Many people do not realize that debts can be sold just like any other product. You may have an old credit card debt which you forgot about and have not heard from in years. Do you realize that the original credit card company could have sold this debt to a debt buyer?
When this happens, the collection process can start quickly, involving court actions, wage garnishments and seizures of bank accounts.
The New York Times recently published a long informative article on the debt buying business, and the abuses these companies inflict on people.
The article is well worth your time to read, to give you an idea of how much trouble these companies can cause you, and why you should not ignore them if they contact you.
Here is the link to the article:
http://www.nytimes.com/2015/12/23/business/dealbook/sued-over-old-debt-and-blocked-from-suing-back.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region®ion=top-news&WT.nav=top-news&_r=1
Sunday, December 27, 2015
Friday, November 13, 2015
Disputing Mistakes on your Credit Report Recently Has Become Much Easier
Clients frequently ask me how they can correct mistakes on their credit reports. It's a smart idea to check your credit report once per year for errors. People can obtain one free report from all three bureaus one time per year. You can go to www.annualcreditreport.com for details on how to obtain your free credit reports.
If you do notice errors, you now can file your dispute online, instead of having to send letters by U.S. Mail.
This recent informative article in the NY Times will show you how you can file your dispute: http://www.nytimes.com/2015/11/14/your-money/credit-scores/fixing-credit-report-errors-online-gets-added-heft.html?ref=business&_r=0
Particularly after having filed for bankruptcy, it is important that your debts which were discharged show a zero balance, and that no other hurtful errors are present on your credit reports.
If you do notice errors, you now can file your dispute online, instead of having to send letters by U.S. Mail.
This recent informative article in the NY Times will show you how you can file your dispute: http://www.nytimes.com/2015/11/14/your-money/credit-scores/fixing-credit-report-errors-online-gets-added-heft.html?ref=business&_r=0
Particularly after having filed for bankruptcy, it is important that your debts which were discharged show a zero balance, and that no other hurtful errors are present on your credit reports.
Saturday, February 7, 2015
WHAT WILL THE BANKRUPTCY HEARING BE LIKE?
Most clients are nervous about the hearing that they will need to attend about 3-4 weeks after the filing of their case. There truly is no need whatsoever to be nervous. Most hearing last about 4 minutes and then you can go home.
Frequently, clients ask me what to wear at the hearing. I recommend casual every day clothing (wearing jeans is fine). You want to avoid either extreme of clothing -- don't dress up like you are attending an opera, and don't wear sweat pants and a ripped T-shirt either. Just your regular every day clothes.
The first and second links below are videos about how a typical bankruptcy hearing proceeds. The second link provides additional information about the hearing which you may find informative.
https://www.youtube.com/watch?v=qLUNckN7SsQ
https://www.youtube.com/watch?v=ialTcnKnYyM
https://www.youtube.com/results?search_query=bankruptcy+creditors+meeting
Frequently, clients ask me what to wear at the hearing. I recommend casual every day clothing (wearing jeans is fine). You want to avoid either extreme of clothing -- don't dress up like you are attending an opera, and don't wear sweat pants and a ripped T-shirt either. Just your regular every day clothes.
The first and second links below are videos about how a typical bankruptcy hearing proceeds. The second link provides additional information about the hearing which you may find informative.
https://www.youtube.com/watch?v=qLUNckN7SsQ
https://www.youtube.com/watch?v=ialTcnKnYyM
https://www.youtube.com/results?search_query=bankruptcy+creditors+meeting
Wednesday, February 4, 2015
Money Problems Are a Major Source of Stress in Life
More and more clients who come to see me are under more stress than ever, due to heavy debt, bills, and just the high cost of everyday life. Not to mention a job that doesn't pay enough to support a family.
From student loans, child support (not receiving it or having to pay it), car loans, mortgage payments, electric, heat, food, children's activities, and unexpected expenses that come up out of nowhere, like car repairs and doctor visits, people have it coming from every angle.
The American Psychological Association has reported that 90% of Americans feel that their stress level about money has gotten worse or stayed the same. Almost 3 out of 4 people stated that they were stressed about money at least one time in the last month.
While many people will do everything to avoid bankruptcy protection, filing for bankruptcy can provide a person in need with a fresh start he cannot obtain anywhere else. Being free from debt not only will reduce the stress level, it also will free up extra money for the most important family expenses, especially when there is only so much money to go around.
Because the newspaper does not publish name of people in bankruptcy, chances are you know at least one person who has sought help from a lawyer for the same problem. Bankruptcy always should be the last resort, but, it should be an option to consider when you need to set things back in the right direction.
From student loans, child support (not receiving it or having to pay it), car loans, mortgage payments, electric, heat, food, children's activities, and unexpected expenses that come up out of nowhere, like car repairs and doctor visits, people have it coming from every angle.
The American Psychological Association has reported that 90% of Americans feel that their stress level about money has gotten worse or stayed the same. Almost 3 out of 4 people stated that they were stressed about money at least one time in the last month.
While many people will do everything to avoid bankruptcy protection, filing for bankruptcy can provide a person in need with a fresh start he cannot obtain anywhere else. Being free from debt not only will reduce the stress level, it also will free up extra money for the most important family expenses, especially when there is only so much money to go around.
Because the newspaper does not publish name of people in bankruptcy, chances are you know at least one person who has sought help from a lawyer for the same problem. Bankruptcy always should be the last resort, but, it should be an option to consider when you need to set things back in the right direction.
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