I belong to a number of professional organizations, including the American Bankruptcy Institute (ABI). As a bankruptcy attorney, I wish more young people included financial literacy and personal finance in their high school and post-secondary education.The Credit Abuse Resistance Education (CARE) Program is a good place for both students and parents (and unsophisticated consumers) to … [Read more...]
Credit Repair Tips After Bankruptcy
February 24, 2011 By
I found a lot to recommend about this NYT article on credit repair. These three topics are most helpful for those considering bankruptcy and others who are rebuilding their credit worthiness. Place a note on your credit report The article says "Because prospective employers may pull a copy of your credit report, consider adding the equivalent of a doctor’s note to each of your reports … [Read more...]
Troubling Small Business Trends: Tight Cash Flow
November 18, 2010 By
This chart proves that small businesses here in Charlotte are not alone in complaining about tight cash flow. With bank financing so difficult to obtain, it's no wonder owners turn to the only source of cash flow they can obtain: credit cards.The reason for going into business is to MAKE MONEY. A business exists to pay its owners, not the other way around. Too often we see business owners … [Read more...]
Financial Coping During Prolonged Unemployment
October 1, 2010 By
We've been writing a great deal lately about financial coping through a prolonged period of unemployment. If you feel you're alone in your financial predicament, here's a wider view of the national landscape.Below the chart, watch a video on preventing employment fraud schemes (from the Better Business Bureau). … [Read more...]
Learn to Prevent Fraud, Charlotte Seniors
September 30, 2010 By
Older Adults Can Learn about Fraud Prevention at Senior Scene on October 5 Presented by the Better Business Bureau Consumer Foundation, Senior Scene will be held on Tuesday, October 5 from 8:30 a.m. until 12:30 p.m. at St. Stephen Methodist Church, located at 6800 Sardis Road, Charlotte, N.C. 28270.Senior Scene 2010 is Charlotte's premier event for information on Medicare fraud, prescription … [Read more...]
Small Businesses and Credit Card Reform
September 23, 2010 By
We counsel small business owners and the self-employed daily in our offices. Many operate on credit and debit cards because bank financing is so hard to obtain. Small Business Issues with Credit Card Accountability and Responsibility Act For reasons outlined below (excerpted from this MSNBC article), our credit card debt counseling load is likely to increase in the wake of the new Credit Card … [Read more...]
The Do Not Call Registry: Can It Stop Creditor Calls?
May 26, 2010 By
Last week I wrote about creditors that text collections messages to debtors' cell phones. We had a question from a reader about the legality of creditors using cell phones in light of the federal Do Not Call Registry. Specifically, if you place your cell phone on the Registry, are creditors prohibited from calling you?The short answer is "no." Handling calls from creditors When the … [Read more...]
Settle Debts or File For Bankruptcy Protection?
May 10, 2010 By
Sometimes I think people read our blog and wonder if everything we say is designed to get people to stop trying to pay their debts and just file for bankruptcy protection. Then I come across a story like this about the downside of trying to settle debts either with or without involving a "debt settlement" company.The article tells an all-too-familiar tale of spending money with a debt … [Read more...]
I’ll Just Ignore the Certified Letters
April 16, 2010 By
Some people think they can tie their creditors' hands by ignoring requests for payment or by contesting their debts with a credit bureau. They also call our offices for help cleaning up their credit reports, which is not a service we offer.If you wish to dispute an entry to your credit report, we suggest you use this letter guide, provided courtesy of the Consumer Credit Counseling Service … [Read more...]
Credit Report Disputes
February 19, 2010 By
People often call our offices for help cleaning up their credit reports. We suggest they use this letter, provided courtesy of the Consumer Credit Counseling Service of Orange County.We advise sending the letter to all three bureaus (Equifax, TransUnion, and Experian), by certified mail, return receipt requested, and including their SSN and full legal name in the re: line. Sample Credit … [Read more...]