Cathy Moran, Esq., (Redwood City, CA)
The responsibility of a co-signer is one of the single most common misunderstandings about law.
Put bluntly, a co-signer is just as responsible for the debt as the primary borrower.
Co sign someone else’s loan and you put yourself in the creditor’s spotlight.
That should make the hair on the back of your neck stand up.
Chapter 7 bankruptcy is the bankruptcy filing most often used by consumers. It provides protection from creditors, puts a stop to most collection efforts and can eventually wipe debts away.
Melinda Opperman,
President, credit.org
Anyone hoping to take control of their personal finances must start with budgeting.
Simply put, a budget is a plan. People need to plan for how much they’ll earn, how much they’ll spend, and what their long-term financial goals will be.
There are many reasons we urge everyone to take the time to create a budget:
Author: Melinda Opperman
President, credit.org
When people are struggling with their debts, they have a lot more options than they might realize. There are professionals, non-profit organizations, and free online resources available to help no matter how one’s personal finances look.
BFine Administrator
Managing your financial future is easier when you understand what is being said. Below are some of the key terms that are used with finance and bankruptcy.
For more definitions visit:
According to a recent study, approximately 30 percent of African-American filers are more likely to have their bankruptcy cases dismissed than non-Black bankruptcy filers, Yahoo News reports.
Q. My father declared bankruptcy without telling my mother. How will this affect her credit?
For many young people, budgeting can feel like a chore. A recent study found that 57% of young people dread the thought of budgeting..
We’ve seen countless different household budgeting strategies over the decades we’ve spent educating consumers about managing their personal finances and conquering their debt.
Crafting your own monthly budget isn’t all that complicated, but it can be tedious and downright depressing when you’re first starting out. After all, creating a spending plan usually means cutting in areas you probably enjoy, such as dining out and entertainment.
I spoke to financial advisors about how to catch spending mistakes and create a foolproof budget for 2022 .
How often have you checked your mail or answered your phone only to find another prescreened credit card offer?
Blank envelopes and phone calls from unnamed phone numbers may seem like official notifications. More often than not, answering these notices leads you to find yet another offer claiming that you have been prescreened for a new line of credit.
Your credit report is meant to be an accurate, detailed summary of your financial history — however, mistakes happen more often than you may think.
If medical debt you’ve already paid has been lingering on your credit report, you may want to see if that has changed.
In December 2021, the Consumer Financial Protection Bureau (CFPB) launched a market monitoring inquiry into Buy Now, Pay Later (BNPL).
The U.S. Congress is looking into mistakes on credit reports and how disputes are being handled by all three major credit reporting agencies, Equifax, Experian and TransUnion, as a result of payment deferment programs and rising cases of identity theft during the pandemic.
Credit scores were founded on, and perpetuate, racial inequality.
Buy now, pay later” can be a convenient payment method. But if you don’t factor the recurring payments into your budget, it can get messy.
Credit card debt is on the rise as consumers face higher prices almost across the board.
When a financial emergency hits, you may find yourself scrambling to get your hands on the money you need.
If foreclosure is imminent, and a lender is considering a deed in lieu of foreclosure “Cash for Keys” may be an option. Under this arrangement, the lender will actually pay you to vacate the home and leave it in good condition. Part of that deal is the home is not damaged or vandalized, is “broom clean” and there are no missing appliances, fixtures, wiring, etc.
While personal finance isn't typically taught in school, we can still catch up with online courses.
COLUMBIA, S.C. (WIS) - To graduate high school, students probably had to learn the Pythagorean Theorem, memorize the three branches of government and their functions, and read a little Shakespeare. But in the future, South Carolina students will also need to learn skills like managing credit cards and filing taxes to get their diplomas.
If you’re looking for a way out from under overwhelming credit card bills and other debt, bankruptcy could wipe out your balances and offer a fresh start. But filing for bankruptcy has downsides, so you might consider debt consolidation as a way to simplify your finances and pay off debt faster.
For years you’ve lived on a college budget, scrounging meals where you can, buying gas on a trip-by-trip basis, and never once pondering the term “401(k).”
Only 2% of women are investing for their retirement. It is important that you start early, start small and start investing in assets that leverage the power of compounding, like Equity Mutual Funds..
Residents across north central Florida are optimistic about the potential impacts of a new law requiring a personal finance class for graduation.
A homestead is an owner-occupied residence that can provide homeowners with certain financial and legal protections.
A statute of limitations is the amount of time a person can take in order to take legal action on a certain event..
Breaking a general rule, I’ll talk about a personal experience. Being in the market for a piece of equipment for personal and business use, I noticed a site offered a form of fintech-driven financing.
If you want to get your money straight, get your head straight first.
A recession is a period of decline in general economic activity, typically defined when an economy experiences a decrease in its gross domestic product for two consecutive quarters.
No one wants to find themselves losing their home to foreclosure, but if you’re in this situation, there’s potentially still time to recover using the right of redemption.
If foreclosure is imminent, and a lender is considering a deed in lieu of foreclosure “Cash for Keys” may be an option. Under this arrangement, the lender will actually pay you to vacate the home and leave it in good condition. Part of that deal is the home is not damaged or vandalized, is “broom clean” and there are no missing appliances, fixtures, wiring, etc.
The payday loan industry is notorious for its predatory practices and tendency to disregard the law. Federal and state governments alike have attempted to rein in payday lenders to protect consumers, especially since most payday loan borrowers ended up regretting their payday loans.
Buy-here, pay-here loans can help people with poor credit secure auto financing. They’re offered by car dealerships that provide in-house financing — meaning the dealership both sells and finances its cars. But you may encounter a speed bump or two with buy-here, pay-here financing. These loans might not help you build credit and can come with high costs — sometimes thousands more than the car is actually worth.
If you take a drive down the main road leading to most military bases in the country, you’ll likely see car dealerships lining both sides of the street.
After the birth of her son, Lauren Hynds wanted a way to work out that would be easy enough to manage while caring for a newborn. That’s when she saw ads for Peloton, the workout bike with the cult following.
You have until Oct. 31 to apply -- but if you need to consolidate your loans, you should start the process right away.
Over nine million Americans may qualify for federal student loan forgiveness under a program that’s already in place, according to a new estimate.
In the fall of 2021, the Public Service Loan Forgiveness Program was overhauled by the Biden administration. Since then, thousands of borrowers have received $8.1 billion in student debt relief.
The federal government’s student loan servicing contractors have been instructed to hold off on sending billing statements ahead of an Aug. 31 deadline for ending the pandemic freeze on loan payments, giving companies little time to start loan collection processes if payments resume.
Signing a car lease can be a big commitment since you agree to drive a vehicle for a fixed number of miles and months.
When you pay off your student loan in full, you’ll have paid more than the amount you originally borrowed. This is generally due to the accrual of interest and interest capitalization. .
You might want to refinance your loan if you’re having trouble making your mortgage payments or to take advantage of a lower interest rate.
Data from TransUnion shows people between the ages of 18 and 40 were at least 60 days past due on their auto loans in the first quarter of 2022..
Americans with lower credit scores have begun defaulting on car loans at near-record rates as economic warning signs increase.
Scammers promise to make changes to your mortgage loan or take other steps to save your home, but they don’t deliver.
JD Supra: Is There a Bubble Waiting to Burst? - Sept. 15, 2021
In March 2021, the U.S. Department of Education noted that student loan borrowers owed $1.6 trillion federal and private loans. For many, loans are the only option to attend a U.S. university or college for undergraduate, graduate, and professional studies.
Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to the Continuing COVID-19 Pandemic and CARES Act.
Buying a house can be a challenge in itself, but if you’ve had to file for bankruptcy, owning a home may seem all the more difficult to achieve.
Just because you've had a bankruptcy doesn't mean you can't get financing to invest in real estate. Find out how.
Navient, one of the largest student loan servicers, will cancel $1.7 billion in private student loans after a deal it reached with 39 states.
Why home prices could rise 6% to 10% this year, even if mortgage rates jump.
More borrowers are losing their homes now than they were earlier in the pandemic.
In October, 3.8% of mortgages were delinquent by at least 30 days, compared to 3.7% in the same month of 2019.
The last year has been quite a season of change in the student loan industry.
A public education project of the National Association of Chapter Thirteen Trustees
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