What Christian Bankruptcy Entails

By Peter Gitundu

Financial distress can happen to anyone. It chooses neither race nor the religion of an individual. It has many causes, among them long illnesses that bring about huge medical expenses or even a student loan that has to be paid monthly. Other reasons for this could be overuse of credit cards on consumer goods which end up attracting big interest rates that the card holder may not be able to pay in good time.

The more it remains unpaid for, the more the interest rates escalates. Christian bankruptcy however takes a different look at this issue. Followers of Christ are just but managers of what God has put in their care and they should handle it responsibly. Christian bankruptcy argues that it would be wrong for a Christian to think that they can just borrow and then walk away from it. Under chapter 7, those who cannot repay their debts are forced to sell off their property in order to pay their debts.

Paul urges the followers of Christ to be just like Christ and owe nobody. Those who opt for Christian bankruptcy should make sure that they repay what they owe to others. They should not forgo their responsibility of paying back what they owe but should do whatever they can to pay back debts.

It is evil to borrow and not pay off the debts as the Bible teaches in Psalms 37. It states that the evil person borrows money and does not pay back. The child of God should therefore honor the policy of honesty. They should not abuse their creditors by not paying them.

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What Can I Do About The Bankruptcy on My Credit Report?

By Tony Banks

Generally, bankruptcies have a life span of 10 years on credit files. After it has exceeded this time frame, it ought to be deleted from one's file, but since the reporting bureaus and the creditor that furnished the account with them do not get any benefit for deleting it, naturally it becomes your own responsibility to ensure that it is removed.

Since the duration for which one's file remains clean and free of negatives accounts for a good 15 percent of one's scores, it becomes imperative to take measures to delete negatives in order to gather some good increase in points.

Take time out to compose letters that you will be sending to reporting agencies to get bankruptcies deleted from your file. Your priority when sending dispute letters to the bureaus should be a certified mail so you can easily track it.

If you have got several other negative accounts you need to get rid of, you will be writing separate letters for them as agencies label letters containing more than one subject of dispute frivolous and they have the right to do so.

But since the backing of the Fair Credit Reporting Act gives you the prerogative to order any bureau to launch an investigation into an information whose origin you do not know, then you must exploit this opportunity in getting negative accounts deleted from your file.

Credit bureaus typically have 30 days to conduct their investigation and if they fail to make any form of verification on a bankruptcy placed on your file, then they are required by law to delete it.

In a situation where you do not think you will be able to undergo the repair tasks needed to restore a good rating, trying the services of a repair firm will be a good consideration since that's what they do for a living.

Visit do-it-yourself-credit repair or credit repair services to learn more on raising your credit score 200+ points to get approved for car, home and credit card loans.

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These Are Some of the Consequences of Filing For Bankruptcy

By Peter Gitundu

When you file for bankruptcy, you should have an idea of what the whole process holds in store for you in terms of the consequences that you will have to face. There are both the positive and negative outcomes of filing a petition of insolvency. You should therefore weigh the options and see whether the outcomes are worth the hassle. This is why it is so highly advisable to only consider filing for insolvency as the last resort because in most cases, bankruptcy will weigh heavily on you and will wear you out, financially and psychologically.

The consequences can be categorized into different factions, which include financial, legal as well as vocational. To begin with the legal aspects, you may get a bankruptcy restriction order. This is especially if the events leading to your financial crisis are illegal by nature. These activities include gambling, speculation and theft.

On the financial aspect, you will lose much of your assets, but again depending on the chapter under which you file a petition. If you do so under chapter 7, you are bound to lose much because the chapter calls for the liquidation of your assets. Furthermore, your account is bound to be closed down and you might have to begin from scratch. Getting credit facilities will also prove hard especially at the mention of insolvency. What may not be affected much are car loans and mortgages.

The vocational consequences refer to how your career and job aspirations will get affected. If you are a lawyer or a company director, be assured to lose your job. Potential employers will tend to keep off, until you have worked on rebuilding your credit rating. If you are in business and a sole trader for that matter, your business will close down and your employees dismissed.

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Personal Bankruptcy Filing Options

By Peter Gitundu

Before filing for bankruptcy, it is always advisable to consider all the other available alternatives that may work for you. They include talking to your creditors and having them agree to accept a lesser amount as the total debt settlement. You could also ask them to give you more time for you to reorganize yourself and start making monthly installments towards settling the bill.

For individuals who really need to file for bankruptcy, chapter 7 which is also known as personal insolvency is considered to be more appropriate. It is concerned with liquidation of your assets so as to repay your creditors. You are supposed to give up a reasonable portion of your assets to be sold off to cater for your debts. The amount of assets you give up should be enough to cover a proportionate portion of your debts.

The good thing with personal bankruptcy is that your debts will be discharged within a very short time and your name cleared from the list of insolvents within 12 months. This is short enough period of time in which you are able to quickly recover from the mental turmoil that is characteristic of insolvency.

Filing for personal insolvency will put a stop to the efforts of your creditors geared towards recouping what you still owe them. If you work with an attorney, he might just be able to bargain a good deal for you and you could have most, if not all of your debts forgiven. This is if you could be able to prove that the circumstances leading to insolvency are truly genuine and nothing of your own doing.

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How to Deal With Christian Bankruptcy

By Peter Gitundu

Bankruptcy is caused by many things among them long illnesses, especially in cases of people who do not have medical insurance. In this case, it might be as a result of recklessness as cases of Christian insolvency seem to assume. The Christian ideology looks at a bankrupt person as one who is irresponsible, since Christians are the steward of Gods property on earth. They should therefore treat this as a treasure and look after it as the Creator expects of them.

Christian insolvency could be accepted only among the poorest in the society. This is according to teaching in the Old Testament. In the olden days of the Bible, those who owed others were to work in their creditors fields to repay what they owed. It was only on the seventh year or what was commonly referred to as the Sabbath day that the debtor would get a relief and his debt would be canceled.

Christian bankruptcy, from the New Testament point of view teaches that Christians or those who wish to be like Christ should not owe anything to others. This does not mean that a Christian cannot borrow money to finance personal developments, but instead they should honor promises of paying back what they owe others. It also means that they should not borrow carelessly in order to be like others or for show off purposes. They should weigh their options to see if this is really a need or they can do without the debt.

It is wise for those called to be like Christ to be stewards and managers of what God has put in their lives. They should do away with bad spending habits to avoid situations that may lead others astray or that may lead them to file for financial distress.

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How Bankruptcy Affects Spouses

By Peter Gitundu

Bankruptcy is a legal procedure in which a person who is not able to pay debt seeks relief in court. There are many chapters under which a petition can be filed. The liquidation chapter allows the debtor to have the assets on his name to be sold in order to pay off pending debts.

Chapter 13 allows the debtor to keep the assets but continue payments from the monthly income they get. Bankruptcy may affect the spouse of the debtor and the entire family as well. Insolvency affects spouses in many ways including mental torture. When a partner files a petition, many go around wondering what their neighbors will think of them.

They worry about their friends knowing about the situation and how they will take the news of the bankruptcy. This will mostly happen with people who claim a high social life. Insolvency affects a spouse at times to the extent of becoming depressed and withdrawn. Another way in which it affects spouse is when one of the partners files a petition and part of the property they hold together is lost in the process.

Sometimes creditors may continue to press charges to have the assets liquidated which may cause great problems for both. It is normally fair that only the partner who has debts and is not in a position to pay files the petition than dragging the other party into it. It is quite unfair for a debtor to harass a partner who has no debts at all.

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Filing Personal Bankruptcy - Must Know Facts and Advice

By Bai Zijian

Reasons for Filing Personal Bankruptcy

Unemployment has reached a particularly high increase. Determining to file isn't a comfortable call for the majority of the people. Most of the people need to Pay Their Bills: There are some folks who start with the point of filing personal bankruptcy.

Considerations before Filing: The most evident condition and effect is the credit rating. There are events to filing bankruptcy that should be counted. Bankruptcies remain the credit files for ten years. Bankruptcies remain the credit files for 10 years.

Subprime credit analysis often remains the report for seven years, so three additional years may not look that bad. It Is A Moral Call for Many : One have been instructed to pay what they owe. It Is A Moral Call for Many: One have been instructed to pay what they owe. For many walking off form responsibility becomes an ethical call. Drowning in debt will never give productive citizens. The economy needs generative voters to operate. Drowning in debt will never give productive voters.

Is It Right for You: Determining if it is the correct decision is an individual one. Is It your bag: Determining if bankruptcy is the right call is an individual one. No to people or conditions are similar. No to folks or conditions are similar. Getting the recommendation with the solicitor is a handy place to start.

Most lawyer offers a free primary reference. Mistakes in Filing non-public Bankruptcy: the greatest mistake made by folks filing bankruptcy is arresting the choice to do so. Mistakes in Filing private Bankruptcy : the biggest mistake manufactured by folk filing bankruptcy is arresting the choice to do so. That is the initial cautionary sign. That is the 1st cautionary sign.

Once one has made a determination to file personal bankruptcy do not review. Once one has made a determination to file non-public bankruptcy don't review. Once one has made a determination to file private bankruptcy don't review. Should one decide filing bankruptcy isn't acceptable for the individual, the same precept is applied.

There are many more reviews about many other good and powerful debt free systems, that you can check out. Also check out on information on the filing bankruptcy that you must know and remember.

Find out all about debt free in three. Bai Zijian's website talks more about filing personal bankruptcy in detail and has tips on how to handle with it.

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