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Your financial health may very well live and die by your credit score.  The three major credit reporting agencies seem to hold consumers hostage as they report every little detail of their credit histories.  However, credit bureaus track more than just your credit history.  They also track other information such as your current and previous addresses and employers.  This is just one of the things that credit bureaus do that they do not necessarily brag about.  For nine more things you may not … [Read more...]

Union workers and retired individuals in Detroit have a new ally in the fight to protect pensions from being cut through Detroit’s bankruptcy. AARP (American Association of Retired Persons) filed a brief in an appeal filed by Detroit’s pension funds, General Retirement System and the Police and Fire Retirement System.  Bankruptcy Judge Steven Rhodes has previously ruled that the city’s pensions are not entitled to special treatment within the bankruptcy case.  However, several parties have … [Read more...]

Having too much debt is a problem for many people.  Many people had to rely on credit during the recession to make ends meet.  Now that things are improving, they are faced with paying off the debt they accumulated to make ends meet.  It may seem overwhelming; however, there are ways to pay off your debts.  The first step begins with creating a budget so you know how much money you have to work with each month. For more tips read, “10 Easy Ways to Pay Off Debt.” Image credit: lemonjenny … [Read more...]

It is extremely stressful when you are unable to pay your bills. It is even more stressful when you are being harassed by collection agents, bill collectors and creditors.  While some creditors and collection agencies abide by the rules for collecting debts, many do not.  They call at all hours of the night, they contact your job and some even show up on your doorstep.  The automatic stay provisions of the Bankruptcy Code protect debtors from this abuse. For more about the bankruptcy … [Read more...]

It seems that when everyone thinks about buying a home, they automatically assume they will borrow the money for their purchase using a 30-year mortgage.  However, this may not be the best alternative depending on your financial situation. There are more options available to homebuyers than just a 30-year, fixed rate mortgage.  Flexible rate mortgages, shorter term mortgages and or combinations of the two. For information on other types of mortgages that may suit your financial needs better … [Read more...]

There are times that we all spend more money than we intend to spend.  We splurge on a new outfit or something that is an impulse purchase.  However, roughly 5% of Americans struggle with a spending addiction.  Occasionally overspending becomes more of a daily occurrence.  Overspending can quickly become a serious financial problem causing those who cannot control their spending to accumulate massive credit card debt and get behind on their bills. To find out if your occasionally overspending … [Read more...]

Bankruptcy law is complex.  People who file their own bankruptcy cases often realize too late that they should have retained a bankruptcy attorney to protect their rights.  An experienced bankruptcy attorney knows the bankruptcy laws including the many changes that took effect when the Bankruptcy Code was modified in 2005.  Having an experienced bankruptcy attorney on your side ensures the most favorable outcome for you.  Your attorney may also be able to suggest several bankruptcy options so … [Read more...]

If you have a student loan, you need to take notice of this alarming trend.  Some student loan borrowers are finding that their accounts are being placed in default status when the co-borrower dies or files for bankruptcy - - even when the accounts are current.  By placing the loans in default, the companies are demanding payment in full.  This is placing some student loan borrowers in a financial crisis as they try to deal with large student loan balances. For more read, “Grads hit with … [Read more...]

Whew! For most of us, tax time is finally over.  We have made it through the massive stack of receipts and documents that we needed to file our tax returns.  The Internal Revenue Service advices keeping copies of your returns and supporting tax documentation for at least three years from the date the return is filed. While it may seem like a pain to keep up with all of this paper, you can find some helpful tips and suggestions by reading, “What Tax Documents Should You Keep?” to make keeping up … [Read more...]

If you are considering buying a new home or refinancing your current mortgage, you may have gotten lots of advice from friends, family, mortgage lenders and the internet about how to find the best mortgage. However, not all mortgage advice is good advice. There are some mortgage myths and rumors floating around that could potentially cost you thousands of dollars if you listen to bad advice.  For example, some people will tell you that a fixed mortgage is the best mortgage; however, there are … [Read more...]