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 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.
