Blog: December 2015

Vehicle Repossession One of the more troubling inconveniences one can face is having their vehicle repossessed. Once you default on a car loan, the car lender may repossess your vehicle and go after you for the deficiency. It is best to avoid such a situation in the first place by electing a loan that works for your particular situation. However, if your situation changes and you can no longer make payments, there are numerous strategies to consider. Whatever the specifics of your circumstances, the following are three ways to avoid vehicle repossession in Savannah GA

Student Loan Forgiveness We all have dreams about what we want to be when we grow up. One dream we never had though was the amount of money it would take us to fulfill our dreams. Although education is essential, it can be very costly. Many thousands of dollars can be borrowed to assist us in receiving the education we need, but it also traps us in debt for decades.

Credit Score

Our society has become largely dependent on credit. If you want to get a mortgage loan to buy a house, if you need a loan to pay for college, or if you simply want to put gas and lunch on a credit card, a company is extending credit to you. The three-digit credit score that defines your credit worthiness is the key to your financial life. Having good credit can make or break your chances of getting a certain car loan, student loan, mortgage, or ability to rent a nice apartment. Your credit information and history essentially show two key things:

  • How likely you are to pay back the money you borrow

  • If you can be considered reliable and responsible (by landlords, insurers, and employers)

The characteristics from your financial life can be extrapolated to other situations, allowing others to infer that you are responsible (or the opposite) in multiple areas of life. This is why having the best credit score you can is truly important. It offers more than just financial implications.

Chapter 13 BankruptcyFiling for chapter 13 bankruptcy in Savannah offers some distinct advantages over a chapter 7 filing. There are, however, specific qualifications that you will need to meet before you will be eligible for Chapter 13 bankruptcy.

 

How Do I Achieve Eligibility?

Firstly, you cannot file for Chapter 13 if you are a stockbroker or a commodity broker. However, if you are filing as an individual, you can be a business owner - a partner, a CEO, a sole proprietor, etc. A business name cannot appear on the bankruptcy filing.

Secondly, to file for Chapter 13, your debts must be under a certain amount. The amounts are adjusted for inflation. There are two kinds of debts: secured and unsecured. There is a specific amount that your debts cannot exceed for secured debts, and a separate specific amount for unsecured debts.

You must also attend court-approved credit counseling as part of the filing process for Chapter 13 Bankruptcy in Savannah. If you have attended this counseling in individual sessions or in a group session, you are eligible for filing for bankruptcy.

Debt Relief Attorney

Many people find themselves under intense financial pressure when their personal budget is stretched to the limit. While some may try settling financial matters alone, sometimes it is a more wise and cost-effective decision to seek experienced legal advice in Savannah or Hinesville. Regardless of individual financial situations, there are several qualities to look for when making the decision to choose a debt relief attorney. A great debt relief attorney can help reduce your overall debt while constructing a feasible payment structure that can relax your personal budget constraints.