My Civil Advocate

In today's world, a lot rides on your credit report, and keeping that report up-to-date and accurate is extremely important. But do you know what errors or possible corrections to look for or how to go about cleaning up your credit report? First of all, go through the entire report and find any information that is out-of-date. This commonly occurs with unfavorable information that's over seven years old - such as lawsuits, judgments, criminal records, paid tax liens, late payments, or overdue child support. You should also look out for any bankruptcies listed that occurred over ten years prior and any credit inquiries over two years old. There's no sense in keeping that information on your credit report if you no longer have to. Your next objective is to clean out any inaccurate information. This can include incorrect names, addresses, phone numbers, birth dates, social security numbers, or inaccurate employment information. Other inaccuracies may included bankruptcie...

Staggering medical bills, rising prescription medication costs, and declining pension amounts, among other factors can lead to a mountain of debt for seniors. Instead drawing down available retirement assets, declaring bankruptcy might be a better option for some. In basic terms, Chapter 7 bankruptcy enables you to discharge many of your debts. However, nonexempt assets may need to be sold to pay creditors. Chapter 13 bankruptcy allows you to maintain all of your assets as you work out a new payment plan to pay creditors over a 3-5 year period. IF you have a large amount of equity in your home, you'll need to know how much is protected during bankruptcy proceedings. Amounts vary from state to state. Some states protect the full value of a home; other protect only a small amount, which could lead to the Chapter 7 bankruptcy trustee selling the home in order to pay creditors. Medical-bill debt can be wiped out under Chapter 7 proceedings. Keep in mind that bankruptcy only elimi...

Bail is cash, a bond, or property that an arrested individual gives to the court to regain their freedom - at least until their trial - and to ensure that they show up for all scheduled court appearances. If they fail to do so, the court will keep the bail money and issue an arrest warrant. The bail amount is set by a judge. Factors taken into consideration include the seriousness of the crime, the accused's prior criminal record, their financial resources, and their likelihood of being a flight risk. In some states, a suspect may request a lowered bail at a special bail hearing or at their arraignment (first court appearance). If the accused has been charged with a particularly serious or violent crime, or the judge believes that they are a danger to the community, might flee to avoid trial, or will likely obstruct justice by tampering with witnesses or destroying evidence, bail may be denied. If a suspect violates the court's conditions of release (e.g., obeying all law...

Teetering on the edge of foreclosure can be an unsettling experience, to say the least, but you have options to avoid it: Loan modification: Most lending institutions are open to changing the terms of your loan to make it more manageable. Foreclosure doesn't benefit either party. Repayment plan: If you are behind on mortgage payments, many lenders are willing to offer a repayment plan that enables you to make up missed payments gradually, not in one fell swoop. Forbearance arrangement:  If you financial difficulties are temporary in nature, a lender may agree to this process. The mortgage payer is granted a 3-6 month reprieve from payments. After this period, the payer resumes payments, plus some extra to make up for the skipped payments. Refinancing:  If the current mortgage rate is below what you're paying, your rate can be readjusted through financing to lower your payments. Short sale: If you owe more money than what your home is currently worth, short selling ma...

Identity theft is a personal violation with potentially severe consequences for the victim. Immediate action can make a difficult situation more bearable: Contact the "big 3" credit bureaus: Equifax, Experian, and the TransUnion. Get a copy of your credit report from each agency; review them thoroughly for accuracy and suspicious activity. Ask the agencies to a fraud alert and to attach it to your report. Call the police. Fill out a crime report at your local police department. Document who you talk to, phone numbers, dates, and time. Obtain copies of the police report; creditors will likely want to review it. Close out accounts that have been fraudulently accessed... or might soon be. Contact all creditors, banks, credit card companies, and other service providers with whom there has been fraudulent activity. Request that creditors report closed accounts as "closed at consumer's request." Stop payment on checks. If you've had checks stolen, contact o...

A payday loan is a short-term loan that is due to be paid back by the borrower's next payday, generally two weeks. The interest rates (or fees) or payday loans can reach staggering levels - 400 percent or higher. Typically, a person will wind up paying $10 for every $100 borrowed. Payday loans are made by some banks, loan stores, check cashers, and pawn shops. Payday-loan arrangements can also be made through various toll-free number and internet sites. The business through which a loan is arranged often requires your savings and checking account information, and that transactions be made by direct deposit- the money you lend and the money you automatically pay. Others accept postdated checks; if the check bounces, your fees continue to pile up. The lure of a payday loan is that no questions are asked and no credit checks are required. When a personal loan at a bank is difficult to qualify for, a payday loan seems like a harmless option- until the borrower falls behind on payme...