The Story Behind The Wheels
Debt & Loan
What Does The Bible Say About Filing Bankruptcy?
04 months ago
Bankruptcy
With the moral fabric of the United States changing at an alarming rate, creditors want debtors to still believe that it is immoral to file for bankruptcy. Not knowing the complete truth, many Americans believe that filing bankruptcy is just like stealing. Most people these days come up with moral absolutes that best benefit themselves in this narcissistic society. I believe that people try and use the Bible as a resource to make others feel guilty about filing for bankruptcy. If the creditor can guilt the debtor into paying the debt, it should be no real surprise as it’s the creditor that’s benefiting.
Recently, the numbers for the amount of credit card debt of Americans came out and it showed an increase of $18 billion for this quarter alone over last year’s numbers. Adding this conclusion to a study that was done recently, it showed the average family living in the United States is only three weeks away from filing personal bankruptcy. Although, many experts will disagree, in reality, this is probably close to the truth. There are many people in the US that are robbing Peter to pay Paul. Every month they make the minimum payment on all their credit cards using up their entire paycheck. If they have a little bit of equity left on the credit cards, they will use that to live on. Last year, the credit market freed up the tight reins on getting credit like it was back in 2008. Many of these people have taken advantage of this to find out the end is near and a bankruptcy filing is in the future.
Going back to the topic of the morality of filing bankruptcy according to the Bible, the Bible does make it clear that an individual is expected to pay their debt in most circumstances. It doesn’t say that a debtor for no reason at all can walk from their debt and start over. Where the cancellation of debt comes is in the Old Testament and Deuteronomy 15:1-2 which says:
At the end of every seven years you shall grant a release. And this is the manner of the release: every creditor shall release what he has lent to his neighbor, his brother, because the Lords release has been proclaimed.
This is one of the verses that Congress used to come up with a constitutional requirement to enact laws allowing businesses and consumers to cancel and restructure their debts. The Bible also speaks strongly about the legal right to file for bankruptcy because of biblical doctrine that prohibited people charging exorbitant amounts of interest on money loaned. The Bible further went into speaking about slavery and a person being enslaved to another individual with debt. This is found in Deuteronomy 15:12-13:
If a fellow Hebrew, a man or a woman, sells himself to you and serves you six years, in the seventh year you must let him go free. And when you release him, do not send him away empty-handed.
The United States was founded on Judeo-Christian values and the founders used the Bible for a blueprint of the Constitution and laws. Looking into what the Bible says about filing bankruptcy, it’s not about the payment or nonpayment of debts that is not in question but whether or not the debtor was culpable for the debts. Anyway it’s looked at the Bible speaks of being merciful to debtors. The Old Testament when applied to modern day bankruptcy shows the principle that debt can be canceled by filing for bankruptcy to achieve a higher purpose allowing the debtor to have another chance.
How Payday Loan Can Help You Manage Your Emergencies
04 months ago
by admin
in Debt & Loan
Payday Loan
If you are having difficulty with personal finance, or are simply looking for an edge to help you manage your personal finance better, then this article is for you! The advice in this article can teach you to more effectively and consequently more profitably manage your finances regardless of their current state. And to do that, this will explain how a quick and easy payday loan can help you tame those financial issues.
One of the first things you need to do is lay out your bills and determine where you are paying the highest interest rate. Those are the bills you want to get paid off first, because every nickel you pay in interest is hot helping to reduce your balance.
Make sure you’re paying your utility bills on time every month. Paying them late can damage your credit rating. Not only that, but most places will charge you a late fee, costing you even more money. It’s not worth the headaches that come from paying late, so whenever possible pay your bills on time, and many of them will attach a hefty penalty or interest charge if a balance is carried over into subsequent months.
Although some people may say to stay away from loan because they claim you are only robbing Peter to pay Paul, sometimes it really does make the most financial sense. If you only need the money for a short period of time, like less than a month, then a payday loan is really the best and fastest way to go. This type of loan, also known as a cash advance loan, does not require a credit check, and can typically be done in a few hours with only a driver’s license and a copy of your most recent pay stub.
On the down side, a payday loan needs to be paid back at your next payday, usually within about 30 days, and there are high interest charges if you cannot pay it back at that time. So before you sign up for a payday loan, make sure that your budget has allowed for the fact that it will need to be paid in full on your next payday.
You may notice that the interest rate charged by this type of cash advance loan is higher than what you might pay elsewhere, but that is because of the risk that the lender is taking with you. They are not doing a credit check and you can have the funds in a matter of hours, so in a sense, you are paying extra for this convenience. But depending on the nature of your cash emergency, that could be money well spent if you need your cash in a hurry.
Free Applications For Federal Student Aid
04 months ago
by admin
in Debt & Loan
Federal Student Aid
Are you struggling to get through school financially although not sure where to turn next? Perhaps you have exhausted loan options but are sick of paying large fees just to request for the loan and being turned down anyway at the end? You will be glad to find out that there exists cost-free Federal Student Aid applications available to you.
To get started on discovering more you begin by filling out a Free Application for Federal Student Aid (FASFA). A FASFA is an application for Federal Student Aid and is required for student aid, work-study, and or school grants. It could also be used for some additional private aid.
By going to the FASFA website, you’ll be able to submit your free application for any institute of higher learning of your choosing. After sending out your application, you will get a student aid report (SAR). This letter will arrive between 3-5 days with instructions regarding how to access your student aid report (SAR) online. If you prefer a direct copy of your SAR, it can be mailed to your home address provided in the application.
Upon completing an application, you will be asked a variety of personal questions pertaining to your financial status in addition to which school you plan on attending. If you provide all of the information and required signatures, you will receive your SAR. Your SAR will contain information including your expected loan amount plus your data release number. This post is vital to help determine how much Federal Aid money you are eligible for.
When completing the application you will need some information from such items as your social security card, a driver’s license and any W-2 forms from a previous year. The school you intend to attend will make the final decision on how much federal aid you are awarded per semester.
In order to receive Federal Student Aid there are several requirements you will need to meet. A few of the criteria you must meet include being a United States Citizen with a valid social security number. You must also have your high school diploma or GED. Those that were convicted of the sale or possession of any illegal substances while they actively receiving a federal loan or grant will have to fill out a separate form, finally you ought to be eligible for aid or partially eligible for aid to receive any additional loans through school.
Completing the FASFA is a free and straightforward method to receive school funding if your family is in need of financial aid. By gathering some fundamental information about you and your family’s income with your tax returns and income statements and being prepared prior to starting, you will have your FASFA completed in no time. Learn more at http://www.fafsa.ed.gov/
Top 4 Advances in Loan Origination Process
05 months ago
by admin
in Debt & Loan
Advances in Loan
No matter how you look at it, getting a loan is a complicated event. The loan origination process requires multiple parties, various levels of qualification, and a bewildering amount of paperwork. Thankfully, a handful of advances in the loan origination process have made things a bit simpler, a bit more secure, and more trustworthy. Here are the top four advances in the process. (more…)