Do credit scores consider information not on my credit report?

Credit reports are important, and its crucialto know which items are included on a credit report and which items you will not find on a credit report. Information NOT included on a credit report include salary and medical history, and items that ARE included on a credit report include your social security number, address and your birthday.

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Do credit scores consider information not on my credit report?


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    Can Bankruptcy Help Get My Vehicle Back After Repossession?

    Can a repossessed car be returned through the bankruptcy process? The answer is “maybe.” If the debtor uses a Chapter 13 bankruptcy, which sets up payment plans for existing debts rather than discharging them, or if the debtor convinces the court that the debtor needs the vehicle to make payments on debts, the court could order the car be returned.

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    Can Bankruptcy Help Get My Vehicle Back After Repossession?


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      What are the Limits to Debt when filing Bankruptcy?

      Debtors with different amounts of outstanding debt may consider bankruptcy as a means to resolve their debt woes. The type of debt may vary with some debtors having more unsecured debt, such as credit cards or medical bills, than others. Some debtors actually thint that if they owe too much money, their bankruptcy case might get dismissed by the court or get denied. But the truth is, there’s actually no limit on how much debt you can owe. However, there is an exception to this rule since it will still depend on which chapter you file.

      Chapter 7 bankruptcy is often filed by debtors to discharge debts and the fact that it doesn’t have a specific limit on outstanding debt makes it a favored choice among those considering bankruptcy. The court will review your household income with the amount of debt owed and see if you meet certain qualifications in order to file this chapter. This involves reviewing your monthly income and the types of debt you have outstanding (secured or unsecured). The court needs to verify that you are seeking bankruptcy protection legally and not just abusing the system.

      Chapter 13 bankruptcy has limitations on the amount of debt potential debtors can have. A debtor may not owe more than $250,000 in unsecured debt and no more than $750,000 in secured debt according to the federal bankruptcy laws. These limitations apply to individuals with regular income. If you owe more than $100,000 in unsecured debt such as credit cards or personal loans, then a confirmation hearing may be held by the judge. This will help the court to determine whether bankruptcy is being lawfully sought by you.

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

      Will Defaulting on my Mortgage affect my Bankruptcy?

      There might be some times in which you may fall behind on mortgage payments because of certain circumstances such as medical illness, sudden job loss or income reduction. You need to bear in mind certain actions that needs to be avoided in order for you to keep your home if things like this happen to you. Taking some notes on what to do when you’re getting behind on payments should help as well. Actions will depend on which chapter you file.

      If you happen to fall behind your payments, then the next thing that will happen will depend on what stage your bankruptcy case is in. The mortgage company could look to enforce legal action if a final decree has yet to be received during Chapter 7 bankruptcy. In some cases, the mortgage company may look to have the automatic stay lifted to proceed with foreclosure. There are actually a few things that you can do in order to prevent these legal action from the mortgage company. You need to make sure that the mortgage company will receive your payments on time.

      It all depends on whether or not you’ve fallen behind before or after your filing during Chapter 13 bankruptcy. You mortgage payments might still be made to your lender if you’re not behind at the time yet. However, they may not be included in your repayment plan. Payments are eventually forwarded to your trustee if you are behind when you file payments since it would be part of your repayment plan. The payment would be added to your repayment plan if you were making payments prior to filing and later fall behind during Chapter 13. Similar to Chapter 7 bankruptcy, you’ll want to make sure that your payments are received on time by the mortgage company. Discuss your concerns and questions with your bankruptcy attorney.

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

       

      When You Need Bankruptcy

      Can be confusing when you’re filing for bankruptcy. Because of such misleading information, lack of understanding as well as fear of not really knowing what would happen next, most people hesitates to file bankruptcy. Debtors put off the filing process because of these factors and therefore leads to worsening their financial situations.  A lot of people wished that they had filed sooner. So, when exactly is the perfect time to file bankruptcy? If you’re going to consider on consulting your situation with a bankruptcy attorney or financial expert then this will help you a lot more to decide. If any of the following situations below seems to be similar on what you’re in now, then it is time for you to file for bankruptcy.

      Medical debt from illness or injury

      Medical facilities have been known to pursue legal action in collecting unpaid medical bills even including garnishing wages or filing a lawsuit even if there are options in negotiating payment arrangements.

      Pending foreclosure

      If you need more time to develop a solution then you might consider filing Chapter 7 bankruptcy as it may temporarily halt a foreclosure or a pending sale while Chapter 13 bankruptcy can offer you a repayment plan so that you can get caught up on defaulted mortgage payments.

      Mounting consumer debt

      There are some factors that consumers are struggle to make payments on financial obligations which includes income reduction, becoming ill or exhausted other financial options so it actually makes sense if you file bankruptcy in order for you to gain control of your finances while preventing the need to liquidate retirement funds.

      Divorce debts

      When a spouse couldn’t afford repaying debt upon divorce, bankruptcy can be a solution for it. Chapter 13 can always create a suitable repayment plan for you if your debt is not qualified to be discharged in Chapter 7.

      Job loss or changes in income

      It is still difficult to get caught up on payments such as a vehicle or home loan even if you have found a new job.

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

      How Much Money Are You Leaking Every Month?

      Most of us rarely think about the little things we do every day that cost us a lot of money in the long run. Small expenses, over time, turn into a lot of money we could be saving. Paying your bills late may appear to be a relatively small late fee each month, however, they can add up big by the end of a year. Overdraft protection on your bank accounts ends up costing you more in fees than you realize. Instead of bottled water, consider getting a filter for your home faucet and buying reusable plastic bottles to take with you. Those are just a few of the small things that can drain your bank account very quickly.

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      How Much Money Are You Leaking Every Month?


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        Creating a Budget

        Many people are afraid of the word “budget”, but it is actually the one thing that could help them most with their financial situation. To start a budget, first one must look at their monthly income. From there it is important to list monthly expenses, both the fixed ones and the ones that vary from month to month. Once these two items have been established, the only thing to do is stick with the budget.

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        Creating a Budget


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          Before you Transfer: Tips for Making the Most of a Balance Transfer

          Transferring a credit card balance to one that offers a lower or even no interest can be a good deal, but there are several things to be careful of when doing this process. Read the fine print of the new offer to see when the introductory rate will end. Check to see if there is a balance transfer fee, this can be as high as 5% of the balance amount. Do not go crazy with the new card just because there is a line of credit now open.

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          Before you Transfer: Tips for Making the Most of a Balance Transfer


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