credit repair
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Why You Should Always Fight a Credit Card Lawsuit
When you are sued for an unpaid debt, usually it is not the original creditor who is filing the action against you. Instead, the creditor has likely sold the debt to a collector for pennies on the dollar. Debt collectors file hundreds or even thousands of lawsuits on a monthly basis with the hope that…
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How Come I Have to Pay Back Creditors If I Filed Bankruptcy?
Filing bankruptcy gives you immediate relief from debt. But not every person who files for bankruptcy qualifies for Chapter 7 liquidation. In many cases, you make too much income to file a Chapter 7 bankruptcy. Under those circumstances, you should consider filing a Chapter 13 bankruptcy. In a Chapter 13 you wind up needing to pay back…
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What is a 341 Hearing?
What is a 341 hearing? Well, that’s a savvy question. The 341 hearing is otherwise known as the Meeting of Creditors. The Bankruptcy Code requires debtors to attend a Meeting of Creditors shortly after a bankruptcy filing. The bankruptcy trustee assigned to the case conducts the hearing. The meeting takes place in the trustee’s meeting…
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The Bankruptcy Courses: Credit Counseling and Debtor Education
In most bankruptcy cases, the main purpose of filing is to obtain a discharge. The bankruptcy discharge is essentially a legal injunction against the enforcement or collection of debts. To obtain your bankruptcy discharge, you must complete two separate courses: credit counseling and debtor education. Via different providers, you can take these courses either online…
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Can I Keep a Credit Card After Bankruptcy?
If you are filing for bankruptcy, you should know that it’s sometimes difficult to obtain unsecured credit after you file. You may wonder whether you can keep a credit card after bankruptcy to use in emergencies. The answer is that you may be able to keep a credit card after bankruptcy under certain circumstances, but…
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Bankruptcy Will Not Kill Your Credit
Bankruptcy will not kill your credit for 10 years. Many of the clients who come into my office think that. This common misperception is the result of an intense and extended propaganda campaign by institutional lenders and credit card companies. Obviously, your creditors want you to repay your debts, no matter what the personal cost to…
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When to Consider Filing Bankruptcy
In most cases, the very last thing any person wants to do is to consider filing bankruptcy. In many cases, an average person will wait two years longer than he or she should have to file bankruptcy. Don’t rearrange the deck furniture on the Titanic. Instead, realize it may be time to jump ship. You may…
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The Chapter 7 Liquidation Test in a Chapter 13 Bankruptcy
Most consumers must choose between between either Chapter 7 and Chapter 13 bankruptcy. If you have significant assets (like equity in your home) then you may want to file a Chapter 13 bankruptcy. In a Chapter 7 bankruptcy, those assets may be subject to to liquidation by the trustee. But even in a Chapter 13…
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Can a Creditor Garnish a Paycheck or Bank Account?
A creditor who has obtained a judgment against you can garnish a paycheck or bank account, or both. The creditor must file garnishment affidavit at your bank, at which point the bank will pay that creditor whatever amount is available in your account, up to the amount of the judgment. A creditor will drain your…
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Do Not Run Up Your Credit Cards Before Bankruptcy
Chapter 7 bankruptcy is an excellent option for those who have accumulated large credit card debts. But if you run up your credit cards before bankruptcy, you may be found to have committed a form of bankruptcy fraud. When you file for bankruptcy, credit card companies carefully review all of your most recent purchases. Do…
