Rebuilding Credit after Bankruptcy

Bankrate.com has a good article on rebuilding credit after bankruptcy. The key take away from the article is that your access to credit after bankruptcy increases with time. The article includes discussions on Chapter 7 and Chapter 13 Bankruptcies. As to Chapter 7, the article notes that after filing a Chapter 7 discharge, you will […]

Don’t make these mistakes when disputing errors on your credit report

Don’t make these mistakes when disputing errors on your credit report. These tips come from a great article on CreditCards.com Dispute only with the furnisher Skip over the terms of an agreement with the credit bureau Lose evidence Don’t include enough information in your dispute Listen to a debt collector Why you should not dispute […]

Bankruptcy Filers Beware: Con-Artists Posing As Attorneys

Across the country, consumers are falling prey to a new scam targeting people who have filed for bankruptcy and others just getting started with the process. Bankruptcy attorneys are joining forces with public officials to sound the alarm bell to unsuspecting consumers. The National Association of Consumer Bankruptcy Advocates issued the following bulletin: The con […]

When can you Qualify for a Mortgage after Filing for Bankruptcy?

Many of my clients want to know when they can qualify for a mortgage or home loan after filing for bankruptcy. This is a handy chart showing when you can qualify for loans from the FHA, Fannie Mae, and Freddie Mac after some major adverse financial events including bankruptcy. FHA Fannie Mae Freddie Mac Foreclosure •3-year […]

Medical Debt vs. Credit Card Debt: Which is Worse?

Our friends at Nerd Wallet have a nice article weighing the negativities of cred card debt to medical debt against each other. The article notes that credit card debt is more predictable and negotiable, at least as to rates. These observations relate to the fact that you are in control of incurring credit card and […]

A Good Overview of Problems and Developments in Credit Reporting

The American Banker recently published a good and informative article with an overview of problems and recent developments in the credit reporting industry. There’s nothing new in the article, but it’s a good read for talking points. I particularly liked the description of the FCRA “dispute process as a virtual merry-go-round of frustration.” The article […]

Who is Southwest Credit Systems, LP?

Southwest Credit Systems, LP (“Southwest”) is a debt collection company located in Carrollton, Texas. A quick search of the web reveals multiple complaints about Southwest and its collection methods. It appears, at least in Kentucky, that Southwest collects a lot of telecommunications debt from companies such as AT&T and Windstream Communications, Inc. One of Southwest’s favorite […]

The Consumer Reporting Fairness Act

The Consumer Reporting Fairness Act would amend bankruptcy law to require creditors to ensure that a debt discharged in bankruptcy shows a zero balance on the consumer’s credit report in an accurate and timely manner. The bill also would permit consumers to take legal action against creditors that fail to report a discharged debt that […]

Three Common Mistakes than can Hurt your Credit Score

U.S Money just published a good article on Four Mistakes that can Hurt your Credit Score. I’m going to focus on just the first three, because the fourth was simply to routinely check your consumer credit reports. But if you’re not regular monitoring your credit report, chances are that you’ve already caught any of the […]

Standing to Foreclose in KY Requires the Plaintiff to Prove Possession of the Note at the Time Suit is Filed

In a rare win for Kentucky consumers, the Kentucky Supreme Court denied discretionary review in the case of Acuff v. Wells Fargo Bank, N.A., which could prove to be a very important foreclosure case. The facts of Acuff are fairly simple. The bank, Wells Fargo, filed a foreclosure complaint against the Acuffs. Wells Fargo attached a copy of the note […]

Death to Zombie Debt on Credit Reports

Bank of America and JPMorgan Chase are two of the biggest banks in America. Until this month, neither bank was updating credit reports to reflect that debts had been discharged in bankruptcy. The banks took the position that they had no duty to update their customer’s credit reports after selling the underlying debt to junk […]

Credit Reporting Agency Changes means an End to Parking Debts on Credit Reports

The new credit reporting overhaul and changes means the end of parking debts on credit reports. The recent settlement agreement between the New York Attorney General’s office and the three major consumer credit reporting agencies—Equifax, Experian, and Trans Union—will result in many benefits for consumers. One benefit that’s not getting much discussion is that collections that […]

The U.S. Bankruptcy Trustee’s Position on Same Sex Marriage

The U.S. Bankruptcy Trustee’s position on same-sex marriage is as allows same-sex married couples to file joint bankruptcy petitions in states that are yet to acknowledge same-sex marriages, including Kentucky. The Trustee’s official position is as follows: In June 2013, the U.S. Supreme Court held in United States v. Windsor that Section 3 of the […]

Student Loan Bill of Rights

On March 10, 2015, President Obama introduced the Student Aid Bill of Rights; another executive action to deal with student loan debt. Read the official Memorandum. The Student Loan of Bill Rights makes some important changes to student loans and the collection student. Joshua R. I. Coehn is a prominent consumer lawyer in the area […]

Avoiding Bankruptcy can be Costly

Avoiding bankruptcy can be costly by leaving the future you with less net wealth, less credit, and far worse than had you filed bankruptcy when you needed it most. Credit.com recently published an informative article that discussed the results of study that compared how consumers fared post bankruptcy with similarly-situated consumers who chose not to file bankruptcy. […]

Remove Judgments from your Credit Report

Lawson at Law, PLLC can help you remove judgments on discharged debts from your credit report. A bankruptcy discharge “voids any judgment at any time obtained, to the extent that such judgment is a determination of the personal liability of the debtor with respect to any debt discharged under” the bankruptcy code. 11 U.S.C. § […]

Kentucky Statute of Limitations for Credit Card Debt

           The statute of limitations for credit card debt is an open question in Kentucky. This is because there is no statute squarely on point and no Kentucky appellate court has yet addressed or decided the issue. Creditors generally take the position that the statute of limitations is five years under […]