Monthly Archives: March 2018

Steps to Quickly Improve Your Credit Score

For people who have struggled with debt and/or bankruptcy, their credit score plays an important role in helping them obtain a new car, mortgage, or even a new job. While one of the best steps that people with credit card problems can take is to obtain the assistance of a knowledgeable attorney, it is also good advice to understand the various available ways to improve your credit rating. Ask for a Credit Line Increase Rather Than a New Card Requesting an increase in your credit limit is a better idea than obtaining a new credit card because each time a person fills out an application for a new credit card, a company will check his or her credit. The mere presence of an error on a person’s credit report will not automatically weaken that person’s credit rating. Some of the major factors that can be associated with a person’s credit rating and impact his or her credit score include payment history, amount of debt, age of accounts, account mix, and history of credit applications. Create a Plan to Improve Your Credit Score If the information reflected in your credit report is accurate and you want to take plans to improve     Read More

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Commonly Asked Estate Planning Questions

The estate planning process is particularly complicated. As a result, there are many complications that people face while planning for how their estate will be handled after their death. This article will review some of the most common estate planning questions that clients ask about the process. Who Needs an Estate Plan? Many people feel that they do not need an estate plan because they believe that they are not necessary. In reality, there are many types of people who benefit from estate plans including people who want their estate distributed in accordance with their plans after death, people who have assets that are susceptible to high estate taxes, and people whose heirs might need financial assistance after the person’s death. Can You Give Away $10,000 Each Year Without Any Adverse Effects? In accordance with Federal gift tax laws, you are able to gift a specific amount without having to report it or pay Federal gift tax on the amount. The exact amount that is exempt changes each year. While these gifts are not taxable for Federal gift tax purposes, the gifts are fully reportable in some other unique circumstances. Do You Still Need a Will if You Give Everything     Read More

Bankruptcy and Co-Signed Loans

Co-signed loans arise when a lending institution does not feel that a person should have sole financial responsibility and requires a more creditworthy person to sign the loan agreement. If you can no longer afford your co-signed loan or are going through the bankruptcy process and are confused about how the process affects your loan, you likely feel confused and uncertain about how to proceed. One of the best steps that you can take in this situation is to obtain the assistance of a knowledgeable bankruptcy attorney. What to Expect if You Default on a Co-Signed Loan The role of a co-signer is to make sure that your loans are repaid. Parents co-sign loans for their children because young adults often have not yet built sufficient credit. In other situations, an adult will co-sign other adult’s loans, which can create complications if a default occurs. In these situations, the financial institution will often attempt to force the co-signer to take over payments. The Effect of Bankruptcy Filing for bankruptcy results in an automatic stay, which is a type of court order directing creditors to stop attempting to collect debts from a person. As a result, declaring bankruptcy offers a form     Read More

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