How To Eliminate Debt
- Author Jeremy Smith
- Published June 4, 2010
- Word count 395
Reduce Consumption
Many people live beyond their means, paying everything by credit card or through financing companies. Rather than buying things with price tags that exceed income level, consumers can buy less expensive items. Instead of purchasing three vehicles for two people, for example, they could only have two. Rather than buying brand-name products for everything, store brand or off-brand products with the same quality level could be purchased for less.
Redemption Service
One means to legally eliminate debt is to become a secured party creditor through the UCC-1 redemption process. This is an avenue which, when followed carefully and accurately, involves operating as a secured creditor over any possible liens and debt collection attempts for one's debt. This requires the filing of a Uniform Commercial Code (UCC) form and other procedural paperwork. It can be done legally when all proper protocols are followed.
Filing Bankruptcy
Another way of reducing indebtedness is to declare bankruptcy. This is a legal action filed in the federal court. It is a statement by the person that they cannot pay their debts and wish to have them forgiven. There are many rules and regulations involved in a US Bankruptcy Court filing, and it must be done correctly to have the proper effect. An attorney's assistance may be beneficial for someone who is not intimately familiar with the bankruptcy system. Most people are not. Bankruptcy requires disclosure of all financial information requested, including a list of creditors. Those that are secured with collateral will receive compensation before those that are unsecured. If the judge or other parties involved in the bankruptcy case do not believe the debtor is being honest and forthright about the lack of funding available, they may impede the closure of the bankruptcy case.
Make More Money
Working one job is plenty for most people. Often, however, the salary is not enough to meet expenses. Instead of exceeding income and going into debt, the person could find an additional job. This would increase income and counter-balance the amount of spending versus income. As a result, the additional income could be used to pay off debt. This may require a lot of hours spent away from home or working in a place they may not enjoy for lower compensation. Once the amount of unwanted debt is paid off, however, the consumer could stop working at the second job.
Author is a freelance writer. For more information on Legally eliminate debt please visit http://www.redemptionservice.com/.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Non resident Mortgages in Spain
- Effective Strategies for Paying Off Your Mortgage Faster
- How Does Equity Release Work?
- Florida First Time Homebuyer: The Indispensable Guide of Tips, Programs, and Resources
- How to Become Debit Free?
- Sellers Concession the Closing Cost Option
- Financing Short Term rentals with DSCR loans
- Why move to Roseville CA
- Simple Interest Mortgage Advantage
- Are Low Doc Commercial Loans available in Australia
- How to Obtain a Rural Agriculture Loan Quickly and Easily
- What is a Caveat Loan?
- Tips for improving your Credit Score before getting a Home Loan
- 3 Things To Look out for With An Equity Release Mortgage
- Manage your Debts by Refinancing your Current Home Loan
- How to Get a Home Loan with Unusual Employment or Income?
- 20 Effective Debt Consolidation Loans Tips with Bad Credit
- Tips for Choosing a Non Conforming Lender
- Why is a Good Credit Rating Important in Australia?
- Most Common Ways That People Fall Into Personal Bankruptcy
- How to Choose a Consumer Credit Counseling Agency?
- Consolidate Your Debts and Take Control of Your Finances
- How to get a Home Loan due to a Bad Credit Report
- Debt Consolidation Home Loans are a Solution to Multiple Debt Problems
- Facts You Should Know About Low Doc Home Loans in Australia
- No Doc Loans from Private Lenders
- Home Loans to Consolidate Debt for People with Bad Credit
- How Can I Get a Mortgage If I Have a Bad Credit History?
- Guidelines to Fix Bad Credit Effectively Through Dispute
- Dealing with Debt – What to know about Debt Consolidation