The Fair Credit Reporting Act (FCRA) is is a law that helps consumers. The FCRA ensures that credit bureaus provide correct and complete information to businesses when evaluating your application. Your Rights under the Fair Credit Reporting Act are: The right to receive a copy of your credit report. Your report must contain all information […]
Being selected for an IRS tax audit is scary. This does not mean you intentionally did something wrong on your taxes. The IRS conducts randomly selected audits. However, it is likely that the IRS believes your tax return contains errors. There are several steps to take to prepare for an IRS tax audit: Get Organized: Well, […]
A utilization rate is simply the balance-to-limit ratio of your credit cards. You will want to keep all your credit card balances at a maximum of 30% of your credit card limit. Since credit scores change day-to-day, your credit card balance can appear higher on one day than another, say the day that you pay […]
When you file for bankruptcy an automatic stay helps protect you from creditors. This is a court-ordered injunction. It prevents creditors from seeking legal action against you after filing for bankruptcy. Without the filing, creditors can contact you by mail, phone, text, and so on. Consequently, you may be overwhelmed if you are having difficulty […]
Whether you are newly married or not, you may be worried about how filing for bankruptcy will affect your spouse. A spouse is typically not responsible for the other spouse’s debts. But even if you file for bankruptcy individually, there may be consequences for your spouse. This will largely depend on if you live in […]
New Rules are Here to Help You The Consumer Financial Protection Bureau (CFPB) has recently amended its rules under the Truth In Lending Act (TILA). The rules now require that mortgage companies and banks continue to provide monthly mortgage statements to debtors in Bankruptcy. Now, this is required, even when the mortgage is discharged. As […]
There is a big difference between a discharge and a dismissal when it comes to debt. Discharged debt means that the debt is forgiven. Whereas, a dismissal means that your debts are not discharged and the bankruptcy filing is void. Discharge: The discharge of a debt in bankruptcy means that the debtor is no longer […]
When pulling your credit report, it is common to find inaccuracies. Sometimes these can be duplicate notices, mistakes in your payment history, or incorrect personal information. If you find information that does not belong to you or you feel was added by someone else, you may be a victim of identity theft or fraud. Your […]
Debt of any size can be stressful. Yet, most of us have some existing debt. So, how do you know if your situation requires professional help? First, sit down and assess your situation. Does your debt overshadow your assets? If so, you may want to consider bankruptcy or debt consolidation. Here are some important differences […]
What Do You Need to Know? According to 26 USC 7345, if your IRS tax debt totals more than $51,000, the IRS will certify to the State Department that your debt is “seriously delinquent.” If your debt is certified, you will be unable to get a new passport or renew your existing one. If your […]
