What are the long-term effects of a short sale?


Whether you’re considering a short sale or you’ve just gone through one, it’s time to take a deep breath and take stock of where you stand today. You’re clearly not the only one in the short sale boat. But do you ever get that feeling when everyone around you is going through something like a short sale, a yearly physical, sitting at the DMV, or filing taxes, that you have no idea how everyone is getting through this painful and frustrating experience? You know, that, “am I doing something wrong because this really sucks?” feeling? Then yea, you’re likely experiencing exactly what everyone else is going through.


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Think speeding tickets only hurt your car insurance?


Desperate times call for desperate measures and cities around the nation are getting pretty desperate. Thanks to those speed monitoring camera vans and red light cameras, cities have been able to cite drivers in record numbers. If you’re like thousands of drivers you’ve probably thrown those tickets right in the trash – I mean – never received them. In the past you’ve likely gotten away with the “well they can’t prove I ever received it” excuse, but as strains on the economy pressure the state and city budgets you can bet that they will be trying a bit harder to collect. You still may not ever have a court server knocking at your door to hand you your ticket directly because hiring those guys cost some serious cash, so now you may just have your ticket sent to collections. Ouch.


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Don’t think you need a credit counselor?


So you think you know how to fix your credit on your own? Thinking you’ll close your credit cards to boost your score? Not always. Well surely if you pay off that four-year-old collection account your credit will sky rocket right away! Probably not. Sounds crazy right? Well the way credit is scored IS pretty crazy and that’s why we are here to help.


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Credit Restoration Companies Get A Bad Rap!


Why is it that all credit repair companies have a bad rap these days? The last time I checked Ruth’s Chris Steakhouse wasn’t getting yelled for a poorly cooked steak, or McDonalds making a bad burger!(well okay maybe that’s true – but you get the idea) Credit repair companies are not all created the same. Sure there are better companies than others but all credit counseling companies aren’t bad. Unquestioningly there have been some rotten burgers in the credit repair business, some so bad you’d have food poisoning for days, but the whole of the industry itself is out to help consumers - not hurt.


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What Praxis Credit Consulting Can Do For You


Praxis Credit Consultants are expert counselors who can help you:

Fast Start to Repairing and rebuilding your credit

Straight out of the gun! With proven methods already in place to help you reach your goals as soon as possible. We dispute all the items that are misleading, obsolete, inaccurate or duplications on your reports. This provides the assurance to deliver the best value in the industry.


The advantage of having a credit coach

Many people are unclear on even how to read a credit report much less know where to start on the reporting problems. Since the credit problems are usually hard to spot we offer a free credit consult to help provide you with the information on which items need to be disputed. We help you identify even the most subtle dispute items to create a solid plan of attack so that you can reach your goals of higher credit in no time.


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Get Your Answers Here

Do you ever wonder how those people with 700 plus credit scores do it?  Well we have the answer for you. Our experienced credit counselors know exactly how it’s done.  Even better is that they know how to help guide you from a horrible score to an envious one. Money is tight for everyone.  So now, more than ever, banks and credit agencies are lending funds to customers with only the best of credit scores. This means it’s more important than ever to have that stellar credit rating. Let us help you become one of the few able to qualify for lower than ever interest rates!

Don't wait.. Call Praxis Credit Consulting Today..

Which program is best for you?

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Is Your Credit Crap?

Crappy credit is our specialty! You say the word and we can help you turn your financial outlook around!  At Praxis Credit Consulting we help our clients put those ugly credit mistakes in their past and move forward to a positive financial future. It is time to take control of your finances and never get another pestering collection call again!

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Don’t Hide From Your Credit Mistakes!


It may be easier now to hide your head in the sand and try to forget those ugly blemishes on your credit report, but it won’t fix the problem. As a matter of fact it is probably making them exponentially worse. It is time to start digging yourself out of that credit nightmare before it becomes hopeless.


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Does Your Credit Make You Want To Cry?

Dry your tears! Praxis Credit Consulting has the solution. Don’t go day to day worrying about the next time you have to explain away your ugly credit. We can help you clear up your credit history and set you on your path to rebuilding a positive credit rating that will have you smiling your way to low interest rates and simple qualifications.

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Proposed Legislation to Reduce Impact of Medical Debt on Credit Reports

Medical debt in most cases is unavoidable. In a lot of cases so are huge knocks against otherwise spotless credit histories.  Dealing with the convoluted mess of juggling health insurance companies, doctors’ office billing departments, and hospitals it is easy to lose track of a bill or forget to make a payment. New legislation is now in the works to have collections, which originated as medical debt, to fall under its own category on credit reports to be scored differently than non-medical collections.


This new bill dubbed the Medical Debt Responsibility Act is currently under consideration in the House of Representatives and could potentially help trustworthy borrowers qualify for a home loan by lowering the impact of medical collections on their credit reports. Currently the bill is co-sponsored by Representative Donald Manzullo (R-Illinois.) Representative Heath Shuler (D-North Carolina), and Representative Ralph M. Hall (R-Texas).


The Medical Debt Responsibility Act calls for the three major credit bureaus (Experian, Equifax & TransUnion) to change the way medical debt affects a credit score. Currently the three bureaus report any and all medical collection information for the maximum allowed duration as with any other collection information; seven years, whether it remains unpaid or not. The Medical Debt Responsibility Act would require that all medical collection debt under $2,500 be omitted from credit records within 45 days of being paid or settled upon.

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Knowing Your Credit Score is Easier than Ever

The recent economic downturn has everyone finger pointing to establish blame in hopes of correcting the circumstances that created this spiraling situation. One of the most widely accepted culprits named have been the far too lenient standards for lending on real estate loans, which has led to millions of foreclosures and short sales across the country. The Dodd-Frank Wall Street Reform and Consumer Protection Act, dubbed the Dodd-Frank Act for abbreviations sake, was signed into law in 2010 to among many other things, begin the process of cleaning up the lending industry.



Since the enacting of the Dodd-Frank Act under a provision known as the “Risk-Based Pricing Rule”, consumers have been empowered with the ability to access their credit information without fee or penalty if declined or extended less than favorable terms. As of July 21st, 2011 consumers who were never declined for a loan or those who have received even the most favorable terms have the right to request their own credit reports as well. Essentially any consumer applying for credit under any terms has the right to see their credit reports and without a fee.


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Privacy Policy



Praxis Credit Consulting Services LLC (“Praxis Credit” or “we” or “our” or “us”) respects your privacy as a visitor to our Site. It is important for you to understand what information we collect about you during your visit and what we do with that information. Your visit to this Site is subject to this "Privacy Policy" and our Terms of Use.

Information Collection and Use

Praxis Credit Consulting will not use information provided through your use of this Site except as set forth in this Privacy Policy.



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The Praxis Credit Consulting difference


The Praxis Credit Consulting difference…

Our People.

At Praxis Credit Consulting you will immediately notice a difference with our impeccable customer service. We treat our customers with the respect they deserve because we know what you have been experiencing.


Our employees go through extensive training not only in reading credit reports but the laws that govern them; they are motivated to help you with your credit challenges, and friendly to better serve your needs. At Praxis Credit Consulting we are like family so we will do everything we can to help you and your credit hurdles.


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Why Praxis Credit Consulting?

 Why Praxis Credit Consulting?

Using strict compliance monitoring systems and the most creative credit repair strategies to generate industry-leading results, we’ve been helping our clients rise above financial worries since 2004. Praxis Credit Consulting continues to set the pace to generate second chances for our clients in the credit repair industry.  Praxis puts the needs of clients like you above all else and delivers on our promises to restore, teach and support our clients current and future needs.



Praxis Credit Consuting is a trusted leader

Praxis Credit Consulting is committed to providing quality service and with a proven track record to back it up. For nearly a decade we have helped our clients pilot a second chance to achieve their goals of home ownership, better jobs and job security, all the while saving on day to day items like insurance, credit card interests, mortgage and auto loans.  Check out our Praxis Testimonials of our more than satisfied clients and our stellar rating on the Better Business Bureau!


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Terms & Conditions

Terms and agreements for Praxis Credit Consulting LLC programs

All Terms and Conditions are written within each agreement. May vary from product to product.

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Deciding Whether or Not to Declare Bankruptcy

If you've found yourself facing severe financial problems, you might be considering filing for bankruptcy as a way to take care of your debt.

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The New Bankruptcy Law "Means Test" Explained in Plain English

With the new Bankruptcy law in effect as of October 17, 2005, there is a lot of confusion with regard to the new "means test" requirement. The means test will be used by the courts to determine eligibility for Chapter 7 or Chapter 13 Bankruptcy.
The purpose of this article is to explain in plain language how the means test works, so that consumers can get a better idea of how they will be affected under the new rules.
When most people think of bankruptcy, they think in Terms of Chapter 7, where the unsecured debts are normally discharged in full. Bankruptcy of any variety is a difficult ordeal at best, but at least with Chapter 7, a debtor can wipe out the debts in full and get a fresh start. Chapter 13, however, is another story, since the debtor must pay back a significant portion of the debt over a 3-5 year period, with 5 years being the standard under the new law. Prior to the advent of the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,” the most common reason for someone to file under Chapter 13 was to avoid the loss of equity in their home or other property. And while equity protection will continue to be a big reason for people to choose Chapter 13 over Chapter 7, the new rules will force many people to file under Chapter 13 even if they have NO equity. That's because the means test will take into account the debtor's income level. To apply the means test, the courts will look at the debtor's average income for the 6 months prior to filing and compare it to the median income for that state. For example, the median annual income for a single wage-earner in California is $42,012. If the income is below the median, then Chapter 7 remains open as an option. If the income exceeds the median, the remaining parts of the means test will be applied. This is where it gets a little bit trickier. The next step in the calculation takes income less living expenses (excluding payments on the debts included in the bankruptcy), and multiplies that figure times 60. This represents the amount of income available over a 5-year period for repayment of the debt obligations. If the income available for debt repayment over that 5-year period is $10,000 or more, then Chapter 13 will be required. In other words, anyone earning above the state median, and with at least $166.67 per month of available income, will automatically be denied Chapter 7. So for example, if the court determines that you have $200 per month income above living expenses, $200 times 60 is $12,000. Since $12,000 is above $10,000, you're stuck with Chapter 13. What happens if you are above the median income but do NOT have at least $166.67 per month to pay toward your debts? Then the final part of the means test is applied. If the available income is less than $100 per month, then Chapter 7 again becomes an option. If the available income is between $100 and $166.66, then it is measured against the debt as a percentage, with 25% being the benchmark. In other words, let's say your income is above the median, your debt is $50,000, and you only have $125 of available monthly income. We take $125 times 60 months (5 years), which equals $7,500 total. Since $7,500 is less than 25% of your $50,000 debt, Chapter 7 is still a possible option for you. If your debt was only $25,000, then your $7,500 of available income would exceed 25% of your debt and you would be required to file under Chapter 13. To sum up, first figure out whether you are above or below the median income for your state (median income figures are available at http://www.new-bankruptcy-law-info.com/). Be sure to account for your spouse's income if you are a two-income family. Next, deduct your average monthly living expenses from your monthly income and multiply by 60. If the result is above $10,000, you're stuck with Chapter 13. If the result is below $6,000, you may still be able to file Chapter 7. If the result is between $6,000 and $10,000, compare it to 25% of your debt. Above 25%, you're looking at Chapter 13 for sure. Now, in these examples, I have ignored a very important aspect of the new bankruptcy law. As stated above, the amount of monthly income available toward debt repayment is determined by subtracting living expenses from income. However, the figures used by the court for living expenses are NOT your actual documented living expenses, but rather the schedules used by the IRS in the Collection of taxes. A big problem here for most consumers is that their household budgets will not reflect the harsh reality of the IRS approved numbers. So even if you think you are "safe," and will be able to file Chapter 7 because you don't have $100 per month to spare, the court may rule otherwise and still force you into Chapter 13. Some of your actual expenses may be disallowed. What remains to be seen is how the courts will handle cases where the cost of mortgages or home rentals are inflated well above the government schedules. Will debtors be expected to move into cheaper housing to meet the court's required schedule for living expenses? No one has any answers to these questions yet. It will be up to the courts to interpret the new law in practice as cases proceed through the system.

Next Step


About The Author Charles J. Phelan has been helping consumers become debt-free without bankruptcy since 1997. A former senior executive with one of the nation's largest debt settlement firms, he teaches consumers a do-it-yourself method of debt negotiation & settlement. Expert training via audio-CD plus personal coaching helps debtors achieve professional results at a fraction of the cost. http://www.zipdebt.com/.


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Find Out The Alternatives to Bankruptcy

Filing for Bankruptcy is the very last resort for people overburdened by debts and unable to clear them. The decision to file bankruptcy is a grave one and it is recommended not to make such a decision in haste.

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Bankruptcy Myths Busted

The average American knows very little about Bankruptcy. Most people probably are aware of bankruptcy’s ability to dissolve debt and give the debtor a fresh start.

Some of the information you might have heard is correct, but some is not. The purpose of this article is to dispel some of the most common bankruptcy myths.

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How To Rebuild Your Credit After Bankruptcy

If you are worried about rebuilding Credit after Bankruptcy, this article will help you with some general advice about how to find your way back to the top. What filing bankruptcy is all about Bankruptcy is a process whereby a person in debt can crawl out from under it and start again.

Watch these this video to get a better understanding of what you can expect. After you have filed bankruptcy you will then need to have your credit rebuilt.

Steps to take:

1 - Talk to a attorney

They will explain the options to you so that you will know which type you will be able to qualifiy into Chapter 7, Chapter 13 or Chapter 11.

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