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Paying The Minimum On Credit Cards is Not Enough To Avoid Bankruptcy

If you can only afford to pay the minimum payment required on your credit cards, you probably need to file bankruptcy. Minimum payments are designed so that the debtor making the payment will pay the maximum amount of interest on their debt and pay on the debt for the maximum amount of time. It probably [...]

By |2018-11-07T22:44:32-05:00August 19th, 2011|Credit and Bankruptcy|Comments Off on Paying The Minimum On Credit Cards is Not Enough To Avoid Bankruptcy

Post-Bankruptcy Survival: Prepaid Debit Cards Truth And Lies

Prepaid Debit Cards Truth And Lies Prepaid debit cards are becoming increasingly popular as many Americans facing financial troubles are finding it difficult to get a regular checking account due to bounced checks and overdraft issues. But for debtors exiting bankruptcy prepaid debit cards are not the best route to normalizing their financial situation. Here's [...]

By |2018-11-07T22:45:10-05:00August 2nd, 2011|Credit and Bankruptcy|Comments Off on Post-Bankruptcy Survival: Prepaid Debit Cards Truth And Lies

Post-Bankruptcy Survival: Will CFPB Improve Credit Report Accuracy?

The newly formed Consumer Financial Protection Bureau's (CFPB) oversight obligations will include the big three credit reporting Equifax, Experian and Trans Union. But it's still not clear exactly what type of powers they will have over these companies. However, there is some speculation that the CFPB's powers will extend well beyond those of the FTC. [...]

By |2018-11-07T21:28:49-05:00July 28th, 2011|Credit and Bankruptcy|Comments Off on Post-Bankruptcy Survival: Will CFPB Improve Credit Report Accuracy?

Are Checks, Debit Or Cash To Your Benefit?

As the banking industry is poised to lose $10 billion in overdraft and merchant fees, some banks are looking to tack on fees to debit cards and checking accounts to make up for the revenue shortfall. Already, JPMorgan Chase, Wells Fargo and many other banks are reducing or phasing out rewards programs that gave users [...]

By |2018-11-13T21:38:17-05:00July 8th, 2011|Credit and Bankruptcy|Comments Off on Are Checks, Debit Or Cash To Your Benefit?

Consumer Debtors Targeted With Risky “Business Credit Cards”

Just when consumers thought they were safe from the credit card shenanigans of big banks, a new culprit has found its way into their wallets.  Business credit cards, which are being marketed to individual debtors at an alarming rate, are not covered by the Credit CARD Act and by extension these cards can change their [...]

By |2018-11-14T17:07:36-05:00June 28th, 2011|Credit and Bankruptcy|Comments Off on Consumer Debtors Targeted With Risky “Business Credit Cards”

Protecting Social Security Income From Creditors

How to Protect Your Social Security Income From Creditors If you're retired or disabled, then you're probably receiving social security payments. Those payments cannot be garnished by creditors except for the payment of child support, tax debt or debts accumulated due to a social security overpayment/fraud etc.  Even if a debtor exited bankruptcy with some [...]

By |2017-12-13T02:15:52-05:00June 27th, 2011|Credit and Bankruptcy|Comments Off on Protecting Social Security Income From Creditors

Why Borrowers Refuse To Call Credit Counseling Agencies

It has been over a year since the Credit CARD Act required credit card companies to provide the toll-free numbers for non-profit credit counselors on credit card statements. However, according to the National Foundation for Credit Counseling, they have only received 150,000 calls from the 500 million statements printed since February 2010.  Why is that? [...]

By |2018-11-16T18:49:02-05:00June 8th, 2011|Credit and Bankruptcy|Comments Off on Why Borrowers Refuse To Call Credit Counseling Agencies

Post-Bankruptcy Survival: Combating The “Limited Credit History” Obstacle

After receiving your bankruptcy discharge, it's best to immediately begin rebuilding your credit history using a combination of secured credit cards and eventually other types of debt instruments. However, some post-bankruptcy debtors fail to develop a diverse credit history and may find themselves unable to qualify for some types of loans because of their limited [...]

By |2018-11-12T22:45:27-05:00June 3rd, 2011|Credit and Bankruptcy|Comments Off on Post-Bankruptcy Survival: Combating The “Limited Credit History” Obstacle

What Happens When A Creditor Challenges A Bankruptcy Discharge?

 When the Creditor Challenges the Bankruptcy Discharge Sometimes when a debtor attempts to discharge certain debts in bankruptcy, the creditor will challenge the bankruptcy discharge. The creditor is allowed to file what's called an Adversary Proceeding so that they can plead the case of why the debtor should not be allowed to discharge a certain [...]

By |2018-11-07T21:15:49-05:00May 30th, 2011|Credit and Bankruptcy|Comments Off on What Happens When A Creditor Challenges A Bankruptcy Discharge?

Post-Bankruptcy Survival: Beware Of Mandatory Arbitration Clauses

What Are Mandatory Arbitration Clauses? More credit card companies and other lenders are adding mandatory arbitration clauses to their contracts and agreements with debtors. A mandatory arbitration clause basically says that both parties are prohibited from seeking judicial relief if a conflict arises and all disputes must be decided in arbitration. Sounds fair? Well it may [...]

By |2018-11-19T22:57:52-05:00May 30th, 2011|Credit and Bankruptcy|Comments Off on Post-Bankruptcy Survival: Beware Of Mandatory Arbitration Clauses