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Debt Consolidation Facts

1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.

10 Big Bankruptcy Bloopers

(June 22nd, 2007)

If you're filing for bankruptcy, you're already in lots of trouble. You sure do not want to add any more troubles to your already huge list of troubles do you? So avoid the following 10 huge mistakes that anyone filing bankruptcy can commit:

1) Failure to Disclose any Past Bankruptcies

When you're going through the court proceedings, be sure to disclose any previous bankruptcies you may have declared. If you don't, the Judge will check the US Bankruptcies Database and easily find out that you have previously declared it, and this will make matters even worse for you.

2) Understating Your Income and Overstating Your Expenses

Do NOT use faulty techniques such as understating your monthly income and overstating your expenses to make the judge believe that you do not have any disposable income left over to pay off bills.

3) Failure to Disclose Assets Owned

You may think, "I don't want to lose my car, therefore i better not say anything about it." The Judge has means and ways of finding out that you own a motor vehicle. Instead, tell your Attorney that you do indeed own a car and its a huge necessity for you, thus the Attorney will find ways of helping you retain your vehicle. If you do not want to lose your bankruptcy petition and be declined, declare all of your material assets to your Attorney and let him deal with them.

4) Trying to Use a Paralegal

Under the new Bankruptcy laws, you cannot use a Paralegal to give you bankruptcy advice. Instead, you need the help of a professional bankruptcy lawyer, especially if you own material assets.

5) Failure to Remit Documents

If the court asks you to fax them any important documents, do this immediately and take it very seriously. Your case could go against you if you fail to remit any important documents in a timely manner.

6) Missing Court Times

If you miss your court hearings, your case will be awarded against you. Being late to the court could also have negative impact on your case.

7) Transferring Assets

Do NOT transfer your house or car out of your name and to someone else's name only to declare bankruptcy thereafter. The US Bankruptcies Database works in conjunction with other Titles databases across the country. They will track this change of assets down and will relate it to your bankruptcy case. If they do find out, your case will be very difficult.

8) Cash Advances

If you take out any huge cash advances to yourself 3 months before filing bankruptcy, creditors will have even a bigger reason to confiscate all of your assets and the Court will not be sympathetic towards you at all.

9) Abusing Credit Cards

If you're thinking, "I'll max out my credit cards and make lots of purchases, only to declare bankruptcy thereafter", you're wrong! Most of these purchases will be reversed and you will have to return the items purchased. Also, your bankruptcy petition will probably be declined.

10) Be Honest

That's the best advice any Bankruptcy Lawyer can give you. Be honest!