All About Credit Score

We at Lakelaw have been saying this for years.  Debt settlement firms say “don’t file bankruptcy.”  We say steer clear of debt settlement firms.  And we’re not alone.  Here’s a great video from MSNBC which explains it in detail.

Do you want to try it yourself?  Go for it.  Try to settle those debts by yourself.  Or call Lakelaw.  We know what the going rates are and we’ll be glad to help.  If you have the funds to avoid bankruptcy, wonderful.  If you don’t don’t worry.  We’ll help you file bankruptcy and get the fresh start that you need and deserve.

For financial freedom in Illinois and Wisconsin, call us at Lakelaw – 1 866 LAKELAW.  That’s 866 525-3529.

Tags: Debt Settlement, Debt Settlement Firms, Msnbc, Settlement Firms

Recent reports from the Census Bureau show that the number of American families living at or below the poverty line increased in 2009 to a fifteen-year high of about 44 million, or one in seven Americans. So what does that mean for individual finances, including foreclosure , eviction, bankruptcy filings and more?

Here’s a look at what the rising poverty rate in the U.S. might look like.

Poverty and Bankruptcy

Many insiders have estimated that as many as 1.6 million Americans will file for bankruptcy by the end of 2010, up from even 2009’s 1.3 million. Even though that number represents an increase from prior years, some economists conjecture that more Americans would be in need of bankruptcy protection if not for:

• Shared housing: More and more extended families, it seems, are opting to live in single residencies in order to save money on bills. For

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Tags: Year

This personal bankruptcy story was posted on the internet in May of 2010 as a blog in a discussion on bankruptcy: “I have two friends who recently had their bankruptcies discharged. They have not experienced any negative effects. In fact, they both discussed how it was so awesome that they got to keep two Rolex watches; a TagHeur watch; a two carat anniversary band; a 3 carat wedding ring from Tiffany’s and everything else they own. My husband and I just finished paying off 45,000 in student loan and home equity loan following [a debt management] plan, but we had to sacrifice and do without. Sometimes, I am jealous because these two families eliminated all their debt without having to sacrifice anything. Thoughts?”

Every bankruptcy story is different. Bankr

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Tags: Bankruptcy

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Many of you remember the story of Enron. In the late 1990s, Enron was riding high accepting praise from entities like Fortune magazine which named Enron as America’s Most Innovative Company for every year between 1996 through 2001. They said it was one of the 100 Best Companies to Work for in America in 2000. All true, Enron had long been receiving accolades for its work ethics, management, and all-encompassing pension plans. With the perceived large earnings, it looked to be one of America’s top companies, but along came the scandals that shook our nation.

In August of 2000, Enron’s stock had skyrocketed to $90 per share. Little did the nation know that in reality, the company was experiencing huge losses. Enron

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Tags: Enron, Enron Lesson

WalletPop.com recently published an interview with a journalist who decided to spend some time working at a debt collection agency to research whether or not the company complied with federal guidelines for debt collectors (as outlined in the Fair Debt Collection Practices Act).

His findings (which are detailed in the book Fight Back against Unfair Debt Collection Practices), are summarized below.

What to Expect from Debt Collectors

While federal law specifically states that debt collectors must follow various guidelines that basically add up to treating debtors with respect, various reports have suggested that many collectors regularly break these guidelines—and most consumers don’t realize they have rights in the matter.

Here are some classic maneuvers to watch out for and speak up about if you encounter:

• Trainees don’t count. It seems that some collection agencies excuse illegal behavior from employees by identifying them as “trainees,” meaning that they haven’t been fully instructed on how to behave according to the laws. To countera

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Tags: Debt, Debt Collectors