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Weeping Wallets: Advice For Credit Repair Snafus

October 18th, 2012 · No Comments

Having a poor credit score is among the most frustrating situations that takes the fun out of life. It can make you feel like you are in debtors’ prison with no hope of escape. Here are a few easy tips on how you can fix your credit and make sure it stays positive in the future.

Be careful of paying for a service or a lawyer that advertises quick or instant credit repair, many of them are dishonest. Because so many people are having credit problems, predatory attorneys have appeared who charge exorbitant fees for useless or illegal credit repair schemes. Look into potential lawyer help carefully to make sure you aren’t being scammed.

Look at your credit report cautiously before claiming that the discrepancies are valid. Mistakes or errors in your file can cause issues for your credit. The way to handle these is by filing a dispute. It may take some time and effort, but it is worth it to keep your credit report accurate.

If you find inaccuracies on your credit report, make sure to dispute them. A dispute letter should be sent to any of the agencies that are reporting the error. Be sure to include supporting documents. Make sure that you ask for a return receipt so that you know your letter makes it to its intended destination.

When trying to get out of the hole and repair your credit, be sure to make the minimum payment on your cards at the very least. Anytime you have a late payment on any account, it will be reported to the credit agencies. At the very least, pay the minimum to avoid problems.

Try not to use your cards at all. Do all of your spending with cash or debit cards. If you absolutely need to use a credit card, be prepared to pay off the balance at the end of the month or as soon as possible.

Statements like these will only be ignored, so it’s not worth the trouble. In fact, it could actually make matters worse by bringing to their notice the negative aspects of your report.

Begin paying your bills to repair your credit. You need to pay your bills off on time; this is very important. Once you have started to pay towards your past-due accounts, you credit score will gradually improve.

Having read these simple tips, the only thing left now is to apply them. Educating yourself about credit and how it works is an important investment that will pay off in the future.

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How You Can Survive Bankruptcy

August 7th, 2012 · No Comments

Personal bankruptcy can be a scary situation for those who are facing repossession from the government and constant calls from debt collectors. If you find yourself in a hole that you cannot dig yourself out of, consider filing for personal bankruptcy. Read on for helpful tips on this situation.

If you filed for bankruptcy, and now would like to restore your credit, be careful on how you do this. There are some legitimate companies out there that do want to help, and will. However, there are also very many companies that are just waiting to take advantage of people who are in a tough situation. So do your research very carefully, when trying to hire one of these companies.

Have a credit report done before you file for bankruptcy. This will give you a list of debts that you have, and therefore give you a place to start when listing your debts for your bankruptcy filing. Make sure that there are no mistakes on it, and make sure to give it to your bankruptcy lawyer.

TIP! If you have fallen behind on your taxes, Chapter 13 bankruptcy may be the best thing for you to do. Doing so will help stop the interest and penalties from adding up even more.

Visit your primary care doctor for a complete physical prior to filing for bankruptcy. If you wait until after you begin the process, you will not be able to claim your medical bills on your bankruptcy. This is especially helpful if you do not have any kind of health insurance.

Consider hiring an attorney to help you. The laws surrounding personal bankruptcy can be complex at best and confusing and convoluted at worst. If you feel unsure of how to go about moving forward, consulting with an attorney may be the best move you can make. An attorney can be the guiding hand you need to make the process as smooth as possible.

One of the biggest problems that people face when filing personal bankruptcy is they are in too deep before they seek help. They have borrowed against 401 K’s, IRA’s, and sold personal belongings. These things have unintended consequences. These loans are not allowable deductions in the eyes of the court and will not be used in the bankruptcy calculations.

TIP! Look into Chapter 12 bankruptcy if you are a family farmer. The purpose of this chapter is to reorganize the farming business so that it can remain operative.

Take some time each day to stop thinking about your bankruptcy. It can seem like a thought you cannot get out of your head, but it is important to step away from the situation before you become too upset. Not only that, but removing it from your thoughts allows you to bring a fresher, more optimistic perspective to the table when you take up the subject again.

Hopefully, this article has addressed some of your more pressing questions and fears regarding filing for personal bankruptcy. Navigating your way through the legal process and coming away with any hope can be near impossible. You need to understand that this is a temporary situation that you are in the process of resolving, and better financial times lay ahead!

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