Bankruptcy Blog Archives

A bankruptcy, by law, can be reported and posted to all of your credit agency reports for up to 10 years. This information is public information and anyone who pays for the services of a credit reporting agency can view the records. Employers who specialize in the handling of money, like banks and accounting firms, [...]

The impact of filing a personal bankruptcy on your credit score is more than likely not going to be substantial. Most likely, you will have lost most of the credit rating before you ever file. The filing itself has little effect on your credit rating. What is more important than your score dropping after you [...]

This personal bankruptcy comment and question were posted on the internet in 2011 in a bankruptcy discussion: “I just got married and I have debts that were incurred before I got married. If I file individually, and my spouse does not file, how will my bankruptcy affect my spouse’s credit?” Theoretically and technically speaking, when [...]

Debt collection agencies are known for their persistence. How do you get them to stop mailing and telephoning you? Send them a Cease Communications Letter. In an attempt to regulate the collections industry, Congress passed the Fair Debt Collection Practices Act (FDCPA) in 1978 as Title VIII of the Consumer Protection Act. Its purposes was to eliminate [...]

Once you start getting behind on your bills, creditors will start collection actions. Normally, collections involves contacting you through the mail or by telephone. If they do reach you, bill collectors will continue their persistent collection actions until they are paid. So, when do you get relief from creditor harassment? To understand the answer to [...]

A payday loan, also called a paycheck advance, is a small short-term loan that is intended to cover a borrower’s expenses until his or her next payday. Depending on you state, some payday loans are restricted by the amount of interest they can charge and others are illegal altogether. With current pressure mounting from Washington, [...]

According to the Fitch Ratings, credit card defaults in July registered the second largest monthly decline since the passage of the Bankruptcy Reform Act in 2005 and are now back in line with historical averages. The same company has historically reported that 37 percent of credit card users in the United States defaulted on their credit [...]

According to a recent news article published on June 20, 2011, in the New York Times, FICO has developed a credit like rating system for determining whether or not you are likely to take your prescription drugs. Is FICO going too far? FICO is the company which many of the credit bureaus use to determine [...]

In 1980, the Federal Government passed a special law which allowed national banks to ignore state usury limits and peg the rate of interest at a certain number of points above the Federal Reserve discount rate. In addition, specially chartered organizations like small loan companies and installment plan sellers have their own rules. That means [...]

Unless your name is Pete D’Arruda, please do not try this at home. According to an article recently posted on Yahoo’s Finance page, Pete D’Arruda has more than $300,000 in available credit with 25 different credit cards. D’Arruda makes charges on only five cards at any given time and fully pays them off each month. [...]