public in this business. One wrong step and you’ll have plaintiff lawyers and the Fair Trade Commission (FTC) knocking on your door. Seek out ways to get educated about how to stay out of trouble when marketing and describing your DS services.
3) Offer your DS services pursuant to TASC Principles. TASC is an organization that oversees debt settlement companies. A good DSC will abide by TASC rules and guidelines and this is all done to protect both the client and your company. Good DSCs will not do anything that would put them in jeopardy of losing their good standing and accreditation with TASC.
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Do you want to learn more break-through step by step instructions on how to begin offering debt settlement services to your clients? Download my brand new free guide: Start a Debt Settlement Business KJ Block is a debt settlement professional and attorney at law who teaches people how to get started and to better manage risks involved with traditional, internet, and e-commerce marketing of financial products and services. KJ also assist newcomers to the debt settlement industry with finding the right back end negotiation company to process the debt settlement plan for your clients. KJ Block can be reached by email at Info@MortgageRoadRules.com Follow me on Twitter.com at http://www.twitter.com/kjblock |
