CHICAGO, Sept. 26 /PRNewswire/ -- October 17th is B-DAY for millions of
debt-laden Americans. Tighter bankruptcy laws will significantly alter the
way Americans view money and spending habits.
To get out-of-control finances on track, Socrates legal content editor
Claire Parins suggests learning about bankruptcy AND its alternatives.
Consumers can have more power over their affairs -- avoiding excessive legal
fees -- if they used bankruptcy as a last resort.
"Way too often, Americans rush into the filing process, only to learn they
could have simplified the process -- and their lives -- on their own," Parins
said. "In many ways, B-DAY is not a deadline; it's a dawn to better financial
planning and security."
Parins noted that consumers should ask themselves what type of bankruptcy
is right for them, how to get their debt under control and how to clean up
credit. If someone is in immediate danger of losing important property such
as homes, cars or utilities, bankruptcy may be a good alternative. Parins
advises consumers to follow these steps:
Step 1: Read about the kind of bankruptcy that is right for you. There
are four types of bankruptcy, and all four are different.
Step 2: Research attorneys in your area who specialize in bankruptcy and
set up a consultation to decide if bankruptcy is right for you.
Step 3: Bring the information you've already prepared to decide about
filing for bankruptcy and use the information to help expedite the
process and perhaps save on attorney costs.
Parins advises following simple guidelines if bankruptcy is not an
immediate need:
-- List your monthly living costs and include only essentials like house
or rent payment, food, transportation to work, and utilities.
-- Prioritize what needs to be paid immediately. List housing costs
first; credit card and medical debt can wait.
-- Call creditors as soon as possible and explain why you're unable to
pay on time. Creditors are often willing to work with you to set up
bill paying alternatives.
-- Do not use a home equity loan to pay off credit card debt. This would
jeopardize your home if you miss a payment.
-- Think about working with an accredited nonprofit credit-counselor in
your state to start a debt repayment plan.
Once you have a complete understanding of your financial situation,
negotiate with creditors and credit card companies to lower interest rates and
monthly payments. Don't tell creditors you are thinking about filing
bankruptcy; they will flag your file and close your credit line.
About Socrates
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and small businesses. The Socrates brand offers thousands of relevant,
compliant, comprehensive and lower cost do-it-yourself alternatives to
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everyday legal, finance and business management matters themselves. Socrates
offers its products through retailers, marketing partners and direct online
through http://www.Socrates.com .
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