Bankruptcy Help

If your debt has spiraled out of control and you are faced with bankruptcy, learn your rights and how to cope.

Since its inception, the bankruptcy code was designed for one purpose. to help relieve Americans from the shackles of endless and unmanageable debts. Before the bankruptcy code came about, people went to debtor’s prison. We all know we can’t pay many bills while incarcerated. So the law was written to give people a way out with the opportunity to have a new beginning.

Aside from the attorney fees of up to $2000.00, and appearances in court, bankruptcy is no trip to Disneyland. The filing becomes a matter of public record and the mark stays on your credit file for 10 years. The mark proclaims to the world, “I had no other solution to my debt burdens and neede to seek protection.” This is why lenders are concerned when they see this notation. It makes borrowing in the future a bigger challenge and the interest rates that your are charged by creditors are not favorable whatsoever.

When you have exhausted every avenue possible, and you simply cannot make your payments, it may be time to consider the protection from the court. The filing of a bankruptcy will stop a foreclosure immediately. Mortgage companies must cease all collection and legal activity by law. In a chapter 13, a trustee is appointed who will distribute money from your salary to go to all of your creditors in a plan that is manageable for you to afford. You will pay your mortgage payment each month as you did before you ran into trouble, with no increase to the payment. The pay plan will continue for 3 to 5 years depending on the amounts you owe and how far behind you are in payments.

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Credit Secrets You should Know……

Your credit score which is also known as a FICO score has become an principal evaluation of many Americans and can be widely shared. It is used to determine how much you can borrow, how much you pay for various insurance policies, if you can rent from a house or apartment from landlords, and it can be a factor in determining the interest rate you pay on a credit card or a mortgage.

Previously, only financial instituations or lenders checked your credit. Today, it is a common practice for a potential employer to perform an analysis of your credit report to determine your financial responsibility, obligations and payment history. Many employers have decided that your credit report paints good picture of the person you are and also let’s them know quite a bit about your past.

Regardless, keeping a good score and knowing how to manage your own credit and credit report is crucial. Achieving great credit scores should be on your list of wealth building strategies. Author John R. Ulzheimer has a great book that helps expand on more credit report secrets and how to build your score, because in the world of credit…..You’re Nothing But a Number.

The ratio of your outstanding balance to the available credit limit will affect your credit score. The closer the balances are to the limits, the lower your credit score. Real estate and car loans which are known as “installment loans” on a credit report affect your score to a lesser degree than credit card accounts or “revolving accounts”.

Here are some general rules to follow to help keep up your credit rating:
Pay your cards off every month by the 20th day.
If you are going to keep a balance on a revolving credit account, keep it below 12% of the available limit.
Never close old accounts. This helps raise your “available credit to outstanding balance ratio”
When shopping for a mortage or car loan, only allow inquiries on your credit to occur within a 2 week window of each other. This way your credit score is only deducted for the equivilent of one inquiry request.

You CAN beat debt and build great credit.
If you would like to comment on this post or if YOU have any CREDIT REPORT TIPS or SECRETS, please let us know!

Tagged as: Beat Debt Build Good Credit, Build Your Credit Score, Credit Report Secrets

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Do You Need an Emergency Fund?

Building up an emergency fund is a very important step towards financial freedom. It should matter to everyone. After we pay off our consumer debts, setting aside money for an emergency fund is essential. Placing that money in the highest yield account is a smart move.
The Best Bank Money Market Accounts:

Institution Rate Minimum

UFB Direct 5.31 $1
One United Bank 5.30 $1000
Zions Bank 5.30 $1000
FNBO Direct 5.05 $1
IGObanking.com 5.17 $1

More tips on establishing an emergency fund

Have you heard of any other high yield accounts? Post a comment and tell us where. We would love to know about them.

Tagged as: emergency fund, money for emergencies, saving money for a rainy day, what is an emergency fund

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