What is debt collector misrepresentation?
When facing mountains of debt that you cannot overcome, the last thing in the world you want to deal with on top of that is the hounding of a debt collector. Unfortunately, debt collectors are not always known for their kind methods of handling debtors, either. In addition to classic harassment tactics, debt collectors may […]
Are your revolving balances on your credit cards too high?
As inflation continues to rise, it can be difficult not to use your credit cards. After all, the goods and services you use every single day are presumably more expensive than ever. Still, if you cannot pay off your credit cards monthly, you may notice an immediate decline in your credit score. Your credit score […]
Why should you track credit card spending?
Credit cards get a bad rap because a lot of people do not understand how to responsibly use them. However, the strategic use of credit cards can benefit you in a number of ways including helping you to build rapport with lenders. Tracking your credit card spending can help you avoid some of the common […]
Your trustee’s role during a chapter 7 bankruptcy
When you file for a chapter 7 bankruptcy, you will be working with a bankruptcy trustee. This person will have a great deal of leverage in your case, so it helps to understand what his or her role is. Your trustee will monitor your case, recover property from your estate and distribute assets to creditors. […]
When may bankruptcy discharge my unpaid medical debts?
Chapter 7 bankruptcy may discharge most consumer debts including your outstanding medical bills. According to the U.S. Census data, about one out of every five U.S. households has unpaid medical debts. As reported by Credit.com, health care expenses contributed to nearly 67% of bankruptcy petitions submitted in 2019. If you paid for your family’s health […]
Do credit card balances increase credit scores?
Of all the dangerous and misleading myths circulating about credit scores, one of the most damaging involves your balance. Unfortunately, many people hold a mistaken belief that carrying a balance on a credit card can actually increase your score. Interest-bearing balances actually have no impact on your score, though. Not only does it not improve […]
Show documentation to receive a loan modification
When you can no longer afford to pay your mortgage, you may feel tempted to stop making these payments. However, you could be able to receive a loan modification. In this situation, your lender usually needs to see several kinds of documentation. You might hesitate to speak to your lender until you feel that you […]
How may a bankruptcy help after defaulting on my home loan?
A lender sending you a notice for defaulting on a mortgage generally means that your account has not received a payment for 60 days. As noted by U.S. News and World Report, the next step your lender takes may include filing a lawsuit to begin foreclosure. Creditors follow their own timeline to determine when borrowers […]
5 mistakes you must avoid when filing for bankruptcy protection
No doubt it is with a feeling of relief that you have decided to file for bankruptcy protection. However, if you want the bankruptcy process to go smoothly, you must be alert to potential problems. Here are five mistakes you must avoid. 1. Failing to list all creditors The law stipulates that you list all […]
How may a Chapter 13 bankruptcy plan work repay my debts?
Debtors with steady income may qualify for a Chapter 13 bankruptcy. As described by CreditKarma.com, you may personalize a three-to-five-year payment plan to repay creditors. This may provide a workable option to restructure your debts by consolidating them into an affordable monthly payment schedule. To qualify for a Chapter 13 plan, you may not earn […]