When You Need To File For Personal Bankrupcy

 credit repair  Comments Off on When You Need To File For Personal Bankrupcy
Nov 252017
 

In the short term, bankruptcy is a negative experience. Not only are there a host of unpleasant things that will take place, it is often shameful to tell people about your monetary situation. Don’t give into it and be sure to use this advice to figure out what you need to know to avoid bankruptcy.

You can find a wealth of information concerning personal bankruptcy by searching for websites which offer information about it. The United States Department of Justice, NACBA, and American Bankruptcy Institute websites are all great places to go for up-to-date information. You need to spend some time gathering valuable information so you can file your bankruptcy with confidence.

Credit Card

A lot of people find themselves needing to file bankruptcy when they are unable to pay their bills. If this describes your situation, it makes sense to become familiar with relevant laws. When it comes to bankruptcy, states have varying laws. For instance, your home might be protected in some states while you might lose it in others. Be aware of bankruptcy laws before filing your claim.

If you are considering using credit cards to pay your taxes and then file for bankruptcy, you may want to rethink that. Credit card debt is handled charge by charge during bankruptcy, and in most states, tax debt cannot be discharged through bankruptcy. Transferring the debt to another medium (e.g. a credit card) won’t magically make a tax debt discharagable, either. So, there is no reason to use your credit card if it will be discharged in the bankruptcy.

Instead of jumping into a bankruptcy filing, be sure your situation requires it. Look into credit counseling to see if it could help you work out of your debt without bankruptcy. Bankruptcy is a permanent part of your credit, so before you make such a big decision, you might want to explore all other choices so that your credit history is affected as minimally as possible.

Always be honest with the information you give about your finances. Remember that if you hide your valuable assets or income from your bankruptcy trustee, you may risk a number of penalties and complications. Among these is the possibility that you could be blocked from ever filing again.

Be certain you understand all you can about bankruptcy by researching reputable sites that offer good information. The United States Check out the Bankruptcy Institute site and do some research about consumer’s rights. You need to spend some time gathering valuable information so you can file your bankruptcy with confidence.

Instead of relying on random selections from the phone book or Internet, ask around and get personal recommendations. Although you may find a good lawyer through an advertisement, you can simply find a much better lawyer if the lawyer is recommended to you by someone who has gone through the process and who has the inside track on the lawyer’s true capabilities.

Do some research to find out which assets you could lose by filing for personal bankruptcy. The federal statutes covering bankruptcy can tell you exactly which assets are exempt from forfeiture to pay off creditors. Make sure that you carefully look over this list prior to filing to discover if your valuable assets will be seized. If you don’t read this list, there is a chance that you might get nasty surprises when they take your things away.

As you can see, you don’t need to surrender to bankruptcy. Use the tips you just read to make the best decision possible. You can turn your life around and protect your financial position if you make use of wise bankruptcy advice like the suggestions presented above.

Avoid exhausting your savings or emptying your retirement accounts to pay off creditors if you are considering filing for bankruptcy. Retirement accounts should never be touched if it can be helped. While dipping into your savings is likely to be necessary, avoid wiping it out completely to prevent leaving yourself with little financial security in the future.

Nov 242017
 

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Thinking About Trying To Repair Your Credit? Read These Tips First!

 credit repair  Comments Off on Thinking About Trying To Repair Your Credit? Read These Tips First!
Nov 242017
 

Has your bad credit been giving you problems? Due to the current economic conditions, the credit scores of many people are dropping. This article will teach you how to protect and improve your credit.

If you are buying a home it will not always be easy, and even more difficult if your credit is bad. If your income is a factor you may qualify for a FHA loan, which has lower standards and makes the federal government your lender in a sense. FHA loans even apply for someone who doesn’t have closing costs or the funds that are needed for down payment.

If you can’t get a normal card due to low credit score, look into a secured card. These types of credit cards often require a good faith deposit to open a new account. If you utilize a credit card responsibly, it can aid in the repair of your credit rating.

If you have to improve your credit, make a solid plan and follow it. You must be dedicated to making some significant changes in the way you spend your money. Avoid buying what you don’t need. Before making any purchase, determine if it is within your means and if it is indispensable. Don’t buy the item unless you answer “yes” to both of these questions.

Credit Score

If your credit is good, it’s easy to get a mortgage on a new home. You will get a better credit score by paying your mortgage payment on time. Home ownership also means you have assets that you can rely on to increase your credit score. Financial stability is important should you need a loan.

No credit restoration company can remove factual information, no matter how damaging, from your credit report. This information can stay on your record for about seven years. You can erase information that is incorrect from your credit record.

Any credit cards that have balances over 50% of your limit should be paid off until they are less than 50% of your limit. Carrying a balance of more than half your credit limit negatively impacts your credit score. Either pay this balance down or spread it out over multiple cards.

Make sure to have as low as possible of a credit line available to you. It will pay off in lowering the risk of excessive borrowing and reflecting good financial decision making on your behalf.

Anything on your credit report that you feel is inaccurate should be disputed. You should contact the credit bureaus both online and by certified letter; be sure to include proof of your claims. Make sure when you send the dispute package that you request proof by signature that it was received.

It is important to get any payment plan that you agreed to with a creditor in writing. You want documentation to back yourself up so there will be no problems in the future, and if the company owner changes you will have more of a chance of keeping your plan. After you have paid the debt off completely, keep your receipt in case there are any discrepancies on your credit report.

With a good credit score, you can easily buy a house and mortgage it. If you wish to have an even higher credit score, make sure that you pay your house mortgage off on time. Having a major asset like a house also looks good to potential creditors. Having a good credit score is a key factor if you ever need to take out a loan.

Do not file for bankruptcy. When you file for bankruptcy it shows for 10 years, your credit report will suffer from this. It sounds very appealing to clear out your debt but in the long run you’re just hurting yourself. Though it may provide some immediate relief, be aware of how it will impact your access to credit in future years.

Credit Score

If you have been frustrated and felt discouraged about your bad credit score, take these tips and use them to change that. Stop your credit score from spiraling downward, and look for ways to get back on track.

Try opening an installment account. There is a minimum amount each month that you will have to pay, so be sure not to get in over your head. Your FICO score will rise over time, if you responsibly manage this type of account.

Personal Bankruptcy: Use These Tips To Help You Get Through It

 credit repair  Comments Off on Personal Bankruptcy: Use These Tips To Help You Get Through It
Nov 232017
 

No one expects to have to go through bankruptcy. However, circumstances can change in an instant, leaving a situation where bankruptcy may be the best choice. It is crucial that you know what to do should it happen to you. If this has happened to you, then use the advice in this article to move forward with your life.

Do not even think about paying your taxes with credit and petitioning for bankruptcy right after. Most states do not look at this debt as chargeable, and you could end up owing money to the IRS. Remember that if you can discharge the tax you can discharge the debt. Just because your credit card could be discharged in bankruptcy does not mean you should use it.

Prior to filing for bankruptcy, be sure you have investigated all of your alternatives. You can also avail yourself of other options, such as consumer credit counseling. Bankruptcy permanently affects your credit, so avoid filing until you have exhausted all of your other options.

Be sure you’re doing what’s right before you file for bankruptcy. You have other options, including consumer credit counseling help. Bankruptcy stays on your credit for a whole decade, so if there are less drastic options that will solve your credit problems, it is in your best interest to make use of them.

If you are going through a bankruptcy do not fall victim to guilt and pay off debts that you do not need to pay. Retirement funds should be avoided at all costs. Your savings accounts offer valuable financial security so try to leave them intact.

Never lie about anything in your bankruptcy petition. To avoid problems, penalties and future re-filing bans, resist the urge to hide documentation or assets.

Although you can find many bankruptcy attorneys listed in your local Yellow Pages or online, it’s best if you can find one through the personal recommendation of a friend, family member or acquaintance. Don’t be taken in by some fly-by-night company that exists only to profit from the suffering of others. Check out any lawyer you are considering thoroughly before engaging him or her.

It is essential when going through bankruptcy that all of your income and assets are reported openly and honestly. Resisting the temptation to hide income or valuable assets from the bankruptcy trustee is a smart way to avoid potential complications, penalties, and the possibility of being barred from re-filing in the future.

No matter what, don’t give up! You may be able to regain property like electronics, jewelry, or a car if they’ve been repossessed by filing for bankruptcy. If the repossession occurred within 90 days from your filing date, it is possible that some of your property can be returned to you. Consult with a lawyer that can walk you through the filing process.

Don’t ever pay a bankruptcy attorney for a consultation, and ask a lot of questions. It is a good idea to consult several attorney before deciding on one. Do not make any final decisions until every question you have has been answered. You can think about your decision before making a commitment. You have lots of time for consulting with other lawyers.

Safeguard your home. Losing your home is thought of as common in bankruptcy cases, but it is by no means inevitable. For instance, if your home value has dropped recently, or even if you happen to hold a second mortgage, you may not necessarily lose the home. Check to see if you pass the requirements necessary to file for a homestead exemption.

Most bankruptcy lawyers give free consultation, so try to meet with these types of lawyers before deciding on hiring one. Be certain you talk to the lawyer, himself, instead of a paralegal or assistant; those people aren’t allowed to give legal advice. By shopping lawyers, you will be more likely to find one that makes you comfortable about the process.

Bankruptcy Process

Don’t hide from your friends and family while you go through bankruptcy. Filing for bankruptcy, and all that comes with it, can be hard to handle at times. It takes a long time, it can be stressful, and people feel unworthy, guilty and ashamed. It can be hard to face the world while the bankruptcy process is taking place. However, becoming a hermit will only increase feelings of self-doubt and could make you depressed. Make it a point to catch yourself if you feel yourself pulling away from others. Tell others that you would like to do some enjoyable things together while you go through bankruptcy process, then do it.

Filing for bankruptcy is not recommended when you have income more than your debts. You should know that filing for bankruptcy will ruin your credit score for at least ten years and that improving your credit score will be expensive.

Learn about teh differences between Chapter 13 and Chapter 7 bankruptcy. By researching each type, you can begin to understand which method is right for you. Learning about bankruptcy is not simple, so call a bankruptcy attorney to make an appointment to ask questions.

Once you have completed the bankruptcy filing, you should take time to do something you enjoy. The filing process is extremely stressful for a lot of the people who go through it. This stress could actually cause depression, if you don’t combat it. After you have finished filing for personal bankruptcy, your life will improve.

Talk to an attorney about reducing your car payments so that you can keep your vehicle. Often, you can negotiate a lower payment through bankruptcy. In order for this to succeed, you must have bought your car in excess of 910 days before filing, have a higher interest loan for it as well as a consistent work history.

Chapter 7

If you can afford to pay your bills, bankruptcy is not a wise option. Although bankruptcy may feel like a simple method of getting out of your large debt, it leaves a permanent mark on your credit history for up to 10 years.

Before you make the decision to file Chapter 7 personal bankruptcy, take time to think about anyone it could affect. Debts that involved a co-signer can be discharged in Chapter 7 bankruptcy. However, anyone sharing the loan with you may be forced to pay back the entire amount for the amount in full, which spell financial disaster for them.

Good advice is important when filing for bankruptcy. The process will be a lot easier if you have the right information. Don’t forget to implement the tips and tactics you have read above in order to help you when filing a bankruptcy claim.

Nov 222017
 

202-213-2218
How to interprete your credit scores?

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You should understand that your credit scores are calculated individually by the three agencies and your scores may not be the same due to variation of your credit history with different agencies. Below is the interpretation of different credit score range.

720-850 – Excellent – The best score range and best financing terms.
700-719 – Very Good – Qualifies a person for favorable financing.
675-699 – Average – A good credit score that qualify for most loans.
620-674 – Sub-prime – May still qualify, but will pay higher interest.
560-619 – Risky – Have trouble obtaining a loan.
500-559 – Very Risky – Need to work on improving your rating.
Interest rates generally rise along with a lenders risk factor. Overall, people with the highest credit scores receive the best financing, while those that fall below the average will generally only qualify for sub-prime loans with higher interest rates.
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Understanding The Payday Loan – Useful Info You Need To KNow

 credit repair  Comments Off on Understanding The Payday Loan – Useful Info You Need To KNow
Nov 212017
 

If you are experiencing a financial emergency that requires immediate cash, there is help. A quick solution for a short term crisis may be a payday loan. But, beware. There are many things you should know before deciding whether or not you should get one. These suggestions may be beneficial.

When you have to borrow some money from a quick loan company, chances are the rates you will pay on the money are very expensive. In some cases the interest can be as high as 200 percent. By making use of loopholes in usury laws, these companies avoid limits for higher interest rates.

If you really need a payday loan you have to remember that the money will probably eat up quite a bit of your next paycheck. Your loan will have to last until the paycheck after next, since you will have to use your next check to repay the loan. Pay this loan off immediately, as you could fall deeper into debt otherwise.

Keep in mind that your payday loan will probably eat up your entire next paycheck. Since the next paycheck will be used to pay back the loan, the funds have to last for the next two pay periods. If you fail to consider the amount you will pay back, you might need another loan which can result in a cycle of debt that is hard to break.

Payday lenders utilize all kinds of methods to get around interest rate laws that are meant for protecting consumers. They can charge fees as high as the interest itself. This is why cash advance loans are typically ten times more expensive than traditional loans.

Make sure you educate yourself on all the companies first before doing business with them. Do not just go with the first one you see advertising for. Make sure you have read reviews. Most companies will have bad reviews because of the mistakes people make, but they should have many good, honest reviews as well. You should use a company you know will be truthful.

Only have a single payday loan at a single time. Don’t visit more than one company to get money. You can find yourself in a stressful position of owing more money than you are capable of re-paying.

When you are thinking about getting a quick loan you should be very careful to adhere to the terms and if you can give the money before they ask for it. If you extend the loan, it will soon spiral out of control with interest rates and fees compounding. It will become harder and harder to pay it back.

A lot of payday loan services will require the borrower to sign a contract that basically protects the lender in a disagreement. If your company goes bankrupt, you will not get out of paying. They also make the borrower sign agreements not to sue the lender in the event of any dispute.

Make sure that you focus on directly applying to the payday loan lenders whenever you apply online. There are many matching sites out there, which is fine, but you need to be extremely careful about giving them your personal information.

If you are searching for a payday loan option, make sure that you only conduct business with one that has instant loan approval options. Instant approval is simply the way the genre is trending in today’s modern age. With more technology behind the process, the reputable lenders out there can decide in a matter of minutes whether or not you’re approved for a loan. If you’re dealing with a slower lender, it’s not worth the trouble.

Always check with your local Better Business Bureau (BBB) before using a company for a payday advance. By doing this, you can find out important information, such as the reputation of the business and whether there have been any complaints about their dealings.

If you know more about payday advances, you can confidently apply for one. Use the information here to help you make informed financial decisions. This will reduce the amount of financial problems you have later.

Nov 212017
 

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Learning Financial Responsibility Through Payday Advances

 credit repair  Comments Off on Learning Financial Responsibility Through Payday Advances
Nov 202017
 

Most people are wary of companies that offer quick loans at high interest rates. This category of loans includes payday cash advances. If you are considering this type of loan, you need to be as knowledgeable as possible regarding typical practices. With the help of this article, you will be able to prepare for payday loan services and understand what to expect.

The loan amount you may qualify for varies from company to company and depending on your situation. The money you get depends on what kind of money you make. The lender will do the math and crunch the numbers about how much you can borrow based on your earnings. Therefore, understand this when you are setting your expectations for a loan.

Know what documents you need for a payday loan. The majority of lenders will require for you to provide your bank account information and proof of employment. However, different companies have different rules. Ask a lender what is needed to get the loan as fast as you can.

Make sure you do your homework. Don’t just get a loan with the first company you find in the phone book. Compare different lenders to get the best rate. Although you need to spend some extra time on this, you will save a lot of money down the road. It may be possible to find an online resource that will compile information on several companies for easy comparison.

Payday Loan

Beware of using automatic systems that rollover the charges associated to your payday loan. This might be because your lender has renewed your loan and will take the money from your account. That will require nothing of you except setting up the payment schedule with the lender. This can lull you into never getting around to paying off that payday loan, so you are subject to hundreds of dollars of fees. Know what you are getting into.

Use the payday loan option as infrequently as you can. You should use a payday loan as a last resort and you should contemplate financial counseling. There is evidence to suggest that when people start taking out payday cash advances, bankruptcy soon follows. Only take out a payday loan as a last resort.

Consider looking into other possible loan sources before you decide to take out a payday loan. You will be better off borrowing money from family, or getting a loan with a bank. A credit card may even be something that would benefit you more. Fees from other places are better than payday loan fees.

It is best to do some research before submitting an application for a loan. Not all payday advances have the same interest, fees and repayment window, so shop around. Compare payback policies and interest rates prior to applying to a particular company and choose the best one.

Always bring identification and proof of income or employment when it is time to apply for a payday loan. You must demonstrate to the lender that you have stable income, and that you are 18 years of age or older.

Although there are instances when cash advances are a good choice, you should first make sure you educate yourself about this type of loan before you make a decision. You should now have the information you need to get a payday loan.

Before choosing a lender for a payday loan, look into the company first. You will want to make sure the company you choose is legit, as well as ensuring they have solid policies in place for repayment. Find reviews from previous borrowers, if you can.

Nov 202017
 

Raise Credit Scores 40 Points in 45 Days| Increase Credit Score 40 points Quickly
What this video covers
What Is Credit scoring?
Credit Categories
Credit scores Dynamic or Static
What do scores represent?
Why are credit scores different?
How To Raise Scores?

What is credit scoring:
The use of a Statistical Risk Assessment Model which uses Consumer Reporting Agency (CRA) information to significantly increase the level of predictive power to determine good payers from bad payers.
Here are the three main credit categories
Mortgage Accts
Installment Accounts
Revolving Credit Accounts
Are credit scores Dynamic or static?
It is a “snapshot” of a consumer’s credit profile at the particular point in time that a credit report is obtained from the CRA.

What do the scores represent?
A summation of risk of repayment of debt by a consumer based on the CRA’s credit profile for that consumer as it is ranked against the profiles of all other consumers with credit reported and stored within that specific CRA’s files

Why are all the credit reporting agencies scores different?
Why don’t the scores at each CRA agree?
Which score is used?
Different industries
Different scoring models within the industry

Ways to raise your score:
Bills Paid As Agreed
Most Recent 12 Months
Highest Weight On largest balance
Mortgage
Revolving credit mastery
Keep balances as low as possible
Outstanding Balance compared to limits affect credit scores
How many points are available through the various categories:
Trans Union mortgage score range of 309-839 or 530 points
35% (approx 185 points) of the score is payment history (it’s important to make on time payments)
30% (approx 159 points) is the amounts owed or debt utilization ratio on REVOLVING debt or credit cards
15% (approx 80 points) is the length of credit history
10% (approx 53 points) is your new credit
10% (approx 53 points) is the types of credit or your credit mix

We answer How to use a secure card
What is a secure card?
My credit is bad. Why would a bank give me a credit card?
I don’t have the funds to get a secure card
I got my card, now what do I do?

Here is what you do when you get a secure card
Use the card for a small purchase $30-$50
Don’t use it anymore until you get the bill
Pay immediately upon receiving the bill…pay all but $10. Leave $10 on the bill
Now go spend $30 – $50 dollars and wait for the bill to come in and pay it immediately.

Here is what you do not do when you get the secure card:
Do not pay this card late
Do not ever charge more than 50% of your limit
Do not pay the card down to zero

Contact Mike Durr, The Kingwood Mortgage Guy @ 281-348-9899
1521 Green Oak Pl. # 197 Kingwood, TX. 77339

Raise Credit Scores 40 Points in 45 Days| Increase Credit Score 40 points Quickly

Raise Credit Scores 40 Points in 45 Days| Increase Credit Score 40 points Quickly