Credit reports can list derogatory public record or collection filed even if there is no record of an original delinquent credit account. This is due to the fact that while lenders must report credit information for addition to your credit file, evidence of judicial action is actively pursued by credit bureaus. Continue reading
Bankruptcy & Legal
Serious Delinquency and Public Record or Collection Filed
Your credit score is factored from a number of factors that identify potential risks based on your credit history. Some factors are more severe than others. When this factor is listed, it means that not only did you fall seriously delinquent on an account, but that it resulted in additional collections activity or legal action against you. This is listed as “serious delinquency and public record or collection filed.” Continue reading
What is Bankruptcy Abuse Prevention and Consumer Protection Act
The Bankruptcy Abuse Prevention and Consumer Protection Act is a law that was passed in 2005 to make it harder for certain debtors to file for Chapter 7 bankruptcy. Part of the reason for this law was to decrease abuse of the system and make Chapter 7 bankruptcy primarily for low-income debtors, as it was intended, and not allow as many high-income debtors to file for it. Continue reading
What is a 341 Meeting?
A 341 meeting is the time during the bankruptcy proceedings where you are questioned under oath on your financial affairs by your creditors and the bankruptcy trustee. While this may sound stressful, it is actually an informal and short part of the bankruptcy process, and will be the only time you have to appear during the entire bankruptcy filing. Continue reading
Wisconsin Chapter 128 Filings
Wisconsin has a unique and interesting bankruptcy plan that has become a popular option for debtors in the past few years. The bankruptcy plan, called Chapter 128, is from an old law that has just recently become popular as an individual bankruptcy method. The plan is different from national bankruptcy plans, and the differences are worth discussing. Continue reading
Can You Get a Personal Loan After Bankruptcy?
After completing bankruptcy proceedings, your financial situation will be very different. Although you will no longer have the threat of debt, foreclosure, and so on, some things will become harder to do. It is possible that sometime, you will want to get another loan. Since bankruptcy stays on your credit report for seven to ten years, this may be hard to do. As a result, it is important to know your financial options after completing bankruptcy proceedings. Continue reading
Debt Arbitration: Take Your Disputes to a Neutral Third Party
You and your creditor are having a debt-related argument that cannot be settled by your combined efforts alone. You both decide to take your dispute to a neutral third party for a fair resolution. You then agree that the arbiter’s decision is legally binding for the both of you. This is debt arbitration. Continue reading
Will Filing Bankruptcy Stop Foreclosure?
When facing home foreclosure, many debtors feel like they are out of options and turn to a bankruptcy filing. Although a bankruptcy filing prevents home foreclosure, it is not the best solution. There are several methods you can attempt before resorting to bankruptcy filings in order to protect from foreclosure. Continue reading
Fair Debt Collection Practices Act
Some debt-collecting is done fraudulently from the start. If only the collection agencies calling during dinner time were considered fraudulent. Continue reading
What Does it Mean to Enter Bankruptcy Protection?
The bankruptcy process can be long and confusing. However, one of the most relieving aspects of filing for bankruptcy for debtors is the relief from creditors. From the time your bankruptcy filing enters the court, you will enter bankruptcy protection. Continue reading
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