Posts Tagged ‘credit
Tampa Chapter 7 Bankruptcy Lawyers Florida Debt Relief Attorneys Brandon Credit Card Debt Law Firm
www.bankruptcyhelp4u.com 888-682-5251 Chapter 7 helps eliminate debts such as credit card debt and medical bill debt while keeping assets. PR Smith Law Group in Tampa, Florida helps clients obtain debt relief though this bankruptcy option.
Chapter 7 & Chapter 13 Bankruptcy in St. Louis, MO: Still Able to Get Credit
Visit www.StLouisBankruptcyAttorneyHelp.com to access best practices, reports and other expert videos related to debt settlement, Chapter 7 bankruptcy, and Chapter 13 bankruptcy 314-669-4529. Frank Ledbetter
Video Rating: 5 / 5
Bank of America Greedy Ungrateful Credit Card Abuse
Bank of America’s recent move to raise the interest rate on the credit card accounts of their good customers is not only unfair but doesn’t make economic sense. Our elected officials need to take a close look at how this company is treating American taxpayers, and keep this in mind when BOA asks for more bailout funds. I say no more money for them until the bank exhibits some consideration for their clients; rather than assisting BOA customers in this difficult economy the bank is again being greedy and showing that they are not grateful for the government sponsored bailout that they received.
Video Rating: 4 / 5
Reestablishing Credit During the Recession
A number of the people I counsel want to know how soon they can restore their credit after bankruptcy. The prerecession standard advice was two years for a credit card with decent interest and four years for a mortgage with indecent interest.
But that was then. Now, because so many people have bad credit because of foreclosures, late payments, and bankruptcies, it’s hard to say what decisions the credit issuers will be making in the next several years. Will they be more forgiving because of the need to pull in people who might not have qualified a few years ago, or will they get tighter and not give credit at all until more time has elapsed after the bankruptcy? Only Fair Isaac (FICO) knows for sure, sort of.
For sure, if you want to reestablish credit, the old ways are probably still the best ways. Get a major credit card, periodically make purchases, scrupulously make your payments on time, get a second card, same thing, work to build your credit line, never max-out your cards, and so on. There are a number of other tips on the Fair Isaac website at http://www.myfico.com that will help you lift your credit score to the maximum extent possible. The more you follow that advice, the better off you’ll be. You can get Nolo’s Credit Repair, by Robin Leonard and Margaret Reiter (Nolo) for even more on this subject. Or check out the free articles and FAQs in Nolo’s Credit Repair for Bad Credit area of its website.
But should you even try to get your credit back? I often tell people I’m counseling that working to get your credit back is like an alcoholic learning how to drink better. Credit is simply the opportunity to go into debt, and once in debt it’s really hard to get out. When you’ve received your bankruptcy discharge you will usually be completely solvent (except perhaps for debts like student loans and recent income taxes). Why spend energy for the privilege of going back into debt? There are lots of reasons why people feel it’s a rational thing to do, but all you’re really doing is preparing to live beyond your means.
Sure it’s nice to have credit for an emergency, but people would be much better off reigning in their spending and saving as much and as fast as possible, and using their savings if necessary for an emergency. You may not feel like you’re addicted to credit or spending (same thing), but chances are you are and are just in denial. Now I would never say this to your face because you would just deny it and be angry at me. Well, maybe you’re still angry at me but at least I don’t have to see it. Please accept the fact that my intentions are good — to keep you solvent and out of debt.
Nolo’s Bankruptcy & Foreclosure Blog
River Road Hotel Partners and the secured creditor’s right to credit bid
Ilana Volkov and Ryan Jareck of Cole, Schotz, Meisel, Forman & Leonard review the 7th Circuit’s recent decision in In re River Road Hotel Partners, which held that secured creditors have a right to submit credit bids at auctions of encumbered assets.
Thomson Reuters News & Insight: Bankruptcy Law – Insight
Debtors seek Supreme Court guidance on credit bidding
Two Chapter 11 debtors are asking the U.S. Supreme Court to resolve what they call perhaps the most hotly debated issue of bankruptcy law today: whether a debtor can sell its encumbered assets free and clear of liens without allowing objecting lenders to submit credit bids.
Thomson Reuters News & Insight: Bankruptcy Law – Insight