Chapter 7 and Chapter 13 are the two types of bankruptcy most individuals use. Chapter 7 wipes out most unsecured debts — such as credit cards, medical bills, and personal loans — in about three to six months, but any property that isn’t protected by exemptions can be sold to pay creditors, and you must …
Bankruptcy Explained: What Chapter 7 and Chapter 13 Actually Mean Read More »
A Form 1099-C, Cancellation of Debt, is a tax form a lender sends when it cancels or forgives $600 or more of a debt you owed. You usually get one after settling a credit card, loan, or collection for less than the full balance, after a short sale or foreclosure, or after certain other events …
Foreclosure is the legal process a mortgage lender uses to take back and sell a home when the borrower stops making payments. It doesn’t happen overnight. Under federal rules, most mortgage servicers can’t begin the foreclosure process until you’re more than 120 days behind, and in California the nonjudicial process then takes at least several …
Foreclosure: What It Actually Means and How to Avoid It Read More »
When you’re genuinely struggling, you can ask creditors to lower your interest rate, reduce your minimum payment, waive fees, change your due date, defer payments, or — once an account is seriously behind — accept a settlement for less than the full balance. The keys to a good outcome are preparation and precision: know exactly …
How to Negotiate With Creditors When You’re Genuinely Struggling Read More »
When you settle a debt for less than you owe, the IRS generally treats the forgiven amount as taxable income. If a creditor cancels $600 or more, it will usually send you a Form 1099-C, and you’ll need to report that amount on your tax return — unless an exclusion applies. The most common exclusion …
Tax Implications of Debt Settlement You Should Know About Read More »
The best first credit card is one you can actually get approved for, that reports to all three credit bureaus, and that charges little or no annual fee. For most beginners, that means a secured credit card, a student credit card, or a starter unsecured card designed for people with limited credit. Before applying, compare …
To read your credit report line by line, work through it in order: personal information, the account summary, each account in detail, collections and public records, and finally inquiries. For every account, check six key fields — account type, your responsibility for it, the balance and credit limit, the current status, the month-by-month payment history, …
Understanding Your Credit Report: A Line-by-Line Guide Read More »
Afni Inc. is a collection agency and contact center company based in Bloomington, Illinois, founded in 1936. If Afni is calling you or appears on your credit report, it’s most likely collecting a balance for a phone, cable, internet, or similar service provider — often a final bill, an early termination fee, or a charge …
Credit repair costs vary widely by company and pricing model. Many companies charge a monthly fee for each month of work, while others charge per item removed or a flat package price. Depending on how many months the work takes, the total cost can range from a modest amount for a short engagement to several …
Northland Group is a third-party debt collection agency based in Minnesota and founded in 1982. It typically collects credit card and retail accounts on behalf of banks, card issuers, and debt buyers. If Northland Group is contacting you, it’s usually collecting a charged-off account for another company. As an agency, Northland generally doesn’t sue in …
Northland Group Debt Collector: Who Are They and Can They Sue Me? Read More »