Posted on October 30th, 2009
While not everyone’s credit application will be accepted, everyone has the right to know why. As required by the Equal Credit Opportunity Act, creditors must tell people why their credit request was denied.
The reasons for denying credit to someone can vary. For instance, the person may not have a credit file with a credit reporting agency. Also, the person’s credit file may report delinquent obligations.
If you or anyone you know has debt problems, contact the Birmingham debt negotiation lawyers of Paula Greenway at 205-324-4000.
Posted on October 22nd, 2009
Some people who are recovering from bankruptcy have trouble improving their credit score. One strategy for improvement is to obtain a secured credit card.
Secured credit cards are based on collateral in a bank account. In other words, if someone obtains a secured credit card, that person’s credit limit will equal the amount in a checking account or other related account.
In most cases, using secured credit cards and then making credit payments on time will improve a person’s credit score. Once a person’s credit score improves, that person will be more capable of borrowing money.
If you or anyone you know is considering filing for bankruptcy, contact the Birmingham personal bankruptcy lawyer Paula Greenway at 205-324-4000.
Posted on October 15th, 2009
Given the high number of people filing for Chapter 7, the Bush administration passed the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005. The act required people filing for Chapter 7 to pass the “means test.”
The means test measures whether a debtor can pay off some or all of his debts. If a debtor fails the means test, then he cannot file for Chapter 7. However, the debtor still may be able to file for Chapter 13 reorganization bankruptcy filing.
If you or anyone you know is considering filing for Chapter 7, contact the Birmingham bankruptcy lawyer Paula Greenway at 205-324-4000.
Posted on October 7th, 2009
When borrowers amass huge amounts of debt and are unable to repay some or all of it, lenders have alternative means for recovering debt payments. One way is through wage garnishments.
Through wage garnishments, creditors recover debt by taking money from a borrower’s paycheck before it is issued to the borrower. Wage garnishments are not only common but typically legal.
However, borrowers have some rights. For instance, they cannot be fired for being in debt and lenders can only take 25% of their earnings in most cases.
In order to avoid wage garnishments, individuals should take one of a number of actions, including not overcharging their credit account, paying off their bills on time, and not ignoring late payment notices.
If you are struggling with debt and may face the prospect of wage garnishments, contact the Birmingham personal bankruptcy lawyer Paula Greenwayat 205-324-4000.
