Filing for Chapter 7 and Chapter 13 can be a complex process, especially without legal counsel and guidance from an experienced bankruptcy attorney. One necessary hoop that you need to jump through before concluding your bankruptcy case is the 341 meeting of creditors. If you have never filed for bankruptcy before, the possibility of meeting … Continue reading What is the 341 Meeting of Creditors?
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What is a Good APR for a Credit Card?
Oftentimes, credit card interest rates can make or break a person’s financial situation. The reason why so many people get stuck in an endless cycle of credit card debt is because of the high interest rates on all of their credit card accounts. This may leave you wondering: what is a good APR for a … Continue reading What is a Good APR for a Credit Card?
Chapter 7 and Chapter 13 Bankruptcy Tax Refund
The tax refund on the income you earned prior to filing bankruptcy is part of your bankruptcy estate. For example, let’s say you filed for bankruptcy in February 2022. When you receive your tax refund that May, it’s for 2021, so that refund is part of the estate. Your bankruptcy trustee will ask you questions … Continue reading Chapter 7 and Chapter 13 Bankruptcy Tax Refund
How Soon Will My Credit Score Improve After Bankruptcy?
Facing bankruptcy is terrifying for most people. They may have several questions running through their minds, like: will bankruptcy really wipe out all my existing debt? Will bankruptcy have a negative impact on my credit, and if so, how soon will my credit score improve after bankruptcy? The truth is that bankruptcy can definitely tank … Continue reading How Soon Will My Credit Score Improve After Bankruptcy?
Can Debt Collectors Come to Your House?
If you get too far behind on your bills, you will probably start getting calls, emails, letters, or even texts from your debt collector. But can debt collectors come to your house if you get too far behind on your bills? Federal and state law says yes, debt collectors can legally show up to your … Continue reading Can Debt Collectors Come to Your House?
What is an Automatic Stay?
When your debts are mounting, filing for bankruptcy can provide some relief from creditors. One of the most important protections provided under U.S. bankruptcy law is an automatic stay. While an automatic stay limits what creditors can do, including halting foreclosure and preventing utilities from shutting off services for a time, there are limits to … Continue reading What is an Automatic Stay?
Statute of Limitations on Debt in Alabama
You may have heard of statute of limitations in reference to civil lawsuits like personal injury lawsuits. But not many people realize that there is a statute of limitations on debt as well, and it varies depending on the state and the type of debt owed. The statute of limitations on debt is basically a … Continue reading Statute of Limitations on Debt in Alabama
How Long Do Hard Inquiries Stay on Your Credit Report?
If you’ve ever shopped for a car, a home, or even a new credit card, you may have seen a hard inquiry appear on your credit report. If you have good credit already, this hard inquiry probably won’t bring your credit score down by more than a few points. But if you’ve shopped around for … Continue reading How Long Do Hard Inquiries Stay on Your Credit Report?
What is a Good Credit Score?
As an experienced Tuscaloosa bankruptcy attorney, I’m often asked, “What is a good credit score?” In general, any credit score between 690 to 719 is considered a good credit score using the most popular 300-850 credit scoring models. If you have a credit score of 720 or higher, this is considered an excellent credit score. … Continue reading What is a Good Credit Score?
What Does it Mean When Debt Goes to Collections?
When you fall behind on a credit card bill, a loan payment, or other type of outstanding debt, your outstanding balance may be picked up by a debt collection agency. From that point on, you may receive regular phone calls, letters, and other correspondence as the debt collectors attempt to recover the debt. Having overdue … Continue reading What Does it Mean When Debt Goes to Collections?