| 33 entries found. Viewing page 1 of 2. |
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| August 30, 2010 |
| How Does Bankruptcy Affect My Interest Rates? |
| Posted By Jacoby & Jacoby |
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It is an instant relief when after you file bankruptcy, the creditors’ harassing phone calls stop but that stress is replaced by dealing with a severely damaged credit report that makes getting credit cards, car loans or mortgages tough. Getting approved for a credit card after your bankruptcy will be very difficult, particularly in the first two to three years. When you do qualify for a credit card again, it will generally start at the highest rates. Purchasing a car is possible in and after bankruptcy. Car ownership is one of the fastest ways to show positive credit history. However, expect to have higher interest rates. With on-time auto and credit card debt payments in the first two years of bankruptcy, you can begin to see a credit score that meets the criteria for a mortgage. Bankruptcy will have an adverse affect on the rate, but not make it impossible to own a home.
Are you thinking of filing bankruptcy? We can help! Make sure to speak to Jacoby & Jacoby either online or call us at 631-289-4600 to schedule a FREE consultation with one of our bankruptcy attorneys. We can review your individual situation and get you back on the right track. |
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| August 26, 2010 |
| Can I Use a Credit Card Before I File Bankruptcy? |
| Posted By Jacoby & Jacoby |
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We understand that the reason you are considering bankruptcy is most likely using your credit cards beyond your financial needs. Many times, debtors are forced to use their credit cards to pay for essential goods such as food or clothing because they do not have enough income to pay cash. When filing for bankruptcy, a judge may not look favorably at upon the excessive use of your cards, despite the fact that it was not a choice, but a necessity.
The bankruptcy code section 523 says that if you charged non-essential, or "luxury goods" in the amount of $500 or more to your credit card within 90 days prior to filing for bankruptcy, these charges are presumed non-dischargeable. Bottom line: It is good practice to delay filing for bankruptcy as long as possible following your last use of your cards.
If you see no other option than to use your credit cards for everyday life's expenses, then you know you are heading for bankruptcy and we can help! Contact us online or call The Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation to discuss your individual situation and all of your options. |
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| August 24, 2010 |
| 5 Ways to Live Better Without Spending More |
| Posted By Jacoby & Jacoby |
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Most people want to be happy…and normally they think that you need to spend more to be happy. According to this blog post, there are 5 ways to live better without having to spend any more. Click here to read the tips.
Do you need help with your out of control credit card bills? We can help! Contact us online or call The Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation to discuss your individual situation and all of your options. |
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| August 23, 2010 |
| How Can I Get a Credit Card When I Have Bad Credit? |
| Posted By Jacoby & Jacoby |
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Having bad credit won't necessarily prevent you from getting a credit card, but it can make it much more difficult. Here are some tips that will help you get a new card and start to build your credit back up:
• Apply for credit cards at smaller retail stores. Sometimes these companies are more willing to give you a chance. If your application is accepted, make a small purchase and pay at least the minimum payment every month and on time. (If you pay more than the minimum payment, you won't pay as much in interest charges.)
• Go to your bank, financial institution or credit union. If they already have your business, they may be more willing to give you a credit card.
• Apply for a secured credit card if all else fails. You will be required to open and maintain a savings account, as security for your line of credit. Your credit line will be a percentage of your deposit.
• Get a friend or family member to co-sign for a credit card. Choose someone with good credit because their credit counts as well. If you can't pay back the loan, they must, and it will appear as a blemish on their credit rating.
Have you not filed for bankruptcy because you are afraid of what will happen to your credit score? We can help! Make sure to speak to Jacoby & Jacoby either online or call us at 631-289-4600 to schedule a FREE consultation with one of our bankruptcy attorneys. We can review your individual situation and advise you about your best options. |
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| August 20, 2010 |
| Student Loan Debt Surpasses Credit Cards |
| Posted By Jacoby & Jacoby |
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According to June 2010 figures released by the Federal Reserve, Americans owe some $826.5 billion in revolving debt (most of which is credit cards) and $829.785 billion in student loan debts. The Wall Street Journal recently posted an article with all the detals. Click here to read the full story.
Do you have excessive student loans AND credit card debt? We can help! Contact us online or call The Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation to discuss your individual situation and all of your options. |
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| August 18, 2010 |
| Watch Me Wednesday: When to Give Your Child a Credit Card |
| Posted By Jacoby & Jacoby |
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| Janet Bodnar, Deputy Editor, Kiplinger’s Personal Finance Magazine is interviewed by Kevin McCormally, Kiplinger Editorial Director about when is the best time to give your child a credit card. |
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| August 17, 2010 |
| 5 Ways to Avoid Going to Jail Over Your Debt |
| Posted By Jacoby & Jacoby |
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Collection agencies are using extreme methods when going after debtors. They are now going through the court system to collect which gives you two options: show up and pay up or go to jail. First, the collection agency files a lawsuit against the debtor. If the debtor doesn’t appear at the hearing they schedule a second hearing to review the debtor’s assets. If the debtor fails to appear at this hearing, the judge can put a warrant out for the debtors arrest. Not only will the debtor have to pay what is owed, but also additional court fines and bail money. We came across this blog post that lists 5 ways to avoid this scenario from happening to you. Click here to read the full story.
Are collection agencies harassing you? We can help! Contact us online or call The Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation to discuss your individual situation and all of your options. |
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| August 10, 2010 |
| Not Enough Cash? Get Your Priorities Straight |
| Posted By Jacoby & Jacoby |
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In these hard economic times, it is often difficult to save money. But there are so many important things to save for like retirement, kids college funds and to pay off credit card debt. We came across this post on CNN.com that goes into more details on how to prioritize your funds. Click here to read the full story.
Are your credit card bills getting out of hand? We can help! Contact us online or call The Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation to discuss your individual situation and all of your options. |
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| August 04, 2010 |
| Watch Me Wednesday: Does Using My Credit Card Online Make Me More Vulnerable to Identity Theft? |
| Posted By Jacoby & Jacoby |
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| Robert Siciliano, Identity Theft Expert and CEO at IDTheftSecurity.com discusses online shopping and if it makes you more vulnerable to identity theft. |
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| Continue reading "Watch Me Wednesday: Does Using My Credit Card Online Make Me More Vulnerable to Identity Theft?" » |
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| August 03, 2010 |
| New Law Forcing Credit Card Issuers to Play Fair |
| Posted By Jacoby & Jacoby |
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Consumers will see more relief this month as more provisions of the Credit Card Act (formally known as the Credit Card Accountability Responsibility and Disclosure Act) come into effect. The downside is that credit card companies have now added new fees and are increasing interest rates to make up for the lost revenue. An article published Sunday in the Wall Street Journal goes into more details. Click here to read the full story.
Are credit cards ruining your life? Being harassed day and night about your high balances? We can help! Contact us online or call The Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation to discuss your individual situation and all of your options. |
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| July 30, 2010 |
| The Effects of the Credit Card Act |
| Posted By Jacoby & Jacoby |
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Credit card issuers have stopped many of the “deceptive” or “unfair” practices outlawed by the Credit Card Act that was recently signed. But are they engaging in others? We came across this blog post detailing the after-effects of the new laws. Click here to read the story.
Are credit card companies still harassing you? We can help! Contact us online or call The Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation to discuss your individual situation and all of your options. |
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| July 28, 2010 |
| Watch Me Wednesday: How Do I Get a Copy of my Credit Report? |
| Posted By Jacoby & Jacoby |
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Janet Bodnar, Deputy Editor of Kiplinger’s Personal Finance discusses how to obtain a copy of your credit report.
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| July 26, 2010 |
| How Do I Pay Bills Without a Checking Account? |
| Posted By Jacoby & Jacoby |
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If you don’t have a checking account because of past credit problems or another reason, there are other options that you can use to pay your bills. However, paying bills without a checking account will cost more money. Here are four options and the approximate fees that go along with them:
• Money Orders – These are available for purchase at banks, post offices and most supermarkets. As of 2010, a money order for an amount up to $500 costs $1.10.
• Prepaid Credit Card – Make payments to your creditors online or via phone after you have put money on the card.
• Savings Account Debit Card – You can make a payment online. There may be bank fees for an electronic payment, check with your financial institution.
• Western Union – This company offers three ways to send money: online, in person and by phone. A Quick Collect for the same day payment of a bill costs approximately $13 for a payment of $500.
Can’t afford the minimum payments on your credit cards? We can help! Make sure to speak to Jacoby & Jacoby either online or call us at 631-289-4600 to schedule a FREE consultation with one of our bankruptcy attorneys. We can review your individual situation and answer all of your questions. |
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| July 22, 2010 |
| How Do Creditors Make the Decision on How to Grant Credit? |
| Posted By Jacoby & Jacoby |
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The most important things to for creditors take in consideration while reviewing your credit application is the risk involved in granting you credit. They try to predict whether you will repay your debts by evaluating the following:
- Character: The length of your residency and employment records help creditors develop a feeling of your personal stability. They get this type of information directly from your credit report. Lenders evaluate your financial character by reviewing your existing credit relationships, such as current credit cards, bank loans and mortgages. They get this information from your credit report.
- Capacity: Your current expenses, open credit limits and other current debts give lenders an idea of how much you can pay on a monthly basis based on your income. This information comes from your credit application and credit report.
- Collateral/Capital: If the loan is secured by a down payment or an asset and how much the down payment or asset is worth will help lenders determine how much credit they will extend for you.
Are you being denied credit? We can help! Contact us online or call The Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation to discuss your individual situation and all of your options.
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| July 21, 2010 |
| Watch Me Wednesday: How to Protect Yourself From Credit Card Fraud |
| Posted By Jacoby & Jacoby |
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Jemma Smith, Head of Public Relations at APACS discusses ways to protect yourself from credit card fraud.
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| July 19, 2010 |
| How Does Divorce Affect a Person’s Credit? |
| Posted By Jacoby & Jacoby |
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Before your divorce, when you and your spouse first obtained credit together, you both sign a contact agreeing to pay your bills. A divorce agreement does not cancel that contract. When you divorce you are both fully liable for your debts. There are several ways to prevent credit obligations from making your divorce more difficult and to re-establish your own credit once you are no longer legally together. You may consider the following:
• Communicate with both your ex-spouse and creditors. Try to make a clean financial cut as possible and try to figure which credit belongs to whom and then ask each company or bank to transfer the debt to who is responsible.
• Remove your spouse’s name as an authorized user or close your joint accounts to avoid additional unauthorized charges.
• During divorce negotiations, keep your joint bills current, even if you ultimately will have no responsibility for the debt. If you don’t, your creditors could become more reluctant to release one party from joint liability.
Upon your divorce settlement, you and your ex-spouse might consider obtaining individual consolidation loans to cover your share of the joint bills. Pay off the joint bills with your individual loans and close all joint accounts. This helps ensure you'll be responsible only for those bills you agreed to pay. It also will help you establish or re-establish credit in your own name.
Thinking of divorce? We can help! Make sure to speak to Jacoby & Jacoby either online or call us at 631-289-4600 to schedule a FREE consultation with one of our matrimonial and divorce lawyers. We can review your individual situation and answer all of your questions.
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| July 14, 2010 |
| Watch Me Wednesday: How Do My Credit Cards Impact My Credit Score? |
| Posted By Jacoby & Jacoby |
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Janet Bodnar, Deputy Editor of Kiplinger’s Personal Finance discusses how your credit cards will impact your credit score.
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| July 12, 2010 |
| How Do I Start Building Credit from Start? |
| Posted By Jacoby & Jacoby |
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If you have never had any credit, the best way to build it is to get a few credit cards. Pick at least two from the major lenders (Visa, Mastercard, etc.) and make sure they have no annual fees and a long grace period. A grace period is the amount of time you have before interest is charged to make a payment on your account. Also, try and get one with a relatively low APR. Once you receive your cards, rotate your usage, i.e. use your Mastercard one month and your Visa the next. Use the cards for very small purchases and pay the bill ON TIME. Within about 6 months to a year, you’ll see your credit score start to rise. You will also be able to lower your interest rates on your cards once they see that you pay them on time.
Credit card problems? We can help! Make sure to speak to Jacoby & Jacoby either online or call us at 631-289-4600 to schedule a FREE consultation. We can review your individual situation and answer all of your questions. |
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| July 01, 2010 |
| High Rates, More Fees – Credit Card Traps Here to Stay |
| Posted By Jacoby & Jacoby |
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Despite the final phase of the CARD Act being put into place this August, credit card issuers will still be able to blindside customers with unexpected fees and more abusive behavior. We came across this article on CNN with the latest news and wanted to pass it along to our readers. Click here to read the entire story.
Are you being hit with out of control credit card fees? We can help! Contact us online or call The Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation to go over your individual situation and discuss all of your options. |
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| June 07, 2010 |
| 8 Ways to Teach Kids About Money |
| Posted By Jacoby & Jacoby |
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Credit card spending and overdraft fees may seem like a tough topic to tackle with your children, so Time.com suggests starting with broader ways of teaching your kids about money. Click here to read the story.
Are you struggling with your bills? Contact us online or call The Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation to discuss your individual situation and how we can help you. |
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| May 31, 2010 |
| Banks Reduce Overdraft Charges: Smaller Fees Better Than No Fees At All |
| Posted By Jacoby & Jacoby |
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According to an article on Time.com, banks, have decided to reduce their overdraft fees in hopes that more people will pay and not dispute them. Click here to read the story.
Are you over your head in credit card debt? Contact us online or call The Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation to discuss your individual situation. |
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| May 24, 2010 |
| Credit Card Overhaul Cuts Bank Fees by $5 Billion |
| Posted By Jacoby & Jacoby |
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According to an article on USAToday.com, new debit and credit card laws will save consumers $5 billion this year. Click here to read the story.
Are you over your head in credit card debt? Contact us online or call The Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation to discuss your individual situation. |
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| May 04, 2010 |
| How Can I Protect Myself From Identity Theft? |
| Posted By Jacoby & Jacoby |
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According to the Federal Trade Commission's Identity Theft Awareness site, the three most important steps to avoid identity theft are to Deter, Detect and Defend.
Deter Identity Theft
The first step and most effective way to avoid identity theft is to be extremely careful with your personal and financial information. Here are some tips:
· Store your financial data in a safe.
· Don't carry around your Social Security Card.
· Shred all financial and personal documents when not needed anymore.
· Frequently change your computer passwords.
Detect Identity Theft
The next step is to realize when identity theft has occurred. The faster you discover it, the easier it is to resolve the situation and limit the damage that it causes.
· Monitor your own credit reports using your one free report per year.
· Hire an identity theft protection company to monitor your credit reports.
· Look out for unexpected bills for items you did not purchase.
· No longer receiving bills you normally get on a regular basis
· Denial of credit when normally qualified.
You should make it a habit to review your financial statements on a monthly basis and getting your free credit reports.
Defend Against Identity Theft
If you notice any of the signs listed above, don't wait! Place a fraud alert on your credit reports and contact the individual credit card that you saw unusual activity on. Then do the following:
· Review your credit reports carefully
· Close any accounts you think have been tampered with.
· File a police report where the theft occurred. Most creditors need proof that a crime was committed.
You can also place a credit freeze which will prevent anyone from opening new accounts in your name. This will not stop them from using accounts which have already been opened, which is why it is important to close any account that has been tampered with.
Contact us online
or call the Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation and we can go over your individual situation and discuss all of the options available to you. |
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| April 13, 2010 |
| Can I Keep One of My Credit Cards During Bankruptcy? |
| Posted By Jacoby & Jacoby |
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This is a common question. Plain and simple, the answer is no! We understand that you may like to use a credit card for travel or everyday purchases, and even if it is paid in full at the end of the billing cycle, it CANNOT be kept through a bankruptcy. A debtor is required to list all debts in bankruptcy. The bankruptcy discharge, once entered will then discharge the credit card balance. It is very doubtful that a credit card company will extend new credit on the same account that was just discharged. If you have an account with a zero balance, then it isn’t considered a “debt” and technically, it isn’t required to be listed in the bankruptcy. However, the credit card company will find out about your bankruptcy from the credit bureaus and will most likely cancel the account, even if it wasn’t listed in the bankruptcy.
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| March 26, 2010 |
| Common Questions about Chapter 7 Bankruptcy |
| Posted By Jacoby & Jacoby |
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Q: What is Chapter 7 bankruptcy?
A:
Chapter 7 of the United States Bankruptcy Code allows for a debtor to get a fresh start financially by surrendering certain assets to the bankruptcy court, which will be liquidated and the proceeds will go to pay off creditors. Following completed Chapter 7 proceedings, all eligible debt will be discharged.
Q: What are some of the
advantages of Chapter 7
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A:
Once you file under Chapter 7, all creditors must stop any and all collection efforts against you. This includes wage garnishment, freezes on your account, phone calls, letters, repossession and more. There is no limit to how much debt can be discharged. Either an individual or a business may file under Chapter 7.
Q: What are the
disadvantages of Chapter 7
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Certain property/assets may be forfeit, and not all debt can be discharged (such as certain taxes or student loans). Filing for bankruptcy may also have negative effects on your credit.
Q: Will I lose all my property?
A:
Not necessarily. Certain property and assets are protected from liquidation, and a lawyer can help you understand what property is exempt and can help protect it.
Q: Can all debts be discharged?
A:
Not all debts are eligible to be discharged in Chapter 7 bankruptcy proceedings. This includes some student loans, child support, spousal support, and certain taxes.
Q: How long does Chapter 7 take to complete?
A:
A typical Chapter 7 bankruptcy case takes approximately 3 to 6 months to fully complete.
Contact a Long Island bankruptcy attorney
at Jacoby and Jacoby today to find out more about bankruptcy and how we can help.
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| 33 entries found. Viewing page 1 of 2. |
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