You pay the minimum payment on your credit card. Paying the minimum payment requirement on your credit card may be a sure sign that you are at credit card default risk especially if you can't afford to pay more than your credit card's minimum payment. You use one credit card to pay the minimum payment [...]
There seems to be a lot of confusion about the difference between a credit card's authorized user and a joint account holder and debt collector practices aren't helping any. One of the most common but often least heard of dirty tricks of the debt collections industry is going after a credit card's authorized user for [...]
Bankruptcy law requires that debtors filing for any chapter of bankruptcy disclose on the Statement of Financial Affairs any payments of at least $600 they made to creditors 90 days prior to filing for bankruptcy. Payments disclosures will include payments made on these types of debt: Car Loans Gas, Electric, water and other utility bills [...]
Private student loans are a hot topic right now in the news and in the legislature. Currently, some lawmakers and consumer advocate groups are fighting to make private student loans dischargeable in bankruptcy like other unsecured consumer debt such as credit cards; but there is a lot of resistance. Right now private student loans, which [...]
Debtors who owe domestic support obligations such as child support and alimony will not be able to discharge those debts in bankruptcy. However, a debtor who owes back child support or alimony may be able to use bankruptcy to make repaying those debts easier. For example, in a Chapter 13 bankruptcy a debtor who owes [...]
The government just released a report saying that 7 out of 10 high school graduates will go on to college. That's up from 6 out of 10 in 2001. Unfortunately, while the number of entering college freshmen has increased, the cost of tuition for both state and private universities is steadily rising. What this means [...]
Student Loan Debt After Bankruptcy Like child support obligations and some types of taxes, student loan debt will most likely survive your bankruptcy filing unless you can prove that repaying them will cause an undue hardship. So how does a debtor get a fresh financial start after bankruptcy even if they still need to repay [...]
With the unemployment rate still above 9 percent, many debtors have found themselves unemployed for one or two years. Unfortunately for the unemployed debtor, daily expenses remain and can eventually exhaust the debtor's savings, retirement accounts and even cause them to max out their credit cards. Facing long-term unemployment, depleted savings and mounting credit card [...]
Credit Card lenders and their debt collectors have a limited amount of time to sue debtors for failing to repay credit card debt. In the state of Texas, the statute of limitations for open ended type debts such as a credit card is four years. A debt collector pursuing a debtor for payment on a [...]
It can happen to the best of us-we lose a job, fall on hard times and our bills go unpaid. But many of us opt to simply ignore our debts instead of coming up with a plan to either repay them or make them go away legally. Many of us mistakenly believe that debts will [...]