Debt Counseling amp Bankruptcy What Were Covering Today Signs of Financial Trouble Debt Collection Practices Resources for Help Bankruptcy Chapter 7 vs Chapter 13 Signs of Financial Trouble ID: 151726 Download Presentation
Introduction. Technical signals are useful for entry, but technical understanding of risk is even more important.. Remember the law of percentages and how difficult it is to recover from losses. . Investing and trading are a matter of determining and controlling loss of capital. .
As you view this PowerPoint presentation, please feel free to take as many notes as you need. Any notes you take and your responses to the questions at the end of the PowerPoint should be recorded in your interactive notebook under the title Personal Money Management Choices. Remember to log this into your table of contents..
That principle has to be the foundation upon which all to no more than weighing the benefits of granting credit against the cost to and the cost incurred in late payment It should always be remembered that there is an inevitable time delay between f
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SS8E5. : The student will . explain . personal money management choices in terms of income, spending, credit, saving, and investing.. Explain. : to make understandable, to spell out; recount; report.
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Debt, Counseling & Bankruptcy. What We’re Covering Today. Signs of Financial Trouble. Debt Collection Practices. Resources for Help. Bankruptcy. Chapter 7 vs. Chapter 13. Signs of Financial Trouble.
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Slide1
Money Management II
Debt, Counseling & BankruptcySlide2
What We’re Covering Today
Signs of Financial Trouble
Debt Collection Practices
Resources for Help
Bankruptcy
Chapter 7 vs. Chapter 13Slide3
Signs of Financial Trouble
Credit is a responsibility, one that cannot be taken lightly. Using poor judgment and spending beyond your means can lead to disastrous results.
Signs that you may have debt problems include:
Making only the minimum monthly payments on credit cards
Struggling to make the monthly payments on credit accounts
Missing loan payments or being late often
Using savings to pay for necessities (food, utilities, etc)
Receiving 2
nd
or 3
rd
payment due notices from creditors
Borrowing money to pay off old debts
Exceeding the credit limits on your credit cards
Being denied credit because of a bad credit reportSlide4
How Debt Collections Happen
A debt collection begins with an unpaid bill….
After a period of time, dependent upon the original creditor’s lending policies, an unpaid debt will be sold at a reduced rate in an attempt to recoup some of the losses.
Example: Selling a $100 debt for $50
The companies who purchase this debt is a debt collection agency.
Remember, these are businesses and their ultimate goal is to make money. Slide5
The Fair Debt Collection Practices Act
Debt collection agencies must adhere to protocols established by the Fair Debt Collection Practices Act.
Let’s watch a short video outlining those rights!Slide6
Rights Granted by The Fair Debt Collection Practices Act
Debt Collection Agencies Cannot
Call before 8AM or after 9PM
Curse or insult you
Demand that you pay more than you owe
Claim papers they send you are legal forms if they are not
Make up consequences for not paying your debt
Call you at work if your employer does not allow it
You have the right to have debt collectors stop calling you altogether.
Must notify in writingSlide7
Resources for Financial Help
Contact Creditors First
Attempt to work an adjusted repayment plan out with the original creditor first.
Use a non-profit financial counseling program
Consumer Credit Counseling Service
The CCCS, and many similar programs will
Charge little to no fee
Keep your information confidential
Help those with serious debt problems manage their money better and establish realistic budgets
Educate on budgeting and the pitfalls of unwise credit purchasingSlide8
Who Exactly Is Helping You?
Beware! Not all financial counselors are built the same!
Many companies in this industry exist purely for profit.
They make money by charging you fees and by receiving money from your creditors.
Before you select a financial counseling company to help you get out of serious debt trouble, do your research (Check with the Better Business Bureau and other reputable resources). Slide9
Bankruptcy
What if financial counseling cannot help?
What if the case has gotten too extreme and there is no relief in sight?
Consumers can declare bankruptcy; the legal process in which some or all of the assets of a debtor are distributed among the creditors because the debtor is unable to pay their debt.
Bankruptcies are kept on file with credit bureaus for 10 years.
Only in extreme cases should you declare bankruptcySlide10
Bankruptcy: Chapter 7 vs. Chapter 13
Chapter 7
Many, but not all, of your debts are forgiven
Majority of debtors assets are sold to pay off creditors
The release from debt does not affect alimony, child support, fines stemming from driving while intoxicated among other things.
Chapter 13
Debtor presents a plan to the court to eliminate their debts over a specific period of time.
Debtor normally keeps all, or most, of their property
During the plan (not to exceed 5 years), debtor makes regular payments to a Chapter 13 trustee who then distributes the money to the creditors. Slide11
Wrap-Up & Review
There are signs of financial trouble, know them!
Debt collectors operate to make a profit. While doing this they must adhere to a code of conduct established by the Fair Debt Collection Practices Act
There are great resources for helping people with financial planning. Be sure you research first!
Bankruptcy should be avoided. However there are different forms of bankruptcy depending upon the severity of the situation.
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