tag:blogger.com,1999:blog-367121332007-10-22T07:36:00.641-07:00QuestionsBlogger32125tag:blogger.com,1999:blog-36712133.post-16524606395970967772007-04-08T20:23:00.001-07:002007-04-10T06:48:56.842-07:00My bankruptcy chapter 7, has been dischared 7 yrs. now,is there any way to get it off my credit report? I was told it would be on it for 7 yrs. when we filed..Lawyer advised us to file when we were divorcing.<br /><br />Get an uptodate copy of your credit report just to make sure it has not gone. Update yourself of the DOJ manditory terms of credit reporting to make sure it is still 7 years. (I think its 10 myself) and do some home work behind the scenes. You can challenge the credit bureaus to maintain the listing. If it is to come off it must come off.Questionstag:blogger.com,1999:blog-36712133.post-13445105337173664512007-04-02T07:39:00.003-07:002007-04-04T06:43:26.538-07:00we dont want to file bankruptcy,but we are in a more going out than coming in spot. we dont want to refinance for 30 yrs.and end up in worse shape and lose our home. we are not late on anything and have excellent credit.but we are not able to pay our bills and insurance without using a credit card.<br /><br />Some times what we want to do and what we need to do are two very diffenent things. With your excellent credit you can perhaps apply for a credit line to help pay for your insurances etal at a better interest rate than the cards.<br /><br />The refianance may be your only option. By relieving yourself of your cash flow problems, doing up and living to an Expense Plan and byusing good judgement and prudent restraint on your purchases and decisions you may just make it out. Look at a Chapter 13 wager earners pay back and keep the house likely.<br /><br />Good LuckQuestionstag:blogger.com,1999:blog-36712133.post-75477504870316980002007-03-22T09:23:00.000-07:002007-03-22T09:28:03.731-07:00I get asked occasionally by clients about Joint Credit Cards. The Question usually goes this way.<br />My wife and I got divorced and I keep getting calls about payment of her credit cards. I never used it but why am I involved?<br /><br />You are involved because either the Credit Card was of joint nature, meaning both of you applied and both signed on the dotted line. OR You applied either knowingly or unknowingly and your wife was assigned as an authorized user.<br /><br />Either way you are pretty much on the hook. On the first situation, because it is a shared responsibility not dealt with with your seperation agreement. The second.. Because regardless of seperation or marriage, your name is on the account as principle account holder.Dave Richtertag:blogger.com,1999:blog-36712133.post-71945191837030854192007-03-20T10:22:00.000-07:002007-03-20T10:26:25.541-07:00Yes and No. no one can literally force you to do a bankrutpcy in America, however they may force you to decide to do so by applying so much pressure that Bankruptcy is seeminly your only option.<br /><br />I suggest you contact an approved Credit Counselling agency as per the Dept of Justice establish list and do your pre bankruptcy counselling to establish your situation better and with that do your Needs Assessment at that time to see where you stand. If you do the Bankrutpcy then those two preliminary tasks are out of the way, If not you will know where you stand and go from there.Dave Richtertag:blogger.com,1999:blog-36712133.post-63058290986449145702007-03-15T11:55:00.000-07:002007-03-15T11:59:12.863-07:00Welfare and Social Security Disability are usually unaffected by the Bankruptcy if you have not been found defrauding the government on any issue along the way. People on both of these are not removed from having credit problems and may need some assistance. Fees for services regarding filing and counselling will likely be waived, however expect the courts to order some sort of follow up counselling after the fact. Check however with your social worker or case manager if they have an opinion or any guidence available before signing on.Dave Richtertag:blogger.com,1999:blog-36712133.post-8152755166340364542007-03-11T12:08:00.000-07:002007-03-12T12:12:28.024-07:00The answer is simple. You are on a mailing list and lists are bought and sold over and over again and not <span class="blsp-spelling-corrected" id="SPELLING_ERROR_0">necessarily</span> updated with the Credit Bureau. No one whom sends you this stuff out knows what your particular situation is nor could really care. Only pay attention to mailing <span class="blsp-spelling-corrected" id="SPELLING_ERROR_1">received</span> from your creditors <span class="blsp-spelling-corrected" id="SPELLING_ERROR_2">in case</span> they wish to update their files with information current to your situation.Dave Richtertag:blogger.com,1999:blog-36712133.post-29627877299923869682007-03-07T09:20:00.000-08:002007-03-07T09:26:15.880-08:00In our continuing effort to provide unique and insitefull information to our web viewers Bankruptcy America.com is now offering an interactive forum for you to post comments, experiences and ask questions of others to do with any subject of a money, credit or insolvency nature!. We will all be able to access benefit from Real Life experiences of others. Please keep an eye out for the Forum Launch real soonDave Richtertag:blogger.com,1999:blog-36712133.post-71671767828007839082007-02-26T10:09:00.001-08:002007-02-26T10:11:10.035-08:00This is a question easiest answered by saying in my opinion. THE WORLD REVOLVES AROUND CREDIT. How you evolve in this world is your choice. AND<br /><br />Credit is an identity in this world. Without some sort of referrence we do not exist.<br /><br />Credit allows for individuals to improve our standard of living while paying just a bit at a time over a long period of time. OK it comes down to needs vs wants. We all need certain comforts known as Creature Comforts. Food, Shelter and Clothing.<br /><br />We want usually the best of those comforts and credit is the way to get what we want.<br /><br />Many times a mature individual (senior) will apply for a car loan rather than break up a long time investment and be refused because they have no credit referrence because of paying cash for 50 years. They do not have any debts and therefore do not have any identity.<br /><br />Note that this is a dwindling population but it is hoped that the the pragmatic and prudent use of money and credit does not die with them. So go out and get a credit card and the identity it creates, but how you use it is up to you.Dave Richtertag:blogger.com,1999:blog-36712133.post-74146569741198084592007-02-23T10:12:00.000-08:002007-02-26T10:18:01.409-08:00The secured credit card term means that by placing some of your money as a security deposit or collateral a credit card company will issue you with an equivelent amount as credit limit on their card. An example of this is if you place $500.00 up as a deposit the credit card company will give you usually $500.00 as a credit limit.<br /><br />This establishes a credit reference on the bureaus and allows you to purchase goods with you card and pay as per the card holder agreement. Once an individual has demonstrated a responsible use of the card then they can apply to have the security amount reduced or returned while maintaining the credit limit.<br /><br />Make sure that if you obtain a secured credit card that the company will pay you interest on your deposit and that it is not just a fee.Dave Richtertag:blogger.com,1999:blog-36712133.post-14411040777097676602007-02-20T09:46:00.000-08:002007-02-26T09:53:37.315-08:00Share Loans, one of the best ways to get your credit back on the positive side AND still be able to take advantage of current offers and purchases.<br /><br />Share Loans basically take your money and match it with an equivelent amount lent to you by your institution. For instance. If you need $2000.00 for a used car. By having $1000.00 of your money left in a saving account and not touch it, the lending institution will offer you $1000.00 against your savings amount. As you make payments against the $1000.00 you can use the equivelent amount out of your savings.<br /><br />Its a one to one match and it is a great way to show credit worthiness and responsibility. It is a great way to re establish or just establish credit for a youth just starting out.<br /><br />The idea was first established by the Credit Union and Co-operative lending institutions.Dave Richtertag:blogger.com,1999:blog-36712133.post-76043835044733514502007-02-18T09:55:00.000-08:002007-02-26T10:00:34.591-08:00What is one of the most important monthly expenses or services you use? Electricity, Natural Gas or Propane, Water,?<br /><br />Answer. All of them together. Pretty much a tough go of it if you loose your electricity in winter because of lack of payment. Heat likely the same. Well there are laws in many states stipulating that the basic utility services can not be terminated or "turned off' during the winter months. (November to March) in most states.<br /><br />No way do I suggest you play the system because you will ultimately still be responsible for the bill, but if threats come from the collection agencies be sure to talk to a credit counsellor and have them research the applicable act.Dave Richtertag:blogger.com,1999:blog-36712133.post-14993303906681878432007-02-13T15:38:00.000-08:002007-02-13T15:37:58.361-08:00You will often see Credit Cards entice you to sign up to accumulate points for Automobiles, Travel or what ever. In the event that you have to do a chapter 7 or 13 you stand the very real chance of loosing all of those points and benefits.Dave Richtertag:blogger.com,1999:blog-36712133.post-18548098867876780272007-02-10T15:32:00.000-08:002007-02-08T10:46:45.059-08:00Wage Garnashees are nasty things. They are court ordered and are designed to force you to repay a debt to a debtor. If you say owe money to a Credit Card company. You have neglected to repay even your minumum payment, refused to answer their calls, decided to have the phone disconnected maybe.... They will leave me alone now?<br /><br />Nope. A Garnashee order is issued and you will appear in Court. Without a suitable reason for your conduct a judge may issue an order to Garnashee your wages and there is not too much you can do except beg for forgiveness. Not too likely it will work. In other countries such as Canada Garnashees can be ordered with out you even knowing until you notice a difference in your net pay and payroll is not to blame.<br /><br />Best practice. Call a creditor, keep the lines of communication open and do your best to make payment.Dave Richtertag:blogger.com,1999:blog-36712133.post-80253849394296702007-02-08T10:37:00.000-08:002007-02-08T10:45:22.147-08:00That baffled me for a while till I found out about factoring and the sale of receivables. Companies that provide you the big screen tv actually sell the account that you formed and the agreements that support that account to a finance company. That finance company essentially lays in wait for you to come to the end of your "no payment holiday" and then hopes you will not be able to pay out on time. They then start the interest and principle calculations from the day of purchase and you pay it all right then and there. If you cannot you start paying the debt off over a period of time at a substancial interest rate.<br /><br />The company that sold you the item gets paid within days of selling you the goods.Dave Richtertag:blogger.com,1999:blog-36712133.post-1170164001057501262007-01-30T05:33:00.000-08:002007-01-30T09:07:34.210-08:00<p class="mobile-post"><br />Couple of days ago I werecked my car. I\'m still paying on owing 7300 I didn\'t have insurance on it. I haven\'t heard from the other insurance company from the car that i hit. I was just getting things under control now i feel as if i can no longer handle it is bankruptcy a consideration</p><br /><br />Bankruptcy is always a consideration however, it may be that you have bigger issues to deal with before hand. In many states it is a manditory lending requirement for insurance coverage on a chattel (Your financed car). In some other states it it no fault. Not knowing where you are from does not allow me to answer completely. I would likely seek out a litigation attorney or legal aid.Questionstag:blogger.com,1999:blog-36712133.post-1169826756169287182007-01-26T10:52:00.000-08:002007-01-26T07:58:59.706-08:00<p class="mobile-post"><br /> <strong>Question? </strong>I have heard of this and I think I am being discriminated against when I apply for a loan.</p><br /><br />According to the U.S. consumer protection act- Equal opportunity lending is based on the same priciple as Equal opportunity employement. Simply lenders are not allowed to discriminate against or prejudice an individual regardless of race, creed and religious convicitons. Everyone can apply and should be given the same considerations in reviewing credit and loan worthiness. If you suspect a discrimination issue at your lender then ask them for a copy of their consumer lending guidelines.Questionstag:blogger.com,1999:blog-36712133.post-1169823148836221102007-01-22T06:47:00.000-08:002007-01-26T06:52:28.866-08:00As of October 2005 a manditory credit counseling directive was issued by the US Dept of Justice basically stating that prior to filing a Chapter 7 or 13 personal bankruptcy the individual must be counselled by a certified counsellor. This initiative is a good thing because it will guide and direct and individual to better understand the process and allow a Means Assessment to see all of the individuals options in being able to fullfill the terms of the particular bankruptcy. For more information brouse our Bankruptcy America.com FAQ page.Dave Richtertag:blogger.com,1999:blog-36712133.post-1168914045717008192007-01-15T16:08:00.000-08:002007-01-18T05:47:10.616-08:00<p class="mobile-post"><br /><strong>Question</strong>: My husband and I are in an extreme amount of debt that has built up over a number of years. Periods of unemployment have not helped. We both have very low paying jobs. (one is min. wage,and neither one of us work 40 hrs.) But our credit card debt is around $28,000. We do however, own our home, debt free. Is there help for us since we own our home? Is it possible for us to go bankrupt while owning a home? </p><br /><br /><strong>Answer</strong>: Thank you for your question.. It is possible to file <a href="http://www.bankruptcy-america.com/chapter-7-bankruptcy.htm">Chapter 7 bankruptcy</a> and keep your home.. It does however depend on your state you live in and decide to file in. There is such a thing as an homestead exemption that caps the value of your assets in real estate. You will have to proceed with a Means Test which will determine your situation on a daily basis. It may well be that with the debt load you carry you may just want to do a Home Equity loan and pay out your debt that way. We suggest you use our <a href="http://www.bankruptcy-america.com/bankruptcy-evaluation.htm">free bankruptcy evaluation</a>; a bankruptcy attorney will contact you, from your state, to help you decide whether or not bankruptcy is the correct option for you.Questionstag:blogger.com,1999:blog-36712133.post-1168527270201918342007-01-11T06:48:00.000-08:002007-01-11T06:54:30.213-08:00A default interest rate is the rate charged when you fail to pay according to the agreement you signed when obtaining your credit. For instance.<br /><br />If you fail to pay the minimum balance on your credit card this month. You may have paid some sort of interest penality in the past on maintaining your balance, but if you do not pay anything then the card company issues a Default Interest rate to the maximum published as a big penalty. They will usually access this larger rate for a period of 3 months after you bring your account into "Good Standing"<br /><br />Credit cards can be tricky things, especially when you inadvertently miss a payment. The interest is charged from the begining of the period you borrowed the credit, not from the point from which you defaulted... Costing Americans millions of dollars per month in excess charges. Big business, Big money... Read and UNDERSTAND the whole card holder agreement. Contact us at Bankruptcy-America.com for more indepth information.Dave Richtertag:blogger.com,1999:blog-36712133.post-1168526830604094832007-01-11T06:46:00.000-08:002007-01-11T06:47:10.613-08:00Dave Richtertag:blogger.com,1999:blog-36712133.post-1168003524087133242007-01-05T05:19:00.000-08:002007-01-05T05:25:24.096-08:00Greater numbers of students will be lured into the Wonderful World of Credit and Debt by telemarketers, Point of Sale People and direct mail than in 2006. Why?<br /><br />One of the answers is that the Finance companies believe that is a student uses his/her credit card in a manner that racks up the balance and fees that Mom and Dad will dive in and bail them out.<br /><br />Another is that they will be able to pay the minimum payment on a small credit limit long enough for the Finance companies to gain a decent rate of return on interest, overlimit and service fees before default.<br /><br />In practical terms the use of a credit card for student purposes need not be when other methods of money movement are available. For more information or commentary please let us know at Bankruptcy-AmericaDave Richtertag:blogger.com,1999:blog-36712133.post-1167852022813186212007-01-03T11:13:00.000-08:002007-01-03T11:20:22.833-08:00New Years Resolutions usually bring more than vailed promises... They bring the reality of Christmas Bills via Credit Card or Line of Credit. <br /><br />A couple of suggestions: (1) be brave and open all of your bills and statements when you get them.. Quite often Credit Card companies will insert some value added promotions in their January statements that will ease the burden of payment. Deferred balances, payment holidays, Balance transfer options are all part of the package in some cases. If you dont open the bill you might miss the opportunities.<br /><br />(2) Priortize Payments: take care of your home utilities bills first and pay everyone something if you can not pay them off entirely.<br /><br />(3) Call your creditors: Say hi and Happy New year! this tact will allow you to be upfront and personal with the Customer Service folks and they might just have some suggestions similiar to the above to help out.<br /><br />(4) Af you find you are drowning, contact a bonifide Credit Counsellor and get some more advice. Bankruptcy-America.com can help too.Dave Richtertag:blogger.com,1999:blog-36712133.post-1167274537648839382006-12-27T18:50:00.000-08:002006-12-27T18:55:37.656-08:00If you receive a letter saying that if you do not pay within a certain period of time then your account will be submitted to court for a judgement. This means that the collection agency is flexing its muscles and saying, its just about had enough of the outstanding debt. The fact is that it will take several weeks or several months to obtain a judgement but that is the way they are going. The company has every right to obtain a judgement to collect however, its really just a piece of paper signed by a judge that says you have to pay. We know that with out the action right?<br /><br />Your best bet is to complile all of your debts and finances and sit down with a Credit or Financial Health counsellor and have a full assessment done.Dave Richtertag:blogger.com,1999:blog-36712133.post-1166835694505862192006-12-22T16:54:00.000-08:002006-12-27T18:59:57.663-08:00Under certain conditions they have the right to do so. One condition would be if they (parents) have co-signed any loan arrangement that you have entered into.. Ie You need help to get a car loan and they sign with you to guarrantee it.<br /><br />If your parents or parent are co-applicants or co-account holders of a credit card, but not an authorized user.<br /><br />Your name is the same as your fathers.. <br /><br />Remember these guys are paid by the collection.. If they can rattle or disturb anyone close to you and lay an emotional trip on them to influence you to pay your bill or make an inappropriate decision THEY WILL><br /><br />Have a look into a Debt Management / Credit counselling specialist to help out. We can assist further at Bankruptcy-America.comDave Richtertag:blogger.com,1999:blog-36712133.post-1166835151289291852006-12-17T16:46:00.000-08:002006-12-22T16:52:31.296-08:00Tough spot to be in but there are a couple of options... One Call them back and deal with them and their issues with your account... Takes a fair bit of courage but nonetheless that will have them go away at least temporarilly.<br /><br />Two. If you do not wish to contact them then look at developing a Debt Management Plan with a recognized Debt Management service and let them deal with the creditors on your behalf.<br /><br />Three. They have every right to call under certain rules and procedures as subscribed by the US DOJ United States Department of Justice. If you get a call at work they must have had permission from someone in your household that gave them your number at work... There are many, many rules of the road concerning creditor contact with you.. Consult a certified Councellor for more informationDave Richter