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You are deep in debt and might be wondering what's the best way to get out of debt or how to get out of child support debt or get rid of medical debt or how to get help with irs debt or what's the best way to get rid of credit card debt or how to get rid of debt without ruining credit or is there any financial advisor to help get out of debt. As there is no get out of debt software the only thing you can rely on is this blueprint unless you want to read countless books about getting out of debt.
Only a lawyer (which I am not) is allowed to legally answer the question what (legally) happens if you get served for a debt.
Option number 1 is to decrease expenses.
Option number 2 is to increase income.
Option number 3 is a hybrid of decreasing expenses on the one hand and increasing income on the other hand.
There is no way you can just somehow cancel debt and just walk away from it. We live in a debt based economy. If there was not debt there would not be any "money" in circulation (currency), which nowadays has no intrinsic value and therefore cannot really be called "money" but we are so used to it. The correct term for what we call money is currency. Nothing much left except for dealing with it the right way. Discover additional streams of income to help you get rid of debt. Like this you won't ruin your credit score.
Here is a step-by-step guide how to achieve just that.
It might sound weird in a world of electronic transactions. We are so used to it. But I am serious when I say "Stop Using Credit Cards". Here is why: You spend $100 with credit card and buy goods or services from a merchant. In contrary to common belief you just increased the monetary base instead of anybody having lent you anything preexisting. This "transaction" creates your instruction for your credit card company (your agent) to pay the merchant $100. The merchant sells it to his bank for $100. The merchant bank has now acquired an asset of $100. The merchant bank accepted the asset of $100 and issued a credit to the merchant of $97. The $97 is now a liability for the merchant which is then sold to Mastercard Intl. for $98.25. Now the merchants bank's books are now balanced and show a profit of $1.25. Mastercard Intl. now sells their "liability" to your bank for $98.75. Making $0.50 "profit" for Mastercard Intl. and the note moves on. Your bank purchases the bill for $98.75 but now has a liability for the same to Mastercard Intl. and at the same time records an asset of $100 - your Bill Of Exchange. This BOE is then presented to your account and now becomes magically a "promissory note" for the "loan" made to you at the merchant. Your credit card company implies that this was a loan made to you but that is not true. This balances their books and shows a $1.25 "profit" to be collected on your 1st payment in 21 days. But, before you have made even one payment $3 profit has been created. Every twentyone days the conglomerate of the banks will make $3 off the back of every $100 spent. Do you want that? How about using cash only and add several independent income streams so that you will never again need any form of alleged credit? Or even become a merchant yourself?
By "bad credit" one certainly means bad credit score instead of unsecured credit in the context of debt consolidation. Many non-bank providers of credit also extend book credit to their customers without previously setting aside an equivalent amount of monetary reserves. A credit card line of credit asset checks issued by non-banks are a good example fo this type of credit. Another way out ouf this vicious circle is to increase the number of income streams so that your assets exceed your liabilities. Here is an example.
Henry Ford once said: "It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
People searching for how to get a debt consolidation loan without collateral clearly belong to that group because if they would understand it they would not put it this way and would not have any need to search for a problem they don't have to begin with. For those who still don't understand have only one option left while being enslaved by the monetary system: Create multiple income streams that exceed their liabilities. Then they won't need any debt consolidation loan to begin with.
One is dishonourable and therefore can be excluded: Just walk away from your debts.
The remaining three are much better in my opinion:
The first one is debt consolidation. This is where you rearrange your loans by bundling them all into a new one with possible lower monthly payments. Better to deal with one creditor instead of many.
The second one is debt management plans. Specilized companies will take all your debts, re-negotiate with the creditors and pay on your behalf.
Debt settlement is the third and fastest one. If you have assets on one side and debts on the other, why not simply pay them off. If you don't have assets, how about creating them? Here is one proven way of doing it.
Yes, indeed there are: There was an article in Huffington Post that highlighed 8 ways to cancel student loans.
Here is the link: https://www.huffpost.com/entry/quit-paying-student-loans-legally_n_5afe0700e4b07309e0564a1c. Good luck!
At times the healthcare- and medical industry tends to overcharge. Check your bills for errors. Obviously you need to hone into the medical knowledge a litte bit in order to know what amount is legit for the medical procedure received. Sometimes they just upcode the billed treatment or medication. Unbundling is another common practice to enhance the total billing amount. Services that belong together and normally billed as one item suddenly are "unpacked" and billed separately. Duplicate billing occurs when the counting of the procedure is wrong in their favor. Mismatched coding occurs when the treatment selected does not match the diagnoses and therefore the insurer refuses to settle the amount due.
It can be time-consuming to get a hang of all the medical terminology, to go into a procedure knowledgable of fees. You could as well start an online business in the same time, with a fraction of the proceeds therefrom pay that darn bill and move on with your life. Choose your battles!
This primarily depends on where you live. Each state and country has its own regulation and laws. No legal advice can be given here.
But let's look at it from another angle: Wouldn't it be much better to put yourself in a financial position that allows you to pay child support with ease and integrity? You are the father of your child after all. Investing in your children is the best thing you can do! If you don't want to pay this is different from not being able to pay due to financial struggle, which by the way can easily be solved. Here is how.
Yes, may be you can negotiate a payment plan, but you won't like it.
For the avoidance of any doubt there is no way you could somehow just "cancel" IRS debt and get away with.
However, what you can do is develop additional (taxable) income streams that enable you to just pay-off your tax debt without having to negotiate anything.
TWO FACES OF DEBT - Federal Reserve Bank of Chicago ISBN 60690-0834 312-322-5111
MODERN MONEY MECHANICS - Federal Reserve Bank of Chicago ISBN 13: 9781105038310
Parallel to reading these books you may consider adding further income streams. Here is how.
Being in debt you are not really in the center of the target audience / victims grid of any financial advisor. They can only make their money with other people's money. If you have nothing but debt, then you have nothing to offer that would make it worthwile for a financial advisor to help you if he can to begin with.
The hand that can help you best is at your arm. Here is how you can help yourself: You create multiple new income-streams and use those to pay off your debt. Get instant access to the step-by-step guide how to achieve that.
