COUNSEL FROM OUR ATTORNEY
Balancing finances with everyday life can be a challenge. Bills start to
pile up, the job market is even more difficult than before and paying
your mortgage seems to be more and more difficult. If you need some basic
legal and financial tips to help with your situation, be sure to read
through this section. Our Jonesboro attorney has provided several helpful
tips that may provide the insight and advice you need.
30 Days to File
In Arkansas you have 30 days to file a written answer when served with
a lawsuit to prevent a default judgment from being entered against you.
If your creditors are suing you it is crucial that you seek legal counsel
Re-establish your Credit
You can re-establish your credit by getting a co-signer on a loan and also
by getting a secured credit card. With a secured credit card, your credit
limit is based on the sum of money you gave the creditor as security for
Chapter 7 Bankruptcy Info
Chapter 7 Bankruptcy will remain on your credit report for 10 years, while
chapter 13 will remain for 7 years. You may start qualifying for loans
as early as one year after filing bankruptcy if you meet the income requirements.
However, the lender will likely charge you higher interest rates. It may
take five to seven years before you are offered normal interest rates again.
What are the signs that you may be in financial trouble? Take a look at
the list below to see if your situation is similar.
- You're making balance transfers from one card to another card with
a lower interest rate.
- You are able to make only minimum credit card payments.
- You have maxed out your credit cards.
- You are covering basic living expenses, such as food, with your credit card.
- You're taking cash advances from one card to pay another.
- You need a co-signer before you can qualify for a loan.
- You cannot afford health insurance because all of your money is being used
to cover revolving debt.
- You are refinancing your house over and over again to pay down debt.
The Fair Debt Collection Practices Act
The Fair Debt Collection Practices Act provides debtors with a way to challenge
payoff demands and determine the validity and accuracy of asserted debts.
Congress enacted the act to stop abusive, deceptive, and unfair debt-collection
practices. This means that if you are being mistreated by a creditor,
you may have the right to take legal action and pursue compensation.
5 results found. Viewing page 1 of 1.