Many folks rely on their credit reports when filing Chapter 7 bankruptcy, so they don’t miss listing a creditor. Because, all bankruptcy chapters include ALL debts. And, being under oath in a federal court, which all bankruptcy courts are, good idea to tell the whole truth. Why would you want to leave off a debt…
Tag Archive: credit cards
The Modern Rules Of Family Finance
How to avoid filing bankruptcy? We should revert to the old rules of family finance, even guru Suzie Orman agrees. Remember, those Depression era folks? Some are still around, like my in-laws. They considered it damn near a sin to borrow money. Pay interest? No way. Never had a credit card or a car…
Mystery: Credit Card Offer After Bankruptcy?
(image credit: dreamstime) You have your bankruptcy discharge, and now, you get an offer in the mail for: another credit card! It feels great! You thought it would take years to “build up” your credit again! You just wiped out thousands of dollars of credit card debt. Why would the bank send you an offer…
Credit Cards Are NOT The Problem
Credit cards are neither good nor bad; they have no intrinsic moral quality. Just like a baseball bat; depends how you use it. Hit a home run? Cool. Break someone’s head? Not so much. Yes, that one is subjective. It is possible to use credit cards without going overboard, pay the balance every month, get…
The Truth About Student Loans
American youth has been sold a bill of goods, get that college education, you will make more money, it will pay off in the long term, buy now, pay later, get student loans! Lenders even market to unemployed people, borrow our student loan, get that degree that leads to employment! Yet, more college graduates are…
More Creditor Fraud?
Now, if you or I were owed $45.9 billion dollars, in a bunch of states, by a bunch of people, and had over 1,000 lawsuits going to get some of that money back, what would it mean if, all of a sudden, we dropped those suits? It would mean we got religion, decided…
The Truth About Debt Buyers
(image from Wall Street Journal) Jessica Silver-Greenberg wrote about debt buyers at the end of last year, but the information is still timely. Companies like Portfolio Recovery Associates, which used many affidavits, like the one pictured, from a person who died before the date on the affidavit. Bad debts are sold in bundles of thousands…
But, I Have To Have A Credit Card!
Those poor banks can hardly make an honest buck any more! They had contracts, which their lawyers wrote that allowed them to change the terms any time they felt like it. So, Congress said, hey, no fair! and passed a law against it, the CARD Act. As their lobbyists squawked while the law was being…
Common Bankruptcy Myths
Myth #1 “I would file bankruptcy, but you cannot get out of paying credit cards anymore.” Wrong. This is something the credit card companies would like you to believe, and something debt collectors may tell you, so you think you have no option but to make a deal with them. Major revisions were made to…
Payday Lending V. Credit Cards
As banks tighten lending standards, or, should I say, go back to having standards, they turn down more borrowers. Over the last 20 years, a new industry has sprouted in between traditional lenders and traditional oan sharks a la Tony Soprano. Payday lending. Some states, not Michigan, have gotten rid of these parasites. They get…
