Women & Money Series 2010

Increase your financial knowledge, develop confidence in your decision-making ability, and gain control of your life through informed money management.  Join a seven-week series of  classes about money, developed by women for women.  The class will be at Washburn University Henderson Hall in Topeka from September 9 through October 21, 2010, 6 to 8:30 p.m.

  • September 9 – Money and You and Financial Basics, Welcome – Marc S. Wilson, Commissioner, Office of the Kansas Securities Commissioner; Marilyn Stanley, Chief Operating Officer, Housing and Credit Counseling, Inc.
  • September 16 – Getting Organized, Cindy Evans, County Extension Agent, Family and Consumer Science, Kansas State Research & Extension – Shawnee County
  • September 23 – Banking and Credit, Kimberly Geels, Vice President, New Century Credit Union
  • September 30 – Investment Basics, Judy Thomas, CFP® and Kris Welborn, CFP®Wells Fargo Advisors
  • October 7 – Retirement Planning (Social Security and other employer based plans), Nancy J. Sumpter, AAMS, Edward Jones Investments, Emily Schalansky, Social Security Administration
  • October 14 – Investigate Before You Invest, Kathy Diehl, Director of Compliance; Gail Bright, Associate General Counsel, Erin Hoestje, Associate General Counsel, Office of the Kansas Securities Commissioner
  • October 21 – Planning for Future Life Events, Susan Krehbiel William of Coffman, DeFries & Nothern PA

Register through Housing and Credit Counseling, Inc., 1195 SW Buchanan, Ste. 101, Topeka, KS 66604.  For more information contact Marilyn at 234-0217 x312.

Why Did They Stop Sending My Mortgage Statements After Bankruptcy?

Most home mortgage lenders who send monthly statements to their borrowers will stop sending statements once a bankruptcy is filed.   They will stop withdrawing automatic payments form your bank account.  They claim sending the statements and withdrawing your funds might be seen as a violation of the bankruptcy automatic stay on collection and they don’t want to run afoul of the bankruptcy law.

Some Courts such as the Kansas bankruptcy courts have local rules allowing mortgage statements to be sent to debtors who want to retain their properties and continue paying the mortgage payments.

If you have filed bankruptcy and wish to keep your real estate that has been pledged as collateral for a loan, you must pay your mortgage payments.  Not getting a statement does not get you off the hook – you don’t get a free house.  YOU MUST PAY YOUR MORTGAGE PAYMENTS TO KEEP YOUR PROPERTY OUT OF FORECLOSURE. [Read more…]

No Early Payoff, But Chapter 13 Bankruptcy Plan Modification Possible

In re Kidd, et al, Case No. 06-41232
August 2007, Judge Karlin

The Court recognized changes in 1324(b)(4) and held that debtors may not propose an early pay off but may obtain the same in the right circumstances via 1329.

Digest by:  Jan Hamilton, Trustee

10 Things to Think About Before Using Your Credit Card After Bankruptcy

Ten Things to Think About Before Using Your Credit Card After Bankruptcy

1.  Establish a realistic budget.

Before using a credit card after bankruptcy, try paying cash for a while.  This will help you learn how much money you need each month to pay the basic necessities.  Don’t forget to budget for the payments on any debts you reaffirmed in your bankruptcy.

2.  It is important not to use credit cards to make up for a budget shortfall.

Credit card debt is expensive.  Sometimes credit cards are so easy to use that people forget they are loans.  Be sure to charge only things you really need and plan to pay the balance off in full each month.  If you find you are constantly using your card without being able to pay the bill in full each month, you need to consider that you are using cards to finance an unaffordable lifestyle.

3.  If you get into financial trouble, do not make it worse by using credit cards to make ends meet. [Read more…]

10 Things to Think About Before Getting a New Credit Card After Bankruptcy

Ten Things to Think About Before Getting a New Credit Card After Bankruptcy

1.  Don’t apply for a credit card until you are ready.

Unfortunately, bankruptcy may not have permanently resolved all of your financial problems.  It is a bad idea to apply for new credit before you can afford it.

2.  Avoid accepting too many offers.

There is rarely a good reason to have more than one or two credit cards.  Having too much credit can lead to bad decisions and unmanageable debts, and it will lower your credit rating.  This can make it harder for you to get other lower interest rate loans.  Avoid accepting a credit card just to get a discount at a store or a “free” gift.

3.  Remember that lenders are looking for people who run up big balances, because those consumers pay the most interest. [Read more…]

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 away from a bad deal, even at the last minute.

* Shop around.  You may qualify for a loan with normal rates from a reputable bank or credit union.  Don’t forget that high-cost lenders are counting on your belief that you cannot get credit on better terms elsewhere.  Do not let feelings of embarrassment about your past problems stop you from shopping around for the best credit terms.

* Compare credit terms.  Do not consider just the monthly payment.  Compare the interest rate by looking at the “annual percentage rate,” as this takes into account other fees and finance charges added on the loan.  Make sure you know exactly what fees are being charged for credit and why.

* Read before you sign.  If you have questions, get help from a qualified professional to review the paperwork.  A lender that will not let you get outside help should not be trusted.

* If you give a lender a mortgage in a refinancing deal, remember your cancellation rights.  In home mortgage refinancings, federal law gives you a right to cancel for three days after you sign the papers.  Exercise these rights if you feel you signed loan papers and got a bad deal.  Don’t let the lender talk you out of cancelling.

* Get help early.  If you begin to have financial problems, or you are thinking of consolidating unmanageable debts, get help first from a local non-profit housing or debt counseling agency.

Source: Using Credit Wisely After Bankruptcy Pamphlet, National Consumer Law Center, Boston, MA, www.nclc.org.

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