Entries by Padgett & Robertson

Steps to Remove Collections From Your Credit Report

When you decide to improve your credit, having accounts in collections is a huge setback. They can tank your credit score, make other lenders and landlords avoid doing business with you, and stay on your report for seven years. Getting collections off of your credit report can lead to a significant increase in your score—but […]

What Happens to Your Spouse’s Personal Debt When They Die?

Losing your spouse is likely one of the most painful experiences you’ll ever go through. Unfortunately, this is only the tip of the iceberg. While processing your grief, you have to go through funeral planning, handling their final affairs, and in some cases—calls from debt collectors. Whether you’re looking ahead to the future or dealing […]

Should I Reaffirm My Mortgage Debt During a Bankruptcy?

Most people who file for bankruptcy opt to have all qualifying debts discharged. However, that isn’t always the case. There are situations in which a debtor opts to reaffirm one or more debts. Reaffirming a debt does not discharge it in bankruptcy, so you are still responsible for payments. There are obvious downsides to reaffirmation […]

How Does Bankruptcy Affect Your Credit Score in the Long Run?

What keeps someone in massive debt from filing for bankruptcy? In many cases, it’s a fear of damaging their credit score. Your credit score is the key to securing new lines of credit, enjoying lower interest rates on the debt you do carry, and otherwise making your financial status more secure. However, it doesn’t need […]

Credit Card Debt Still A Challenge Despite Dip In Spending

Since the start of the pandemic, the average amount of credit card debt most families have is dropping. But for families in financial distress, credit card debt remains a substantial burden. Filing for bankruptcy can relieve that burden, but exactly how depends on the type of bankruptcy filed. Historic Drop In Credit Card Debt According to data […]

4 Things You Need To Know About Bankruptcy And Divorce

There are few things in life that impact your finances more than your marital status. Who and when you marry can impact your earning potential for the rest of your life. Sharing household expenses can improve your quality of life. Getting a divorce can completely wreck things. In fact, divorce is one of the leading […]

Bankruptcies Decrease Despite Economic Downturn

Many people assumed that the financial downturn caused by the COVID-19 pandemic would force a lot of people into bankruptcy. However, statistics released by the Administrative Office of the U.S. Courts show a significant drop in the number of people filing for bankruptcy in 2020 compared to 2019. Annual bankruptcy filings in calendar year 2020 totaled 544,463, […]

How Long Will A Bankruptcy Stay On My Credit Report?

We talk about bankruptcies as a way to get a fresh start. You can wipe the slate clean and begin all over again. For the most part this is true, but there is one long-term impact of bankruptcy you should be aware of. Filing for bankruptcy will negatively impact your credit score, and that negative impact […]

A Meeting Of Creditors

A group of bees is called a swarm. A group of rhinoceroses is called a crash. A group of hyenas is called a cackle. We’re not sure if there is an official term for a group of creditors, but we suggest “a headache.” In all seriousness, getting a filer’s creditors together is part of every bankruptcy […]