Posts Tagged ‘Chapter 7 Bankruptcy’
All too often, clients come into our office, review their credit report, and are shocked to see what is listed. Sometimes this is because there are old items that have been forgotten, but another culprit is identity theft.
As the web has evolved, so have criminals and their tactics. With websites that look similar to name brand sites, con artists can pluck information as consumers enter what they believe is a legitimate site. Once someone has stolen your identity and injured your credit score, it can be challenging to repair the damage.
“Everything is done online these days,” says Identity Theft Resource Center Social Media Coordinator Nicki Junker. “Most of the time the victims of cyber-savvy criminals won’t be able to trace where the identity theft — a crime that has seen double-digit increases in the last five years — happened.”
Identity theft often goes unnoticed until it’s too late and the damage has already been done. In 2010, around 8.6 million households had at least one person who was a victim of identity theft, up from 6.4 million households in 2005, according to a recent study by the U.S. Bureau of Justice Statistics. Identity theft cost U.S. households about $13.3 billion in 2010, with the average loss being about $2,200.
Consumers can, however, take precautions to safeguard themselves and their identities while shopping online. Junker offers five ways to protect yourself online:
1. Confirm the site is legit: Before giving any personal information, check the URL to make sure that you’re still on the same site where you plan to make your purchases and that you haven’t been moved over to a fake one. Junker said sometimes consumers are switched over to a “cyber squatter’s” site that looks similar to a retailer’s site. It’s easy to be tricked into giving up credit card and other personal information.
2. Shop securely: When you start to check out and get ready to pay for your purchases, the URL should start with “https,” which means the site is secure. A secure site uses security technology to encrypt the information you send to the site, meaning computer hackers are stopped from collecting the data as it crosses the Web. You can also look for a closed yellow padlock at the bottom of the screen. If you see an open lock, you can assume that the site is not secure.
3. Use credit cards: Federal credit laws limit the amount a con artist can take on a credit card. Debit cards don’t have the same protections. “If they have a debit card, they can clear you out,” Junker explains. “You’re much better protected using a credit card than a debit card.”
4. Google the retailer: Before buying from a website, type in the retailer’s name and the word “scam” or “complaint” into a search engine. It’s a way to check out a retailer to see if the business is legit or not.
5. Explore the site: Can you find where the company’s office is located? Does the site clearly state a refund policy? Does it promise too much? “If it sounds too good to be true, it isn’t,” Junker warns. Take your time and make sure nothing seems out of whack or iffy.
Shopping online is a convenient way to avoid store crowds and traffic. By following these web-savvy tips, your shopping experience can be safe and convenient. If you are living in Milwaukee-Waukesha-Racine area, the attorneys at Miller and Miller can help you to repair and rebuild your credit if you think there are errors. Call us at 414-277-7742 today!
C. Lazarus from the Savings Experiment has a great article here on one way to manage your finances called the 50/20/30 budget. It’s a great read and a great idea. After getting a fresh start through bankruptcy, many of our Wisconsin clients are able to build on that clean slate by saavy budgeting.
If you are in the Milwaukee-Waukesha-Germantown-Kenosha area and would like to learn how to get a fresh start, call Miller and Miller today!
Misconceptions About Bankruptcy Could Be Keeping Away Those Who Need Help
Historically, bankruptcy has been stigmatized. Narrow-minded people saw those filing for bankruptcy as failures, as deadbeats or as being guilty of living far beyond their means. Nowadays, though, we know that the great majority of people filing for bankruptcy protection are victims of circumstance: their debt could easily have been caused by a job loss, divorce or serious illness that racked up a mountain of medical bills.
The bankruptcy laws have undergone significant changes in recent years, and some people think it is now all but impossible to file. If anything, however, the new laws make it easier to use this legal tool for a financial fresh start. Unfortunately, there is a great deal of misinformation — both good and bad — floating around about the purpose of bankruptcy and about the process of seeking bankruptcy protection to deal with personal or business debt. This article will help dispel some of the myths and make it more approachable as a debt management option.
No More Stigma
Most people considering a bankruptcy filing fear that they will be stigmatized by family, friends and coworkers. Luckily, this is not true; unless the filer is a public figure or involved with a large company, 99 percent of the time the public will never know about a bankruptcy filing. Likewise, they may fear that lenders will forever view them as a bad risk and that they will never qualify for financing on auto or home purposes in the future. This, too, is a myth. While a bankruptcy filing does show up on the filer’s credit report, most filers can start building their credit again just a few years afterwards. For some filers, the wait is even less.
Do I Have to Sell Everything?
Some people have this abstract view of bankruptcy as being a court-ordered “rummage sale” of sorts where they will have to liquidate everything from their household furniture to their great-grandmother’s china. Yes, the court may order a filer to sell superfluous and extravagant assets (like a vacation home in Aspen that is used one week a year or an original Shelby mustang that has been under a tarp in the garage for a decade), but the majority of filers get to keep their home, clothing, household belongings, work-related items like tools, furniture and the family vehicle.
You CAN File Again
For some people, a second — or even third — bankruptcy filing is a necessity. While common knowledge may say that bankruptcy is a one-shot deal; you get a single chance to get a financial new beginning through the bankruptcy code. This simply isn’t the case. While there are waiting periods put in place to prevent so-called “serial filers” who might have a pattern of irresponsibly running up massive amounts of debt and then filing for bankruptcy again and again, the law doesn’t bar a subsequent filing if legitimate financial circumstances dictate.
Even though bankruptcy is more accessible than it has been in the past, the process can still seem overwhelming and even scary. With the help of an experienced bankruptcy attorney, though, bankruptcy can be a great way to get out from under a mountain of debt and get a fresh financial start.
At Miller & Miller we are here to help you file in Milwaukee, Kenosha, Racine, West Bend or wherever you may live. We have convenient offices in Kenosha and Germantown if getting to our downtown office is a problem.
1. Don’t run up your credit cards.
2. In fact, don’t even use your credit cards!
3. Don’t take our any pay day loans.
4. Don’t Cash out your 401(k) or any other retirement plan you might have.
5. Don’t pay back any friends or family members to whom you might own money.
6. Don’t transfer your money into someone else’s bank account.
7. Don’t go gambling!
8. Don’t do a balance transfer.
9. Don’t try to transfer any property out of your name.
10. Don’t be afraid to ask your attorney questions!
Here’s an article from the New York Times providing a pretty bleak picture of one aspect of our current economic crisis. From the article: As of last month, just 74% of Americans between the ages of 25 and 34 are working, and 14.2% of yound adults are living with their parents.
Read the full story here.