All About Credit Score

This personal bankruptcy story was posted on the internet in July of 2010 as a comment in a discussion on bankruptcy: “The reason I choose chapter 13 is because I was told by my attorney that after 3 years I would be able to walk away from my secured (2nd) and unsecured debt. I took a slow spiral down after divorce and was living beyond my means. I did hold a second job for several years just to keep my head above water. I am now in a situation where I am making minimum payments and have pondered over this for months and months calling mortgage modifications, debt counselors, etc. During the first of the year, the interest rates on cards sky rocketed and I was sinking in this deep dark hole. I think about my situation and I have done some homework on chapter 13 and 7 and for me I know its not without consequences but at least I will be able to sleep at nite. I

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Tags: Bankrupt, Bankrupt Debtor

A press release from Illinois’ attorney general’s web site notes that an Illinois payday lender, Payday Loan Store, has been accused of dumping consumer’s sensitive information in trash receptacles outside several locations. Lisa Madigan, the attorney general, is reportedly suing the company for “allegedly failing to safeguard consumer data.”

Here’s a look at the details and what you need to know to keep your information safe.

Sensitive Documents Found in Trash

Reports indicate that various documents, including highly sensitive consumer information, were discovered in trash bins outside some Payday Loan Store locations.

• Enough information to allow identity theft: Police reportedly found documents that included customers’ Social Security Numbers, bank account numbers, canceled check information, credit counseling history and more.
• Earlier promises to protect such information: According to sources, Payday Loan Store guaranteed customers that it would protect their sensitive information. The discovery

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Tags: Lender, Payday Lender

This personal bankruptcy story was posted on the internet in October of 2010 as a comment in a discussion on bankruptcy: “Short sell your home!!! The foreclosure process takes forever. The mortgage lender should be interested in a short sale over foreclosure. A short sale will most likely guarantee the lender(s) more money than if they have to auction the home. We did a short sale, and we will have to pay taxes on the difference between the sale price and what we owed, but there were homes in our neighborhood in foreclosure that were auctioned off for $5,000-$10,000 each, when the purchase price was in the neighborhood of $110,000-$145,000. The bank wants more money rather than less, so they should work with you wholeheartedly for a short sale. We had an 80/20 loan, interest only. I

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Tags: Short, Short Sale

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Abraham Lincoln did not get his nickname of “Honest Abe” undeservedly.  The 16th President of the United States declared bankruptcy in 1833 and spent 17 years of his life paying off the money that he borrowed from friends to start his business. Even though he was not required, he paid back every penny he owed. In contrast, it took Lincoln 30 years to achieve his goal of becoming President of the United States. Lincoln, one might conclude, was a very determined but honest man, and when it came to bankruptcy, he took the honest way out.

Not too long before Lincoln’s day, going bankrupt was a very serious ordeal that involved debtor’s prison in the Old World. A credit

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Tags: Honest, Honest Abe

The Federal Trade Commission filed a complaint last week with a federal judge to halt what was reportedly an organization devoted to tricking people out of money by promising to help with tax debts.

Tax Debt, Debt Relief Scams and You

Like so many other debt relief scams, this one is particularly difficult to stomach because it preyed on consumers who could least afford to lose the money they allegedly paid to the fraudsters. According to the FTC, here’s how the scam worked:

• False promises of debt help: In TV, radio and Internet ads, the company (called American Tax Relief LLC) reportedly claimed that it could settle consumers’ back tax debt for only a portion of the total amount.

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Tags: Tax, Tax Relief