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Guaranteed Bad Credit Financing.

So I have decided to post this message specifically for all of the hard working but unemployed truckers out there that come to ArrivalStar.com for some news and laughs.  (I know shameless plug).  I know that you come to this site from all over and during these tough economic times resources especially for us are slim pickin’s.  I know that a lot of you Owner Operators have had to shut down shop or are one break down away from closing your business.  If I know that the belt can also only get so tight.  If you are considering bankruptcy, I wanted to share a link with you about a site one of my associates passed along to me.  Debt Settlement Legal Guides It has a list of every state and the laws and regulations regarding debt settlement, bankruptcy, credit, and collections in it.  Every state is extremely different when it comes to theses laws and it is vital for you to do your homework and make the best call.  In some states it is better to declare bankruptcy then deal with your creditors, in some states it is better to work out a debt settlement plan.  Also knowing the difference between Chapter 7, 11, or 12 Bankruptcy could cost or save your a lot of $$$$$.  I live in North Carolina and Debt settlement was the best option for me.  My Brother lives in Kansas and he did a debt consolidation, while my Father in law did a chapter 11 bankruptcy.  I am not saying that one is better then the other.  Each of you have your own cases and circumstances, but get the right resources and do your research before you decide.

Here is a quick guide to Debt Settlement,  Credit Consolidation, and Bankruptcy:

Credit Consolidation or Debt Negotiation -  You or with the help of a third party work out a pay-off plan that lowers your interest rate and gets your balances paid off.  If you are making the minimum payments this is usually the best option.

Debt Settlement-  If you can not make the minimum payments then debt settlement is an alternative to bankruptcy.  You or with the help of a  third party negotiate a close out amount that is less then the total amount you owe.  If you have a good chunk of money and want to be done with it and are willing to get a hit on your credit score this is an alternative to full bankruptcy.

Bankruptcy-  If you cannot make any payments, have no assets other then your cars and house then you might have to declare personal bankruptcy.  You pay court fees, take classes and the court determines what you will pay if anything.  You get a huge hit on your credit and are starting over.

These are just some basic explanations.  Do not make a decision of this guide alone.    Go over to the Legal Debt Settlement site and read it over.

I also want to highly advise you to watch out for an “Non-for-profit” group that does debt settlement. Most of them end up on the news.  If you are serious contact an Attorney that offers this service.  They are held to a higher standard by the Legal Bar of each state, and if they don’t follow the law they can become diss-bared.  They wont promise your the moon and the stars and they do charge some fees, but they will protect you and most creditors wont take you serious without one.