Repair Your Credit Profile

The government does not offer grant money to people who need to pay off their debts, no matter what you may have heard. There are a lot of government grants out there, but government grants for debt relief just isnít one of them. Many of these advertisements on how you can legally get out of debt are actually selling bankruptcy  services. Bankruptcies are handled by the government, but debt grants are not. {The government may not offer grants to pay off debts, but they do handle bankruptcy matters.}

There are programs designed to help individuals bogged down by huge student loans and threats of mortgage foreclosure, for example, but these have strict requirements and are not classified as debt relief grants from the government. The government can also forgive federal loans, but again, these are not government debt relief grant .

Although the government does not advocate bankruptcy, it recognizes that the only option for some people is to declare bankruptcy and start all over again. Some advertisements claim that debt relief grants from the government are the solution, but the reality is that only bankruptcy allows them to start over.

Bankruptcy Rules Have Recently Been Tightened

Unfortunately, so many people have abused bankruptcy laws that the government has had to tighten bankruptcy regulations. For example, anyone being considered for bankruptcy must go through credit counseling first. Once again, the companies youíve seen offering help with debt relief grants from the government are probably offering bankruptcy services.

Besides Chapter 7 bankruptcy, there is another option for people who are looking for debt relief from the government. If you claim Chapter 13 bankruptcy, youíll be required to make regular payments on your debts and have them paid within a certain amount of time. That is if you can afford the payment amount a court trustee assigns. 

Neither Chapter 7 or Chapter 13 bankruptcy are debt relief grants from the government. In fact, those that file Chapter 7 have to liquidate all their property in order to make additional payments to their creditors. Individuals who file for Chapter 13, however, get to keep their encumbered properties so long as they meet their regular repayments.

Debt consolidation is just one problem that credit cards can play a part in. Another problem with people who use their credit cards often is identity theft. ID theft can create chaos in your life for years to come. Take the time now to subscribe to an ID protection site like Identity Truth and save yourself so much grief and hassle. Read our IdentityTruth review.

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