Warning – if you have received a letter from DRA (Debt Relief Advocates LLC), it may be a part of the latest scam that preys on seniors suggesting to them that they owe debts that DRA can settle for less. In most cases – there isn’t even a debt owed…
Each one of these things can have serious consequences depending on the plan we develop for dealing with your debt, so: 1. Don’t borrow any more money. Don’t take out a second mortgage. 2. Don’t take money out of your retirement, 401k, or IRA. 3. Stop using your credit cards.…
The protection available to you when you file bankruptcy is immediate and automatic. The moment you file, whether it is a Chapter 7 or a Chapter 13 bankruptcy case, the court places you under it’s protection. Both your income and property are completely sheltered from any creditor seeking to repossess,…
Whether you have already filed your tax return and received your tax refund yet or not, if you are thinking about filing bankruptcy, you may be wondering whether or not you’ll get to keep your tax refund. Under Chapter 7 and Chapter 13 bankruptcy, your tax refunds are protected by…
Most of us know about the 3 main credit report bureaus – Experian, Transunion, and Equifax …but have you seen ALL your credit reports? Did you know that more exist and are referred to as specialty credit reports? There are many other credit reporting agencies that report nationwide in specialty…
I have found it helpful to share this checklist with people who call asking me “Should I file bankruptcy?” In a nutshell, if more than two of the following issues apply to you, it is possible that bankruptcy would be an option worth investigating further: Debt collectors are calling you…
How does consumer credit counseling work? And more importantly, is there “a catch”? Consumer credit counseling can work great for someone who is just a little over extended in debt. Consumer credit counseling agencies are the true non-profit agencies you hear about that work with your credit card companies to…
The Consumer Financial Protection Bureau (CFPB) is a government organization, which accepts and assists with complaints about the following consumer product or service issues: Bank accounts or services Credit cards Money transfers Mortgages Student loans Vehicle or consumer loans The process is pretty simple. First, go online to their website…
I’m sure you are coming across a great deal of unfamiliar terms and phrases while researching the process of filing bankruptcy. This jumble of information may make references to getting a “bankruptcy discharge,” for example. So what is a “bankruptcy discharge”? If your debts are “discharged” through your bankruptcy case,…
Filing a chapter 7 bankruptcy can eliminate unsecured debts such as credit cards or credit accounts, all medical bills, any payday loans or other types of signature loans, etc. It stops lawsuits, no matter what stage the lawsuit is in. It stops wage garnishments. It stops harassing phone calls and…