What to do if your identity is stolen Report the theft to the three major credit bureaus. They will put a fraud alert on your account. Report theft to law enforcement Contact your bank or other organizations you have credit accounts with Call the FTC

The truth about Chapter 7 & Chapter 13. Bankruptcy The truth about Chapter 7 & Chapter 13.

What is Bankruptcy? Bankruptcy offers an individual or business a chance to start fresh by forgiving debts that simply can't be paid. While offering creditors a chance to obtain some measure of repayment based on what assets are available. Both parties meeting half way! Bankruptcy commercials the students may be familiar with: Peter Francis Geraci http://www.youtube.com/watch?v=_bXw4I6UqZs

Students follow along on handout

Chapter 7 Bankruptcy Chapter 7 is designed to wipe out unsecured debts like: credit cards medical bills payday loans parking tickets personal loans Chapter 7 can be a relatively quick and painless process. The average Chapter 7 case is over in as little as four months. It stays on your credit for 10 years.

Who Can File for Chapter 7 Bankruptcy? The majority of Chapter 7 bankruptcy filers are suffering from credit card debt, medical bills or payday loans. You need to determine if you're eligible to file for Chapter 7 using: the means test, which compares your income to your state's median income. Get a Chapter 7 case evaluation with a bankruptcy lawyer.

Using Collateral to pay off debt Take Away Cannot Take Away Expensive musical instruments Collections: stamps, coins, etc. Family heirlooms Cash, bank accounts, stocks, bonds, other investments A second car or truck A second home or vacation home Motor vehicle Necessary clothing Necessary household goods or furniture Household appliances Jewelry (to a certain value) Pensions Equity in a home Tools for a debtors trade Unpaid but earned wages Public benefits (Social security, unemployment compensation, etc.) Damages for personal injury

Chapter 13 Bankruptcy Chapter 13 bankruptcy is a reorganization of debts designed to help property owners keep their: Homes Cars Other valuable assets while getting a handle on debts By filing Chapter 13, you may be able to stop foreclosure, repossession, wage garnishment and debt lawsuits, and significantly reduce or eliminate credit card debt.

Who Can File for Chapter 13 Bankruptcy? Chapter 13 bankruptcy is not for everyone. In order to qualify for Chapter 13 bankruptcy, a debtor must: Have a regular source of income from which to make pre-determined payments Have enough disposable income to make regular payments after covering current necessary living expenses

Information Credit Card Companies Don’t Want You to Know. How does filing for Bankruptcy help people? Personal bankruptcy was designed to: Eliminate or reduce debt Stop foreclosure or repossession Stop creditor harassment Give people the breathing room they deserve

Life After Bankruptcy… Bankruptcy filing will likely stay on your credit report for up to 10 years (typically 7 years if you file under Chapter 13 bankruptcy). Tips: Maintain a job Pay your bills Keep a bank balance

Life After Bankruptcy May be tough to get: Loan Low-Interest Credit Cards Keep on top of monthly payments for your rent, mortgage and utility bills, you’ll be strengthening your credit report. If you keep those habits up, you’ll likely see your credit score rise over time