Who Gets the House in a Divorce?
Factors that Determine Who Gets the House in a Divorce There are a number of factors that determine who gets to keep a home in a divorce. The first, of course, is state laws, particularly whether the state is a community property state or equitable division state. In a community property state, divorcing spouses split […]
How Do Banks Make Money?
In general, banks make money in two major ways: by charging interest on loans and credit products, and by charging fees. Banks pay out interest to those who keep money with them — lenders — but charge higher interest to those who borrow from the bank, giving them a profit margin. While banks advertise that […]
Civil Judgements, Credit, and Debt: What Happens When You Get Sued Over Debt
Let’s say, you haven’t paid your bills. It may have been so long since you were billed, you forgot they exist. Or, maybe you have had money problems. In any case, it’s now bad enough that the creditor has sued you. Either you didn’t answer the summons, perhaps out of fear, or you showed up […]
How Long Do Things Stay on Your Credit Report? The 7 Year Credit Rule Explained
With a few exceptions, negative items will not appear in your credit report after seven years. On the plus side, positive information stays indefinitely, though closed accounts, such as a cancelled credit card, can eventually be excluded as well. However, having an old delinquency age off your credit report doesn’t mean the debt is gone […]
Can Social Security Checks Be Garnished?
Social Security checks are fairly sacrosanct. You put in your money over your entire working lifetime, and then you reap the rewards in retirement. The problem, however, comes when you have debts. Your Social Security checks cannot be garnished for private debts, but the government can withhold benefits payments if it finds you have a […]
Writing and Cashing Postdated Checks
If you are writing a postdated check, or you have received a postdated check, it is critical to fully understand how they work and the different considerations to take into account prior to doing anything. What Is a Postdated Check? A postdated check is a fairly simple concept. Instead of writing today’s date on the […]