Can Student Loans Lower My Credit Scores?

From 2005 to 2012, the amount of student loan debt has increased by 54 percent, which is a larger increase than credit card, automotive and mortgage loans combined. Although this may seem like a large increase, the amount of student loans a person has does not affect their credit score. Only if the person has default on their loans will their credit score be affected.

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Can Student Loans Lower My Credit Scores?


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    Why Is My Boyfriend’s Credit Card On My Credit Reports?

    Know that someone close to you has access to your financial information. Discover the benefits and drawbacks of having an authorized user on your account. Use credit reports to identify irregularities in your financial standing. Learn of the ways to protect your financial security so that you sleep easy at night.

    Read the full article here:
    Why Is My Boyfriend’s Credit Card On My Credit Reports?


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      CFPB Semi-annual Report on Consumer Complaints – Part 2

      From a semi-annual consumer report on complaints about student loans, bank accounts and service loans, the majority of complaints were about repayment or management of the loans. The responses to the consumer complaints were resolved at a percentage of 85 from July of 2011 and June of 2012. The majority of the complaints were closed with a given explanation or the consumer was given a monetary relief with the complaint solved.

      Read the full article here:
      CFPB Semi-annual Report on Consumer Complaints – Part 2


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        Is it Advisable to Modify Your Mortgage?

        Because of the mortgage payments quickly becoming unaffordable to most people, a lot of homeowners are facing foreclosure. Because of this, a lot of people have been thinking if they should try to modify their mortgage with the bank or file for bankruptcy. It would be a very tough decision but to modify your mortgage through your bank and it will also vary on a few factors.

        Are you in danger of facing foreclosure very soon? Have been delinquent on paying your mortgage? Are you having some other financial problems at the moment or waiting to happen soon aside from foreclosure? It would be a challenge for you if you try to modify your mortgage through the bank if you have these kinds of issues. It would be really tough for you to find the right person who has the power to modify your mortgage and avert a foreclosure. A lot of modification program rules has a requirement that you need to or have already been achieved such as you need to be significantly delinquent in mortgage payments before they will consider modifying your mortgage.

        It may also take you a long time for the modification process and it is possible that a foreclosure may move forward while you’re in the process of negotiating a mortgage modification. You will need to be prepared with having other options. You will need to come up with another plan (a back-up plan) in case you will not be able to be successful In modifying your mortgage through the bank especially if you’re facing foreclosure.

        It is best for you to speak with a bankruptcy attorney and discuss your concerns with him or her since there’s a chance that the foreclosure process would be stopped through bankruptcy.

        If you are considering filing for bankruptcy, call us at (813) 200 4133 for a free consultation.

        How Bankruptcy Helps when you face a Car Accident Lawsuit

        In case of car accident, an “at fault driver” should be covered by your liability car insurance. But then what happens if there’s one party who will try to sue another for an amount that exceeds the coverage provided by the car insurance company. For an instance, in a car accident lawsuit, you were sued for $1 million dollars. What would you do?

        Generally, it is the insurance company who will settle with the plaintiff in the lawsuit for an amount well below what they are asking for; however there might be other times when the plaintiff goes after the personal assets of the driver who caused the car accident. Will the driver who is being sued be provided of protection by the bankruptcy because of the car accident? The bankruptcy might be able to protect this “at fault driver” however it may still depends on a few factors. The cause of the car accident would be the first factor. The debt cannot be discharged in bankruptcy if the reason why the “at fault driver” had the car accident is because of the influence of drugs or alcohol. This also Includes if the “at fault driver” willfully or maliciously caused the car accident. Otherwise, the debt might be dischargeable in bankruptcy.

        You might want to speak with a bankruptcy attorney right away if you are facing a personal lawsuit for a car accident before going to a trial in order to find out which bankruptcy would be suitable or available for your case.

        To learn more about bankruptcy or file a bankruptcy petition, call us at (813) 200 4133 for a free consultation

        What is Chapter 7 Bankruptcy?

        One of the most common forms of bankruptcy case that most debtors have been filing is Chapter 7. It is also known as ‘liquidation’ when you file under Chapter 7. It is a kind of liquidation proceeding in which the debtor could be able to keep aside exempt property and a trustee appointed by the court takes over the debtor’s non-exempt assets, sells them and pays off the creditors through the sale proceeds. You could also have a choice of using the federal exemption statutes if you live in Texas instead of your Texas exemptions.

        If you want to delay your foreclosure, you can buy at least 45 to 75 days if you file for bankruptcy under Chapter 7. It will temporarily delay foreclosure while the Bankruptcy Court works out the details.

        The debtor must be an individual, a partnership, or a corporation in order to qualify for relief under Chapter 7 of the Bankruptcy Code.

        A discharge is available to individual debtors only in Chapter 7 proceedings, not to partnerships or corporations. Generally, when you file for Chapter 7 petition, your right to a discharge is not absolute and there may be some other types of debts that are not discharged. Furthermore, a bankruptcy discharge does not extinguish a lien on property. Therefore, the creditor still has its right to collateral securing a debtor’s obligation.

        If you wish to file for bankruptcy, call us at (813) 200 4133 for a free consultation.

        How Bankruptcy Protects Your Home

        There are actually a lot of people who are worried that when they file bankruptcy, something might happen to their home. In most cases, they think that when they file bankruptcy they might actually end up losing their home instead of keeping it. But actually, there are a lot of people who were able to keep their home after filing bankruptcy and it’s all because of the homestead exemption. Either Chapter 7 or Chapter 13 bankruptcy can the exemption be utilized.

        Your home will be protected with the help of the homestead exemption by protecting equity. The protection offed by the exemption will likely depend on the state you reside. In every state, they offer exemptions on the state and federal levels that could provide protection to all or a portion of equity in your home. With the help of the exemption, it may also help reduce payments to unsecured creditors which make this a helpful advantage for debtors seeking Chapter 13 protection.

        You will have to review how much home equity can be exempted while the exemption is still protecting your home. There may be some cases that other states could offer protection for the full amount of equity in your home but of some others, they could only protect a small portion. If there married couples who file a joint petition then they will be offered with a double exemption but that would only be offered to some other states, not all of the states. Try to find out if your state offers a homestead declaration; this may need to be completed before utilizing the homestead exemption.

        If you are not required to use the state exemption, your state may allow you to choose between the state or federal exemption. In some cases, the federal exemption may offer more protection than at the state level.

        If you are considering filing for bankruptcy, call us at (813) 200 4133 for a free consultation.

        Should I Co-Sign?

        John at smartcredit.com offers some advice to a reader. Ryan wants to help his brother get an apartment, but he is worried about cosigning a lease. John thinks that Ryan should not cosign the lease. If he does, Ryan will be legally obligated to pay the debt if his brother breaks his lease or doesn’t pay rent. Ryan’s credit report can also suffer for his brother’s unpaid collections, and he might even end up in court.

        Read the full article here:
        Should I Co-Sign?


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          Can I Get Scammed Buying a Gift Card?

          Christmas time is here and that means a lot of people are buying gifts. One of the most popular gifts these days is a gift card. Unfortunately, scam artists have figured out a way to take advantage if this system. They copy the number from a blank card and later call the customer service of the issuer to check the balance, and they can put this on a clone card and use it. The best way to avoid this scam is to get a card from the back part of the display.

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          Can I Get Scammed Buying a Gift Card?


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            Can Chapter 13 Bankruptcy Help Bring my Mortgage Payments up to date?

            For those people who have fallen behind on their mortgage, filing for Chapter 13 bankruptcy is the most common option for them to consider to help them caught up on missed payments. This is one of the most common reason why Chapter 13 is filed. Chapter 13 will not only help you keep your home but in can also help you reduce your monthly payments as well to help you keep your home.

            The automatic stay will immediately goes into effect once Chapter 13 is filed. The stay can either stop the action from being enforced on your home when your home is going to sell by the mortgage company or if your home is facing foreclosure. As long as the homeowner makes payments according to the repayment plan then the stay will remain in effect.

            Chapter 13 also recognizes outstanding debt with a repayment plan approved by the court. This repayment plan will be based on the income you have as well as your ability to make the payments including the payments of your mortgage that you have missed. However, you will be given 3 to 5 years to repay those missed payments for your mortgage but you will still have to continue making monthly payments according to your mortgage agreement. Therefore, you will have to still continue paying for your mortgage every month as well as the missed payments to bring your mortgage current. If your mortgage lender doesn’t offer an affordable way for you to cure your mortgage then Chapter 13 is also a good choice to consider.

            To learn more about bankruptcy or file a bankruptcy petition, call us at (813) 200 4133 for a free consultation