 With the struggling economy, many people are finding themselves deep in credit card debt. Therefore, consumers are forced to turn to debt consolidation in order to get control of their finances. However, before a person decides to consolidate their credit card debt, they need to be aware of the credit... |
|
Living with debt is by no means easy. There’s the constant concern of living paycheck to paycheck and the never ending issue of covering monthly bills and living expenses. While most of us pride ourselves on being self-sufficient, it’s hard to ignore that we all sometimes live well beyond our means.... |
A more complete debt settlement calculator
|
|
| West Virginia |
|
In 2005 US Congress dramatically overhauled to filing bankruptcy in West Virginia and across the nation a much more difficult task. They did this by instituting more hoops to jump through in order to file and by making it much harder to qualify for Chapter 7 bankruptcy, which is the preferred type of debt elimination for most consumers. The “hoops” aspect of law refers to the fact that it is mandatory for consumers who want to file to have a 90 minute sessions with a credit counselor before bankruptcy, as well as take classes on finances and budgeting after filing. In terms of making it harder to qualify for Chapter 7, under the new bankruptcy law consumers who earn more than the median income in West Virginia are required to “pass” the means test in order to be eligible. If not, they will be required to file Chapter 13 bankruptcy, which involves reorganizing one’s debt into payment plan that can last up to five years. Listed below is the income statistics for West Virginia as of 2006: 2-person families: 38,505 3-person families: 49,043 4-person families: 55,920 5-person families: 51,425 6-person families: 64,074 7-or-more-person families: 36,749 Due to these changes in the bankruptcy law and tighter restrictions on lending, more consumers are turning to debt reduction solutions for help with credit cards. To get matched with a debt consolidator for a free consultation, submit a form now and PayingPaul.Com will match you with a company for assistance! You can also read some other articles related to credit, debt & West Virginia. West Virginia Consumer Credit Counseling Services West Virginia Bankruptcy Laws West Virginia Debt Collection Bankruptcy Filings in West Virginia 2004: 11,287 2005: 17,475 2006: 2,919 West Virginia experienced a significant downturn in the number of consumer bankruptcy cases filed in 2006 versus the previous two years. In all, the total cases filed in 2005 were almost six times greater than those in 2006. That amounts to a decrease of 83 percent, which is amongst the biggest variances in the entire country. Many West Virginians have instead opted to work with non-profit debt agencies to consolidate their payments and pay off their debt faster. |
Featured Articles
|
Credit is a useful tool and when handled responsibly allows us to obtain credit cards, loans for homes, cars and other big ticket items. The better we handle our credit, the better the terms that are offered to us from lenders including higher credit lines and lower interest rates.
If, however, a... |
The dismal economy is having an adverse effect on people around the globe with millions facing tremendous amounts of debt. For many, escaping their debt seems like a far off dream but it doesn't have to be! By applying a few simple guidelines to your spending habits, you can begin to reduce credit card... |