 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... |
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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.... |
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| Wyoming |
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People considering bankruptcy in Wyoming will surely come across information about changes to the law in 2005 that will impact their ability to discharge debt through Chapter 7. Under the provisions of the new bankruptcy law, consumers in Wyoming and across the country who earn more than the median income in their state will required to “pass” the test in order to qualify for Chapter 7. If not, they will be obligated to file Chapter 13 bankruptcy instead. The means test is nothing more than a series of questions used to determine how much money a consumer will have each month after accounting for necessary expenses to see if they can pay off part of the debts owed on a payment plan. If it determined that your income and expenses are not such that paying back at least a portion is not possible, you can file Chapter 7 if that’s your preferred avenue for debt elimination. If not, you will be required to declare Chapter 13 bankruptcy, which obligates you to pay your debt off on a three to five year payment plan. 2-person families: 51,853 3-person families: 58,620 4-person families: 71,559 5-person families: 57,355 6-person families: 67,642 7-or-more-person families: 74,011 Many people are turning to credit card reduction solutions like debt settlement and negotiation, as well as credit card debt counseling for help with their unsecured bills. To get matched with a company to learn more about these options, submit a form today! Wyoming Consumer Credit Counseling Services Wyoming Bankruptcy Laws Wyoming Debt Collection Wyoming Bankruptcy Statistics & Figures 2004: 2,417 2005: 3,183 2006: 650 Wyoming typically has low bankruptcy filings each year, even accounting for the relatively low population of the state, but 2006 saw an even bigger drop off than previous years. Overall personal and consumer bankruptcy cases declined by 79.5%, which is an astronomical drop but only slightly above average when compared to other states. Much of the reason for this precipitous decrease lies in the fact that new bankruptcy laws are causing more consumers to turn to debt help companies for assistance with their money problems. |
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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... |