Your beloved has died and his creditor puts a lien and judgment against him
By financen | June 21, 2013 - 6:58 pm - Posted in Judgment

You are very upset at the sad demise of your beloved one in your family. And the most saddest part is you receive a letter in your mailbox about the creditors suing your beloved for his past debt. What will you do in a situation like this? Are you supposed to pay his debts to avoid the legal actions?

Well, the short answer is NO. You are not supposed to pay for someone else’s debts. The debts will be forgiven by the credit card companies once they come to know about the death of the concerned person. However, they may be certain scenarios in which the debts of the deceased person can still be passed on to his family members and they may be forced to pay it.

If you have a joint account with another person who has already died, then the creditors will force you to pay up for the deceased person’s debts.

If you are living in one of the community property state, then the laws may force one of the spouse to pay the debts of the deceased person. Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin are all community property states.

In a community property state, the laws are very strict. The property in a marriage is recognized to be joint, liabilities are also treated as joint as per the laws. Therefore, if one of the spouse has died, it is important to speak with the local officials to see what can be done regarding the credit card debts that your spouse had before his death.

If you are not living in any of the community property state, and you have a joint account with someone, you will still be liable to pay his debts after his death. All the assets and liabilities will be put into an estate. The credit card companies will try to recover their money from the estate of the deceased person. Once there is nothing left in the estate, the credit card companies will forgive the remaining balance. Because of this procedure, the family members will receive very little or nothing in terms of inheritance if the deceased person had debts to the credit card companies.

Helpful Resources:

http://www.irs.gov/irm/part25/irm_25-018-001.html

http://www.irs.gov/irm/part25/irm_25-015-005.html

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How to remove a judgment that is being reported by the credit bureaus
By financen | June 10, 2013 - 4:16 pm - Posted in Credit, Credit Repair, Judgment

Everyone wants to manage his finances in the best possible ways. You can either do it by earning money from different sources, or borrowing money from different banks or put your house, car as a collateral in getting approved for the loan. No one can predict the future and no one knows the damage on your credit report can hurt you financially or socially. Based on the credit scores, we can determine a person’s credibility, his payment history, and how he had been using his credit. In short, it is a report that analyzes whether the person is worth of any new credit or not.

Remove a Judgement

Remove a Judgement

If you have a judgment on your credit report, it clearly gives an indication that you are no more worth of any new credit and finance. In order to get rid of such judgments, follow the simple steps mentioned below.

It is important that you feel confident and understand the concept of basic human rights as per the individual laws in every state. As per the laws, every individual has the right to challenge any inaccurate item showing up on his credit report.

Your next step should be to carefully review your credit report and see that everything reported on your report is correct by all means. If there is any error in it, it must be the errors reported by the credit bureaus. You must immediately contact the credit bureau who is reporting this inaccurate item and get it fixed as soon as possible. You might face a few hurdles in getting a judgment removed from your credit report. If you still owe to the creditor who has filed the judgment against you, then try to make out some payment arrangements with the creditor of pay off the judgment as soon as possible.

Credit bureaus

Credit bureaus

The next step is to send letters to the credit bureaus and dispute the judgment that is showing up on your credit report. You must point out all the errors that can be removed from your credit report and make a request to remove the judgment. Usually, the credit bureau will take 25 to 30 days to verify the disputed items with the original creditors. If your dispute is found to be correct, then the negative item will be removed from your credit report.

During this time period, you don’t have to do anything. Once you have the updated credit report, you will come to know which portion was verified by the credit bureau and which item was removed based on your dispute. Even after that, if you still think that there is something showing up on your credit report that should not be there, you can again contact the credit bureaus and request for removing that negative item. Remember that its a big achievement if you can get a judgment removed from your credit report.

Though you might be tempted to think you need a masters in taxation to keep your finances in order, in this case a little persistence and legwork should go a long way.

Helpful Resources:

http://www.usa.gov/topics/money/credit/credit-reports/bureaus-scoring.shtml

https://www.ftb.ca.gov/individuals/liens/credburu.shtml

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Get a Head Start on MBA Applications
By financen | June 5, 2013 - 3:30 pm - Posted in Business

Business school sometimes gets a hard rap in society. Why? Because a lot of the things you learn in business school are attributed to common sense. A lot of people start up companies all by themselves without ever going to school and those companies do just fine. This is all true and fine, you can make that argument, but I’m of a different mind set. The way I see it, I’d rather have all the trials and errors of those that have come before me in my brain, so I can go forward with a larger collective knowledge. To me that makes the most sense – sure, I’ll still try and I’ll still error, that’s just part of the game, but there’s also a lot to be said for getting as far up the tree as you can if you’re trying to climb to the apex of the branches. Why start near the roots, that’s for the birds – or really, for the worms. So when you’re ready to take the plunge into business school, you should really find some business school admissions consulting.

What I loved about the experience with Amerasia Consulting is I felt like more than just an anonymous online entity, but instead I was treated like a person who actually had issues and concerns that needed addressing. I felt that, with their help, I was so much more able to comfortably navigate the application process which, upon first look, is really rather daunting. It’s just like the idea of starting higher up the tree. Sure, you’re a bright person, you can figure it out, but why waste the energy just learning the logistics when you could be focusing on showcasing your talents. That’s smart business, friends. Click over to http://amerasiaconsulting.com/ and see what I’m taking about.

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