WILL MY CREDITORS STOP HARASSING ME?
Yes, they will! By law, all actions against a debtor must cease
once bankruptcy documents are filed. Creditors cannot initiate
or continue any lawsuits, wage garnishees, or even telephone
calls demanding payments. Secured creditors such as banks
holding, for example, a lien on a car, will get the stay lifted
if you cannot make payments.
WILL MY SPOUSE BE AFFECTED?
Your wife or husband will not be affected by your bankruptcy if
they are not responsible (did not sign an agreement or contract)
for any of your debt. If they have a supplemental credit card
they are probably responsible for that debt.
However, In community property states, either spouse can
contract for a debt without the other spouse's signature on
anything, and still obligate the marital community. There are a
few exceptions to that rule, such as the purchase or sale of
real estate; those few exceptions do require both spouse's
signatures on contracts. But the day to day debts, such as
credit cards, do NOT require both spouses to have signed.
Your bankruptcy lawyer will be able to guide you in this
regard.
WHO WILL KNOW?
Chapter 7 filings are public records. However, under normal
circumstances, no one will know you filed for Chapter 7. The
Credit Bureaus will record your filing and it will remain on
your credit record for 10 years.
WILL I EVER GET CREDIT AGAIN?
Yes! A number of banks now offer "secured" credit cards where a
debtor puts up a certain amount of money (as little as $200) in
an account at the bank to guarantee payment. Usually the credit
limit is equal to the security given and is increased as the
debtor proves his or her ability to pay the debt.
Two years after a discharge, debtors are eligible for mortgage
loans on terms as good as those of others, with the same
financial profile, who have not filed Chapter 7. The size of
your down payment and the stability of your income will be much
more important than the fact you filed chapter 7 in the past.
The fact you filed Chapter 7 or 13 stays on your credit report
for 10 years. It becomes less significant the further in the
past the filing is. The truth is, that you are probably a
better credit risk after bankruptcy than before.
WHAT DOES IT COST?
Costs for filing your bankruptcy will vary depending on the
type of bankruptcy you are seeking. The rule of thumb is that a
consumer bankruptcy will cost approximately $200. This does not
include attorney fees that can run between $700 and $1500
depending on the nature and complexity of your case. Many
bankruptcy lawyers will give you a free initial consultation.
You can keep the fees down by being well organized and well
prepared. You may also be able to keep the fees down by not
requiring the lawyer to attend the meeting of creditors with
you. Check this with your lawyer. In some states such as
Massachusetts, attorneys must attend the Section 341 meeting
with the debtors otherwise attorneys are deemed to have NOT
represented the debtors.
These fee quotes are mere estimates based on nationally
reported averages and subject to variation and change. Please
consult with your local bankruptcy court and with legal counsel
on fees before commencing any action.
About The Author: Nathan Dawson writes for
http://www.mybankruptcycounseling.com, a great online source
for bankruptcy information
Friday, August 19, 2005
How to Stop Getting Credit Card Offers
Are you getting sick and tired of all the credit card offers that magically appear in your mailbox? Well, you aren’t the only one. Part of the reason why you are receiving so many of late is because the Fair Credit Reporting Act (FCRA) was changed about 10 years ago to allow major credit bureaus to sell your credit information to credit card companies.
Luckily for U.S. citizens, this Act also states that people have the right to remove themselves from these credit card offer lists. This article will detail some of the ways you can avoid getting those credit card offers.
Credit Card Offers: Opt Out By Mail
The longest and most time consuming of the options, but it also does seem to be the most effective. You can mail a letter to each of the (listed below) credit bureaus, requesting that your name not be included on their credit card offers list(s). Make sure to give them your name, phone number, full address, and Social Security Number to each and every place. Also, if you’ve moved recently, you’ll want to provide updated information for the past two years.
Equifax (http://www.equifax.com/)
Equifax Options
PO BOX 790123
Atlanta, GA 30374-0123
TransUnion (http://www.transunion.com/)
TransUnion LLC's Name Removal Option
PO Box 97328
Jackson, MS 39288-7328
Experian (http://www.experian.com/)
Consumer "OPT-OUT"
901 West Bond
Lincoln, NE 68521
Innovis (http://www.innovis.com/)
Innovis is the new guy on the block when it comes to receiving credit card offers. They started business in 2001, providing credit agencies with marketing information on potential, new clients. One of their features is called FailSafe, which is a list of people who may pose a credit risk, and therefore should be removed from the credit card offers list. Another is called New Movers, which is exactly as it sounds: a monthly list of people who have just moved.
Credit Card Offers: Opt Out By Mail
There is an easier way, although there is a bit of controversy surrounding this company. 1-888-5-OPTOUT is a number run jointly by all four of the credit bureaus listed above. By calling it, you can ask to no longer receive any credit card offers in the mail.
First of all, call the number. Then, select option 2 to stop all credit card offers being sent to your home. Finally, follow the prompts to provide all of the same contact information as before (phone, name, full address and Social Security Number).
Supposedly, just five days after you have made this simple call, you will be mailed a “Notice of Election” form. However, there is a bit of controversy regarding this option. It seems that a large scale bogus email was sent out in July of 2004, stating that this same legislation allows for ANYONE to access your credit information.
The FTC, however, has stated publicly that this is just not true. They say that the legislation in question only gives financial institutions a deadline to let you know about their privacy policies, and some way of opting out of the sharing of private information. In reality, consumers can opt-out of any of these types of information gathering processes by contacting the number listed above; July 1 is not a deadline. And finally, not ANYONE can gain access to your credit information; it has to be for a certain list of reasons, such as an application for credit, insurance, employment or rental.
For more more information about credit card offers please visit http://www.moneytipsdaily.com/Money-Tips/Credit-Card-Delinquencies-Hit-An-All-Time-High,-Indicating-the-Need-to-Better-Manage-Personal-Debt.html
Luckily for U.S. citizens, this Act also states that people have the right to remove themselves from these credit card offer lists. This article will detail some of the ways you can avoid getting those credit card offers.
Credit Card Offers: Opt Out By Mail
The longest and most time consuming of the options, but it also does seem to be the most effective. You can mail a letter to each of the (listed below) credit bureaus, requesting that your name not be included on their credit card offers list(s). Make sure to give them your name, phone number, full address, and Social Security Number to each and every place. Also, if you’ve moved recently, you’ll want to provide updated information for the past two years.
Equifax (http://www.equifax.com/)
Equifax Options
PO BOX 790123
Atlanta, GA 30374-0123
TransUnion (http://www.transunion.com/)
TransUnion LLC's Name Removal Option
PO Box 97328
Jackson, MS 39288-7328
Experian (http://www.experian.com/)
Consumer "OPT-OUT"
901 West Bond
Lincoln, NE 68521
Innovis (http://www.innovis.com/)
Innovis is the new guy on the block when it comes to receiving credit card offers. They started business in 2001, providing credit agencies with marketing information on potential, new clients. One of their features is called FailSafe, which is a list of people who may pose a credit risk, and therefore should be removed from the credit card offers list. Another is called New Movers, which is exactly as it sounds: a monthly list of people who have just moved.
Credit Card Offers: Opt Out By Mail
There is an easier way, although there is a bit of controversy surrounding this company. 1-888-5-OPTOUT is a number run jointly by all four of the credit bureaus listed above. By calling it, you can ask to no longer receive any credit card offers in the mail.
First of all, call the number. Then, select option 2 to stop all credit card offers being sent to your home. Finally, follow the prompts to provide all of the same contact information as before (phone, name, full address and Social Security Number).
Supposedly, just five days after you have made this simple call, you will be mailed a “Notice of Election” form. However, there is a bit of controversy regarding this option. It seems that a large scale bogus email was sent out in July of 2004, stating that this same legislation allows for ANYONE to access your credit information.
The FTC, however, has stated publicly that this is just not true. They say that the legislation in question only gives financial institutions a deadline to let you know about their privacy policies, and some way of opting out of the sharing of private information. In reality, consumers can opt-out of any of these types of information gathering processes by contacting the number listed above; July 1 is not a deadline. And finally, not ANYONE can gain access to your credit information; it has to be for a certain list of reasons, such as an application for credit, insurance, employment or rental.
For more more information about credit card offers please visit http://www.moneytipsdaily.com/Money-Tips/Credit-Card-Delinquencies-Hit-An-All-Time-High,-Indicating-the-Need-to-Better-Manage-Personal-Debt.html
Thursday, August 18, 2005
Credit Repair:
Get Copies of Your Credit Reports
Send a letter to each of the major credit reporting agencies (TransUnion, Equifax, CSC, Innovax, and Experian), asking them for a copy of your credit records. Some states require that you send along a copy of a credit denial letter with this letter, or else they will levy a charge (somewhere between $3-10). If you are serious about trying to repair your credit, you'll need to do this manually, instead of online, for several reasons.
Send a letter to each of the major credit reporting agencies (TransUnion, Equifax, CSC, Innovax, and Experian), asking them for a copy of your credit records. Some states require that you send along a copy of a credit denial letter with this letter, or else they will levy a charge (somewhere between $3-10). If you are serious about trying to repair your credit, you'll need to do this manually, instead of online, for several reasons.
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