Aug 20
As a Virginia bankruptcy lawyer, I talk to about a dozen people a month who have already lost their home to foreclosure. When we look at the credit reports together, the first mortgage usually shows foreclosed, with a balance of $0. And talk about the question, after the foreclosure, do I still need to file bankruptcy?
For some people, the answer is obvious. If there was a second mortgage on the foreclosed house–those almost always sue. Usually within a year. If the credit cards got out of control while trying to save the house, then people need to file bankruptcy to clean up the credit cards.
But what if the foreclosed first mortgage is the only problem?
Up to this point, I’ve told people I almost never see any effort by anyone to collect on those foreclosed first mortgages. (A couple months ago
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Aug 17
What’s It Costing You?
The Dollar Stretcher Blog
by Gary Foreman
gary @stretcher.com
One of my favorite quotes comes from Henry Ford. “Thinking is the hardest work there is. That’s why so few engage in it.” Old Mr. Ford was an interesting man. He made some very good decisions (produce an affordable car for the average man, use an assembly line with interchangeable parts) and some very bad ones (sticking to old designs too long). That makes him a perfect person to help us understand an economic concept called “opportunity cost.”
What is opportunity cost? It’s a theory that states something that we already know. Sometimes you
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Aug 16
In this second of a series on credit cards we’re going to cover the advantages and disadvantages of credit cards versus debit cards. To understand these differences we first have to explain how a credit card and debit card work, at least generally speaking.
In general, the way a credit card works is you go to a store, or these days even online, pick out the item you want, plug in your credit card number and your purchase is complete. The item isn’t actually paid for yet, as far as you’re concerned, because no money has changed hands. After the transaction the merchant will receive payment from the credit card company who issued you the card, usually within 30 days and in turn you will receive a bill from your credit card company, also within 30 days, at which time you must remit at least a partial payment. Each
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Aug 16
I have written quite a few pieces were I am critical of the “debt consulting” industry and persons presenting themselves as credit counsellors when they have little or no formal education or credentials. It’s not that I begrudge any of these people a livelihood – I just wish they’d pick a career that doesn’t involve gouging an already desperate portion of the population.
Ted Michalos, Bankruptcy Trustee
If you are unfamiliar with the term debt settlement it generally means some sort of negotiated deal to repay a portion of your debt. The service is real – most creditors will accept a partial repayment, particularly in a lump sum, once your debt has gone into collections. The trick her
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Aug 15
Free credit score is a new financial opportunity enjoying by the citizens of UK. Many people get confused while using the websites for the score. They raise questions like will it hurt their score. According to experts, to know about score with the help of bureaus or websites does not affect ratings at all. It is counted as a soft check and does not leave any negative impact on credit history. UK government has given the opportunity for people to get score absolutely free of cost once in a year.
There are three bureaus that provide free credit score once in a year. It means, any individual can get ratings once in 4 months and 3 times in a year.
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