Category: General Debt
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Charge Off Debt Doesn’t Mean What You Think It Means
What does it mean when a debt is a charge off debt? You might be surprised of the true meaning of the term “charged off.” Read on to learn more about this important concept! Charge Off is an Accounting Term, Not a Legal Term A creditor charges off a debt when it can not realistically…
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Credit Reports Won’t Show Judgments or Liens
Credit reports are changing! A better credit score may be right around the corner. Starting this week, some people will enjoy a credit score increase of up to 20 points. This is because the three major credit bureaus will enforce stricter reporting regulations. What does this mean? Civil judgments and tax liens will vanish from…
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Co-Sign Debt Lawsuit (Don’t do it!)
People often co-sign debts without realizing that there can be severe consequences down the road. For instance, a lender can sue a co-signor if the primary borrower defaults. Read on to learn more about these insidious lawsuits. Co-Signing a Loan is Very Serious Co-signing on a loan for a friend or family member seems like…
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Credit Scores and Bankruptcy
Credit scores are important. Your credit score impacts your ability to pay for large purchases over time. Lenders will use poor credit scores to deny loan and credit card applications. Bad credit will cost you money too. Lenders generally charge higher interest rates depending on credit score. Some service providers may even require you to pay a security deposit based…
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If Student Loans Were Hard to Manage Before, They’re About to Get a Lot Worse
New data released on March 14 by the US Department of Education showed that in 2016, 1.1 million Federal Direct Student Loan borrowers defaulted. The data also shows that a total of $137.4 billion in student loan balances were in default. Student Loan Collection Fees Until a couple years ago, collectors of defaulted loans were permitted…
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How Many Times May a Creditor Levy Your Bank Account?
A bank levy is when a creditor takes money directly from your bank account. How many times can a bank levy occur? The answer will very likely surprise you. Bank Levies Only Happen After a Judgement A creditor can only take money directly from your bank account if you give the creditor permission or they go through…
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How to Get a Credit Card After Bankruptcy
I recently wrote articles on how to get a Mortgage and Car Loan after bankruptcy. This article will discuss your credit card options after bankruptcy. Credit Cards Aren’t Bad At All It is foolish to say that debt is bad, or that credit cards are bad. Used responsibly, credit cards can make managing your finances…
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How to Get a Mortgage After Bankruptcy
A very common question asked of me during a bankruptcy consultation is related to home loans after bankruptcy. Most people are surprised to hear that it is absolutely possible to qualify for a mortgage loan with a bankruptcy. Read on to learn more. What Happens After a Bankruptcy Discharge Most bankruptcy cases conclude with a bankruptcy…
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Is Donald Trump Going to Change Bankruptcy Laws?
As you may have already heard, Donald Trump is just weeks away from being sworn in as the new President of the United States of America. This is not a blog about President-Elect Trump’s politics. Instead, I will discuss how President-Elect Trump may affect bankruptcy laws in this country. Previous Efforts at Bankruptcy Reform The last major…
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Top 3 Car Buying Secrets
I have had occasion to review many car loans through my bankruptcy practice. I would like to share some of the wisdom that I have gained because car buying can be so difficult. This is especially true if you aren’t familiar with all of the tricks car dealers play. 1. You Don’t Have to Use…