Experts estimate as many as 15 million U.S. residents have their identities stolen each year, costing Americans an estimated $50 billion. Another 100 million have their personal information placed at risk when it is stolen or lost by the government or other businesses. Unfortunately, identity theft has become one of the most costly and pervasive crimes plaguing U.S. adults.
It’s not unusual for a couple or family to purchase a home only to have the unexpected occur: illness, job loss, unexpected death. So what do you do when you have a home that you can no longer afford? Maybe you have tried to sell it but the market has fallen flat? Maybe you bought it only to lose your job a month or two later?
Young adults, now more than ever, are facing difficult financial times. Whether it’s high college loans, unexpected medical bills, the high cost of living, or simply not being able to find a job, many young adults are considering filing for bankruptcy protection.
Recently on our bankruptcy forum a user asked, “I am a 28 year old living in New York City. I graduated from college a few years ago with over $50,000 in school loans and $20,000 on my credit cards. I also have several unsecured personal loans and my mother is a co-signer. What will happen if I file Chapter 7 and will my mom be forced to repay the personal loans?”
A security deposit is paid by renters for rental units at the time of move-in. They offer protections to landlords against damages caused by the renter. This article will address a security deposit rather than any other deposit paid such as an application fee or pet deposit.
Having a bad credit report and low credit score can make it difficult to buy a new home, purchase a car, get a job, rent an apartment and get a low interest rate on any type of loan. Recently on our bankruptcy forum a user asked, “I have had financial issues for the last five years. Unpaid bills, medical debt, and a judgment are all now listed on my credit report. If I decide to file bankruptcy does the bankruptcy filing erase all of these debts and allow me to truly start over?” Continue reading
Recently on our legal forum a user asked, “If I am about to have my car repossessed I am wondering how this will affect my credit score, who will have access to this information, and what this really says about me?”
If you live in New York and have stopped making payments on your debts at some point your creditors may have the legal authority to initiate a New York wage garnishment. Recently on our forum a user asked, “I have not made a credit card payment in several months. Can the credit card company initiate a New York wage garnishment? If so, when can I expect the suit to be filed?”
According to the Federal Trade Commission (FTC) up to 25% of consumers have some type of error on their credit report which could affect their credit scores. A much lower percentage, however, have serious errors which could result in serious financial ramifications. With this in mind, it is critical that all consumers check each of their three credit reports each year.
Car owners, who fail to make car payments on a leased or purchased car, may wake up one day to find their driveway empty. Although car repossession should not come as a complete surprise to non-paying car buyers, some buyers seem surprised that the repossession can occur without a court-order or warning (assuming the buyer has defaulted on their loan agreement).