Author Archives: Jay Butchko
Should You Pay off Old Debts in Collections?
Many people in Florida have one or more accounts in collections. This happens when their creditor sells their debt to a collection agency, which specializes in getting people to pay up. Your debt will be reported on your credit history as in collection, which should hurt your credit score. You might also be receiving… Read More »
Have You Checked Your Credit Report Lately?
To qualify for loans, you need a solid credit history of timely payments. Without it, the only types of loans you can get are those with outrageously high interest rates. Most people have no idea what their credit history consists of. Even worse, they have never taken a look at their credit history report,… Read More »
Will Filing for Bankruptcy Hurt My Social Security Benefits?
Increasingly, more seniors are filing for bankruptcy. Their reasons vary. For some, medical expenses are eating up a larger share of their income, while many try to support family members. At the same time, retirees have a frayed safety net as few have the type of generous pensions that their parents enjoyed a few… Read More »
What is the Wildcard Exemption in Florida?
Losing property is probably the worst part of a Chapter 7 liquidation. This is part of the trade-off at the heart of a Chapter 7—you get to wipe out unsecured debts (like credit card debts), but you have to give up property in exchange. Helpfully, Florida exempts certain property from bankruptcy, such as your… Read More »
What if I Move after Filing for Bankruptcy but Before I Receive a Discharge?
People move for a variety of reasons, job change being one of the most common. But will moving affect your bankruptcy in any way? Although bankruptcy law is federal, you must file for bankruptcy in the district where you live. Also, bankruptcy relies on state law in certain situations, such as the list of… Read More »
NBC Promotes Experian Program that “Instantly Boosts” a Participant’s Credit Score
In a recent blog post, NBC News has decided to promote a program from credit bureau Experian that promises a quick increase in a person’s credit score. Though consumers should carefully consider all techniques for improving credit, NBC buries some valid criticisms of the program. What is Experian Boost? Giant credit bureau Experian is… Read More »
Plus-Size Retailer Breaks Record for Fastest Business Reorganization
Chapter 11 reorganizations tend to take much longer than the Chapter 7 liquidations that most consumers are familiar with. The duration of a Chapter 11 is easily explained, since businesses hope to continue to stay in operation while reorganizing their debt. It takes time to come up with a debt reorganization plan and to… Read More »
Can Bankruptcy Wipe Out Child Support Payments?
When a couple divorces with children, one parent almost always has to pay child support to the custodial parent. Child support serves many purposes, perhaps none more important than making sure that children do not end up on public welfare. If you have a child, then the state absolutely expects you to financially support… Read More »
Health Reform Legislation Has Not Helped Reduce Bankruptcies
A health crisis can make it extremely difficult to stay financially solvent. Many Americans lack sufficient health insurance and swiftly find themselves in tens of thousands of dollars of debt. As reported by CNBC, a recent study has found about two thirds of bankruptcies are related to health issues, which cause them to incur… Read More »
Will Congress Investigate the Credit Score System?
New York’s freshman Congresswoman Alexandria Ocasio-Cortez continues to make waves. In January, she announced that high-income people should pay a 70% income tax, which is roughly double what they currently pay. She has also proposed a “New Green Deal” which seeks to lower carbon emissions while boosting the number of good-paying jobs. But in… Read More »