Life Event: Debt Solvency & Bankruptcy

Sometimes life throws things at people that they are not ready for financially. When this happens it often leaves people scrambling to find money. Balances on credit cards go up, fees escalate to match, a payment is missed and before you know it you're in trouble. The best thing you can do for yourself when creditors start calling and harassing you is to get the facts about debt. Protect yourself and your family by knowing what your options are.

Collection

• Understand the Fair Debt Collection Practices Act so you know your rights when it comes to creditors calling.
• Get the facts about the Fair Credit Billing Act so billing errors and unfair billing practices won't hurt you.
• Know your options when dealing with debt.
• Follow these debt counseling tips.
• Understand how and when bank account seizures happen.
• Find out what you need to know about garnishment.
• Understand how you may be protected under the Servicemembers' Civil Relief Act.

Your Credit

• Understand your rights under the Fair Credit Reporting Act.
• Make sure you receive and review your free annual credit report.
• Get the facts about removing information or correcting errors on your credit report.
• Know how to close an account the right way so as not to hurt yourself financially.
• Avoid credit repair scams that could actually hurt your credit.

Bankruptcy

• Understand the basics of bankruptcy, chapter 7 bankruptcy and chapter 11 bankruptcy.
• Making the decision whether to file or not to file.
• Choose the type of bankruptcy to file.
• Understand how bankruptcy affects your credit.
• Decide whether to file individually or jointly with your spouse.
• Understand important timing considerations when filing for bankruptcy.
• Understand your tax obligations in relation to the type of bankruptcy you are filing.
• Know what it means to be judgment proof.