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Get a Copy of Your Chex Systems Report »

Everyone has seen that TV commercial for FreeCreditReport.com and its catchy jingle.  We all know that we can get a free credit report pursuant to Federal Law by going to www.annualcreditreport.com.  And some of us have heard about Chex Systems,a company that keeps track of how well or poorly you manage your checking account.  Many [...]

Satisfy a Car Loan by Surrender in Connecticut »

On February 24, 2009, Judge Dabrowski of the U.S. Bankrupcy Court in Connecticut ruled that a car may be surrendered toa creditor in a bankruptcy case to satisfy a car loan that is less than 910 days old.  Well, there’s a mouthful.  In short, 910 car claims are given special treatment in bankruptcy.  In a [...]

Credit Scores Should Not Be Your Main Concern »

Much has been written about maintaining your credit report and your credit score.  Credit reports are free (once per year) by Federal law and it is easy to set up a system of monitoring them.  However, you still have to pay to obtain the point score.
But another point of view is that your credit score [...]

Connecticut’s Exemption in Cars »

Since July 1, 2007, Connecticut has recognized a $3,500.00 exemption in automobiles. Many websites out there (including some maintained by Connecticut lawyers) miss the fact that the exemption amount increased from $1,500.00 to $3,500.00 mearly two years ago.
An exemption in an automobile (or truck) is calculated by taking the market value of the vehicle and [...]

How Much Credit Should You Have? »

The current economic crisis has reminded us all to look at our debt to income ratios.  In the recent past, creditors have helped us forget to consider what is an appropriate amount of debt as they encouraged us to put everything on a credit card.  There are some simple standards to follow and a few [...]

You Still Owe "Charged Off" Debts »

What does it mean when collectors threaten you with ‘charge off’.  Sounds serious doesn’t it?  The dirty little secret is that a “charged off” debt has nothing to do with what is owed.  ”Charge off” means that the creditor is taking a tax deduction from their income tax.  With $450 million earned each day on [...]

Avoiding Judgment Liens in Bankruptcy – Too Little, Too Late? »

Depending on the homestead exemption applicable in your state, the Bankruptcy Code allows a Debtor to void and nullify certain judicial liens against a residence if the lien interferes with the homestead exemption. While it is possible to reopen a closed case to avoid a lien, do not wait too long to do so or [...]

Recession? Depression? Can We Call The Whole Thing Off? »

A recession is loosely defined as a period of two or more financial quarters where the Gross Domestic Product declines.  It is truly difficult to measure; difficult to determine when a recession starts, and difficult to determine when it ends.  Until 1929, all recessions were generally known as depressions.  By contrast, depressions are now measured [...]

Are Credit Card Offers Of Zero Percent A Good Deal? »

Have you received an offer for 0% financing from your credit card lately?  A careful look at the terms of such offers reveal the continuing traps of the finance industry on consumers.  Time for some grade school math and a different way of looking at the world.
Consider the offer of zero percent for six months. [...]

Credit Suisse Supports Bankruptcy Code Change »

In an article published on the internet, Credit Suisse has come out in favor of a proposed change to the Bankruptcy Code to allow Bankruptcy Judges to modify residential mortgages.  This is now the second major lender who supports this common sense change.  Citibank previously issued support for the change.  More lenders are considering the [...]