What Happens to Your Debts if Your Ex-spouse Dies?
Q: In 2006 my husband and I decided to divorce. We had many joint debts he was supposed to pay but didn’t. Then he died unexpectedly in 2007. Now my credit is ruined. Should I file bankruptcy or let those old debts fall off my credit report? A: Under the law, any loans you co-signed […]
Impact of Bankruptcy on Your Sallie Mae Loan
As you probably know, student loans are generally not dischargeable in bankruptcy court. So despite your recent bankruptcy filing, any loans you had with Sallie Mae remain outstanding. To bring an overdue student loan current, simply contact your lender or loan servicer and make arrangements to pay the amount due – either in a lump sum or over time. If your student loan is seriously delinquent and is in default, you can do one of four things:
How Can I Get Grants and Other Money So I Don’t Have College Debt?
Q: I Want to Go Back to College To Further My Education But Don’t Want Student Loans. How Can I Get Grants and Other Money So I Don’t Have College Debt? A: There are lots of ways to go to school without taking out a ton of student loans. If you’re working, start by asking […]
How Can I Get Rid of My Student Loans?
Q: I am 24 years old and have about $63,000 in debt. Most if it is student loans, but $3,000 is not. Is there a way I can get rid of this debt if I write letters to my creditors? A: Getting rid of your debt won’t be a matter of just writing letters to […]
Impact of Bankruptcy on Your Spouse
Q: My wife filed for bankruptcy before we were married. Can my income be included in her bankruptcy filing? What is the impact of bankruptcy on my finances? A: There are multiple factors that would determine whether or not your income can be included in your wife’s bankruptcy filing. Some of those factors include: the type […]
My Credit Score is 610. Can I Refinance into a Fixed Rate Loan with My Score?
Q: I have an arm at 6.5% that adjusts in august. My credit score is 610. Can I refinance into a fixed rate loan with my score or should I consider another arm? A: As of January 2010, fixed-rated mortgages dropped to about 5%, a very attractive rate for homeowners thinking about refinancing. However, those […]
I Have Over $5,000 in Delinquent Hospital Bills. How Can I Pay It Off?
Q: I have over $5,000 worth of delinquent hospital bills on my credit reports. How can I get this debt down? A: It will take multiple steps to help you eliminate your medical debt. But here are six strategies you can use to knock down those hospital bills and improve your credit rating. Examine Everything […]
What Are the Advantages and Disadvantages of Filing Jointly?
Q: I Recently Married. I Currently Make More Money Than My Husband. He Wants To File Our Taxes Together. I Don’t. What Are the Advantages and Disadvantages of Filing Jointly? A: Congratulations on your recent marriage. There are numerous pros and cons to filing a joint tax return and only a tax professional who examines […]
Why Your Credit Score is Different From the Car Dealerships Score
Q: I am car-hunting and a dealer pulled my credit report. He got a 595 score but the last score that I received was 675. Why was his score different and should I can I take my own TransUnion credit report to other dealers to eliminate inquiries. A: To minimize the impact of inquiries on […]
Which Bills Should I Pay Before Filing Bankruptcy?
Q: I want to file for bankruptcy this year. Should I pay off the small bills that I can afford to pay before I file bankruptcy? A: Filing for bankruptcy will not help you “repair” your credit. It will only damage your credit – although filing for bankruptcy protection today does not have the same […]
I Need a Reliable Online Tool That Would Help Me Budget My Income and Expenses.
One reason that debt gets out of control for so many people is that 70% of Americans don’t have a budget — or at least not a realistic budget that they can live with. To become a better saver and learn to budget properly, try using the online tools available at www.mint.com, www.budgettracker.com, or www.budgetpulse.com. […]
Can Student Loans Be Discharged Through Bankruptcy?
Q: I recently filed for bankruptcy and it was discharged in October. But on my credit report one of my student loans was listed as being discharged. Is that possible and can they still come after me for garnishment? A: Student loans are generally not dischargeable in bankruptcy court – regardless of whether they were federal […]
What You Should Know About FHA Loans
Q: I am trying to get an FHA Loan. Should I use most of my cash to pay off credit card debt or put more money toward the down payment? A: If you are seeking an FHA loan, you actually need to be concerned with both things – paying off credit card debt and having […]
How Do I Obtain a Loan To Buy Investment Property With Bad Credit?
Q: How do I obtain investment property loans with bad credit? I rent out one property that I own, but I can’t get a loan on it because my credit score is 560. A: When people get turned down for a bank loan, the natural tendency is to think that the bank is wrong – […]
How to Lower Your Credit Card Interest Rate
Sometimes, one easy phone call is all it takes to get the interest rate on a credit card lowered. However, many people are reluctant to make that call, because they mistakenly believe that creditors won’t be willing to negotiate. Even amid the credit crunch, however, banks and other credit card issuers are willing to consider […]