Years ago, if you applied for a credit card, the banks would check your credit based upon one factor - your FICO score. FICO stands for Fair Isaac Corporation. A data analytics company located in San Jose, California. They developed a computer program that determines your credit score. Every time you apply for a car loan, bank loan, mortgage or credit card, your information is fed into one of the ‘Big Three’ credit bureaus, Transunion, Equifax or Experian, who used this formula to determine your credit rating; however, that has changed now, as there are numerous FICO versions available, as well as other companies that have similar formulas ...
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Common Myths About Saving for Retirement
It goes without saying that one should plan early for their retirement nest egg and for those lucky enough to be working for a firm that provides an IRA or compatible retirement plan, you are off to a good start. For those that do not have a retirement plan with their employer or you are in business for yourself, there are many options available to you as well. According to a study by the Economic Policy Institute, the average family puts away only $5,000 for retirement and 43% of Americans don’t have any retirement savings at all. These statistics can be scary. What leads people to shy away from investing in their future are many. Here are a ...
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The Economy Under the Upcoming Trump Administration
The Question of the US Economy for 2017
Experts on all sides are weighing in regarding what the future economy will be like for the next four years. This is not a simple task. There are many factors to consider. For example, what will happen to the nation’s economy if the NAFTA trade agreement is nullified? What about the job market? Will jobs increase? Will the ‘repeal and replace’ of Obamacare help or hinder the economy? What will happen to interest rates of saving accounts, mortgages and credit cards? Will there be an epidemic of personal and business bankruptcies or a substantial decrease of debt? How will the stock market react to these ...
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How to Avoid Bankruptcy Mistakes
Bankruptcy is something which everyone tends to avoid, but there are times that it can come when you least expect it. And since can be a stressful period in your life, you are bound to make certain mistakes before you file for bankruptcy. The actions you take or don’t take may determine whether your bankruptcy claim will be successful or not. Hence, it’s important to avoid making mistakes when filing for bankruptcy and ensure your bankruptcy lawyer doesn’t do the same.
If the process and procedures are not followed properly, the trustee may you for more information; such as additional financial records, mortgage documents or court files. ...
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How to Find a Good Bankruptcy Lawyer
Bankruptcy is a tough and stressful period in anybody’s life, and when you need a bankruptcy lawyer to handle your case, it is important to take care while choosing one. If your case is not strong enough, there’s a high chance it will be denied by the court. Hence, finding a good bankruptcy lawyer is crucial; an experienced lawyer will be able to inform you of the paperwork needed, they will answer your queries on time, and they will be well aware of all the local rules and regulations.
If you are wondering on how to search for an experienced yet affordable bankruptcy lawyer, here are a few ways to proceed.
Meet them
Once you have ...
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Chapter 13 Bankruptcy 101 – The Basics
If you have current monthly income that prevents you from qualifying under the Means Test for Chapter 7 bankruptcy, or if you are in foreclosure, or if you have tried to modify your mortgage and have been denied by your lender, or even if you have fallen behind after modifying your mortgage, I can help you file a petition for protection under Chapter 13 of the U.S. Bankruptcy Code.
In fact, Chapter 13 bankruptcy was initially designed for homeowners who were in foreclosure to allow them to repay their mortgage arrears as well as all, or a portion of, their unsecured debts under the protection of the United States Bankruptcy Law.
While ...
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Are You Eligible to File Chapter 13 Bankruptcy?
Contrary to Chapter 7 bankruptcy, this chapter does not allow you to discharge certain debts in return for the liquidation of a non-exempt property. Under Chapter 13 you get to keep your property and repay your creditors according to a court-approved repayment plan in 3 to 5 years’ time.
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To be able to file Chapter 13, you need to fulfill the standing requirements under this chapter. These include:
You can’t be a Business
Businesses are not entitled to file for bankruptcy under Chapter 13. Not even if they are sole proprietorships. Business bankruptcies are dealt with the principals laid down in Chapter 11 ...
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When to File for Chapter 13 Bankruptcy
Chapter 7 bankruptcy may be quick and seem far less of a hassle than Chapter 13, but there are certain scenarios where Chapter 13 may be better than filing for Chapter 7 bankruptcy. Sometimes, you have no other option other than filing for Chapter 13.
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So how do you decide whether your should file for Chapter 13 bankruptcy? Let’s find out.
Most people would consider Chapter 13 an option when they’re ineligible for Chapter 7 Bankruptcy. This happens when:
Your average monthly income in the six months period prior to the filing date exceeds the median income level in your state for your household ...
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Quick Tips to Build Your Life after Bankruptcy
Bankruptcy lawyers in New York, often come across people/families who become victim of the recurring spiral of financial crisis only because they do not know how to get out of debt. Truth is that most people are unaware of how to start anew after a bankruptcy episode – they tend to repeat their past mistakes over and over making it difficult for themselves to emerge out of their ever-persisting hardships.
The road to recovery is difficult and it requires solid perseverance and dedication to accomplish. But from where we see it, who wouldn’t want to live a debt-free life without having to worry about due dates and interest rates?
These ...
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How Not to Run Into Bankruptcy
Whether it’s unemployment or a long established habit of overspending, there are a number of different reasons that can lead to potential financial difficulties for you and your family. And sometimes these financial down spirals can eventually force you into considering a bankruptcy declaration. However, bankruptcy is not always a viable option and hence, it is often better to avoid it altogether.
If you fear possible bankruptcy in the near future, these tips can help you recover.
Deal With the Credit Cards and Creditors First
Most people own multiple credit cards that have different due dates for payments. This often causes the ...
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