The over-55 crowd is the mostly likely age group to declare bankruptcy, the AARP says. This group is carrying mortgages, home equity loans and credit card balances.
According to an AARP study, over half of this group spends most of their income paying down debt. A quarter of these folks pay over 75% of their [...]
Topeka Attorneys Helping You Get The Fresh Start Only The Federal Bankruptcy Laws Can Give You
Category Archives: Credit
Retired, Broke, Bankrupt
What You Can Do to Avoid Problems with Credit After Bankruptcy
What You Can Do to Avoid Problems with Credit After Bankruptcy
* If you don’t want it, don’t get it. If you have doubts about whether you really need the loan or service, or whether you can afford it, don’t let yourself get talked into it by a salesperson using high-pressure tactics. You can always walk [...]
Beware of Rent-to-Own
Beware of Credit Offers Aimed at Recent Bankruptcy Filers
Rent-to-own
By renting a TV, furniture or appliance from a rent-to-own company, you will often pay three or four times more than what it would cost to buy. The company may make even more profit on you because the item you are buying may be previously used and [...]
Beware of Payday Loans, Auto Title Loans
Beware of Credit Offers Aimed at Recent Bankruptcy Filers
Small Loans
It is always best to save some money to cover unexpected expenses so you can avoid borrowing. But if you are in need of a small loan, avoid the following high cost loans:
Payday loans
Some “check cashers” and finance companies offer to take a personal check from [...]
Beware of "Bad Credit, No Problem"
Beware of Credit Offers Aimed at Recent Bankruptcy Filers
Be wary of auto dealers, mortgage brokers and lenders who advertise: “Bankruptcy? Bad Credit? No Credit? No Problem!” They may give you a loan after bankruptcy, but at a very high cost. The extra costs and fees on these loans can make it impossible for you to [...]
Beware of High Cost Predatory Lenders
Beware of Credit Offers Aimed at Recent Bankruptcy Filers
Avoid High Cost Predatory Lenders
Don’t assume that because you filed bankruptcy you will have to get credit on the worst terms. If you can’t get credit on decent terms right after bankruptcy, it may be better to wait. Most lenders will not hold the bankruptcy against you [...]
Beware of Credit Repair Companies
Beware of Credit Offers Aimed at Recent Bankruptcy Filers
Credit Repair Companies
Beware of companies that claim: “We can erase bad credit.” These companies rarely offer valuable services for what they charge, and are often an outright scam. The truth is that no one can erase bad credit information from your report if it is accurate. And [...]
Beware of "Secured" Credit Card Offers
Beware of Credit Offers Aimed at Recent Bankruptcy Filers
“Secured” Credit Card
Another type of credit marketed to recent bankruptcy filers as a good way to reestablish credit involves “secured” credit cards. These are cards where the balances are secured by a bank deposit. The card allows you a credit limit up to the amount you have [...]
Beware of “Disguised” Reaffirmation Agreement
Beware of Credit Offers Aimed at Recent Bankruptcy Filers
“Disguised” Reaffirmation Agreement
Carefully read any credit card or other credit offer from a company that claims to represent a lender you listed in your bankruptcy or own a debt you discharged. This may be from a debt collection company that is trying to trick you into reaffirming [...]
Free Credit Reports Aren't Really Free
The frequently advertised free credit report websites aren’t really free–there is a catch. But there is a place you can get free credit reports once a year without any traps.
Yes, you get a free report on the advertised website, but you have to enter a credit card number and sign up for a monthly credit [...]
Beware of Tax Refund Loans
Tax refund anticipation loans
Some tax return preparers offer to provide an “instant” tax refund by arranging for loans based on the expected refund. The loan is for a very short period of time between when the return is filed and when you would expect to get your refund. Like other short-term loans, the fees may [...]
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Jill Michaux & Mark Neis
Attorneys at Law
Bankruptcy Law Office
Neis & Michaux, P.A.
825 Bank of America Tower
534 S. Kansas Ave., Ste. 825
Topeka, KS 66603-3446
T: 785-354-1471
F: 785-354-1170
lawyers@neismichaux.com
Board Certified in
Consumer Bankruptcy Law
by the American Board of
Certification