There is a misconception that filing for bankruptcy damages your credit and prevents you from securing credit in the future. Unfortunately, this is one of the most common excuses people have for not seeking debt relief help through bankruptcy. This misconception can do more harm than filing for bankruptcy in many cases, as it prevents people  … Read more

As the New Year approaches NOW is the time to think about your credit.  There is never a time like the present time to set financial goals and get to work. To do this, you really need to know your credit.  Here are the top four credit score factors that shape the state of your  … Read more

Credit cards can be an excellent tool when used responsibly and a costly expense when we let them get out of control. Few people read the fine print on a credit card application, and this can get us into trouble later down the road. The majority of personal bankruptcy cases are due to excessive credit  … Read more

As a result of filing bankruptcy, the negative mark can remain on your credit history for up to ten years. It is unpredictable how long it will affect your ability to get credit. Often you will start to receive credit offers in the mail soon after your bankruptcy case is over. These initial offers will  … Read more

When you get to the point of filing bankruptcy, you are usually hopelessly behind in your debt. Late and missed payments show up on your credit report and lower your score. If you stop making your payments, your score takes a hit. It is unlikely filing bankruptcy will cause your credit to be any worse.  … Read more

In 1978 Congress passed the Fair Debt Collection Practices Act (FDCPA) to regulate the debt collection industry. The purpose of the act is to eliminate abusive practices that creditors use to collect a debt from the consumer. The FDCPA will not remove your debt, but it does dictate how collection attempts are to be conducted.  … Read more

In 1970 Congress passed the Fair Credit Reporting Act (FCRA) to protect consumers from unfair credit and credit reporting agencies. The act is to “ensure that consumer reporting agencies exercise their grave responsibilities with fairness and partiality and respect for the consumer’s right to privacy.” Under this act, among other things, you have the right  … Read more

Soon after your bankruptcy, you will start receiving offers to rebuild your credit. Offers of “no credit, bad credit no problem,” while they may be tempting, these offers will often come with high-interest rates and lengthy payment terms. When you finish your bankruptcy, and all of your qualifying debts are discharged, at some point in  … Read more

Usually, one of the first things people think of when filing bankruptcy is ruining their credit rating. While it’s true, the bankruptcy will stay on your credit report for up to 10 years; filing bankruptcy won’t be the only thing reflecting negatively on your credit report if you are behind in your debt payments. When  … Read more

In 1978 Congress passed the Fair Debt Collections Practices Act (FDCPA) to regulate the debt collection industry. The act was intended to eliminate abusive practices against consumers when attempting to collect debts. The FDCPA does not erase your debt as bankruptcy can, but it does set strict limits on what creditors or those on their  … Read more