Avoid Personal Bankruptcy

Tune in to this week’s installment of The Credit Line, hosted by Credit.com’s chairman and co-founder Adam Levin on Los Angeles’ KFWB 980 AM this Saturday, July 15, at 9 a.m. PST/Noon EST.

The show is co-hosted by L.A. radio personality Jeff Levy.

The Growing Epidemic of Child Identity Theft

This week you’ll meet Jaleesa, who became a victim of child identity theft while in the California foster care system. Unfortunately, she didn’t discover the crime until she applied for her first credit card and was told she already had bad credit.  Studies estimate that hundreds of thousands of people under the age of 18 become identity theft victims every year. What’s worse, it may not necessarily impact young victims’ daily lives when it occurs, but can have a devastating impact when they reach adulthood and look to build a financial future.

Matt Cullina, CEO of Identity Theft 911, will introduce Jaleesa and speak about the company’s project with Joint Star to help thousands of children within the foster care system who are victims of identity theft. As a foster pare

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The unsecured debts have tied up U.S. consumers and made them run out of money to such an extent that they are simply at a loss. Although there has been much speculation about the use of credit card and strengthen the idea of ​​putting a complete ban on its use, it is easier said than done. A great option that can be seen as the solution of credit card debts is debt consolidation service.

This is probably one of the most widespread and accepted ways to reduce credit card debt because debts are merged into a single amount and the payments are made to the creditor. Another way is to transfer the balance to a low interest card. However, credit card debt is, in itself, hardworking and the best way out is to save lots of money and take longer to pay off credit card debt. For example, if the payments to be made are based only on the amount of interest is a good idea to make duplicate payments, because through the process to clarify the amount of interest, it will be possible closer to that principle. In this way, the amount of the debt burden can be reduced to a large extent.

There are many debt consolidation companies at the market, so make a proper research, before choosing a reliable specialist. Con Read more…

Free bankruptcy filing is becoming the order of the day since many people who file for bankruptcy are unable to pay the filing charges too. Bankruptcy is the state when one fails to pay back one’s debts. A borrower’s inability to pay back the amount to the creditor within the stipulated time leads to bankruptcy. There has been a considerable rise in the number of people filing for bankruptcy these days, which is a costly process.

The question of how to file for bankruptcy is constantly unsettling people. Many people want to know whether they can file for bankruptcy themselves. Filing for bankruptcy is a costly affair. As per the law one needs to have credit knowledge before filing for bankruptcy. That requires taking classes which in turn means shelling out money which is definitely the last thing one wants to do when already running short of money. One can get some concession or waiver for such programs if they are proven to be in the low income slab.

Legal help is required by most people when filing for bankruptcy which again turns out to be a high end process. Even if one does all the legal work themselves the cost of forms and other documents required by the court would cost around $200-$300 depending upon the type of bankruptcy filed. Read more…

If you’re feeling a bit fuzzy about what prepaid cards can (and can’t) do for you, you’re not alone. There’s a lot of conflicting information out there right now. Let’s take a look at three common misconceptions and debunk a few myths.

Misconception #1: Prepaid cards can help you qualify for a credit card

  If you’re considering getting a prepaid card because you can’t qualify for a credit card, I understand your dilemma. But keep in mind that prepaid cards—that is, cards that don’t offer credit but are instead preloaded with your own money—will not help you qualify for an unsecured credit card. A secured credit card, on the other hand, is a credit-extending card that is backed up by a security deposit you’ve placed in a bank account. Keeping up with your payments on a secured credit card can help you eventually qualify for an unsecured, traditional credit card.

Listen, I know this can get a bit confusing because some prepaid cards claim to help build your credit history. They say this because they report to PRBC, an agency that reports alternative data like rent and utilities. If you’re in the market for

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Introduction

On June 26, 2011, clothing retailer Deb Shops, Inc. (“Deb”) and its related entities filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  This post will look at why Deb filed for bankruptcy, the scope of the company’s business, as well as provide an update on the Deb bankruptcy proceedings in the Delaware Bankruptcy Court.  Much of the information contained in this post comes from the Debtors’ Declaration in Support of First Day Motions (the “Declaration” or “Decl.”), filed in the Bankruptcy Court the same day Deb filed its petitions for bankruptcy.  Portions of Deb’s Declaration are available here for review.

Reasons for Bankruptcy

It has been a long three years for retailers in the United States.  According to Deb, beginning in 2008 U.S. retailers have faced a challenging market due to the foreclosure crisis, increased unemployment and the tightening of commercial credit.  Decl. at *16.  The recession in the U.S. has reduced

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Call it another debit card that got away. We don’t know how we missed this, but Procter & Gamble was so gassed (oh, the puns!) about its heartburn medicine Prilosec OTC that it offered $25 prepaid debit cards to consumers who bought two big boxes of the stuff. The promotion ended in February.

Perhaps the best thing about the cards, besides the free money, was the goofy purple Prilosec logo printed on them. Another short-lived debit card with silly things on the front was the Kardashian Kard, a prepaid debit card emblazoned with a photo of the Kardashian sisters themselves. The Kardashians pulled their sponsorship within weeks of the card’s introduction, after they were blasted for promoting a debit card with such exorbitant fees.

In a similar reversal of fortune, nobody seems to want anything to do with the Prilosec OTC card anymore, either. Procter & Gamble spokeswoman Elizabeth Mang didn’t respond a bunch of calls we made asking for details.

Still, it leaves us wondering. Is it worth $25 to go to a store and swipe a card that veritably screams, “Hi! I have lots of gastrointestinal issues!”