|Posted on May 13, 2016 at 1:45 PM||comments (1)|
Yorlene Credit Services helps clients repair their bad credit by disputing the inaccurate, untimely, misleading, biased, incomplete or unverifiable negative items from their credit reports. Additionally, as a client you can take advantage of services designed to modify, monitor and protect your credit rating.
Repairing your credit profile is one of the most essential financial decisions you can make. Yorlene Credit Services is here to help you achieve your optimal credit profile by making the credit repair process convenient, individualized, and effective. Yorlene Credit Services specialized credit repair processes, credit expertise, and guaranteed customer service make us the best in the industry. We are proud that we have had the opportunity to help thousands of Americans correct their credit reports.
Yorlene Credit Services has successfully deleted questionable items on credit reports including: Late Payments, Collections, Charge Offs, Bankruptcies, Judgments, Liens, Inquiries, Foreclosures, Medical Identity Theft, Tax Liens, Personal Information, Short Sales, Student Loans & Reposessions.
Yorlene Credit Services is not your typical credit repair company. Yorlene Credit Services Guarantee is symbolic of the commitment to the innovative and impeccable service our company stands by. We offer some the most customizable credit repair programs available. Becoming a client ensures that you'll receive affordable, superior credit repair and customer service. We proudly offer different program choices to address your specific credit needs. All of our programs allow you access to our powerful online Dispute Manager that enables you to direct your Personal Credit Coach the exact way you want different aspects of your file to be addressed.
EASY & AFFORDABLE SERVICES
Even with industry-leading customer service and the latest cutting-edge technology, we remain one of the lowest priced programs available.
ONE-ON-ONE CUSTOMER SERVICE
When you become a client of Yorlene Credit Services we assign a Personal Credit Coach to you. Throughout your relationship with YCS you'll work one-on-one with your Credit Coach to resolve the issues on your reports.
FREE CREDIT CONSULTATION
With every initial consultation, our Professional Credit Analyst will review your reports with you and answer any questions you may have about your credit, our process, and if our services are right for you.
Yorlene Credit Services SAME-DAY SERVICE
Ensures that our client gets priority service throughout the disputing process. We'll organize and set up your case the same day you sign-up, and we'll expedite your case while still maintaining accurate, secure data entry and outstanding customer service.
NO-RISK REFUND POLICY
At Yorlene Credit Services we proudly offer a 100% Service Satisfaction Guarantee. Just like our service, our Refund Policy is effective from day one. We provide a satisfaction guarantee. If you're not 100% satisfied, please let us know.
NO-HASSLE CANCELLATION POLICY
As a valued client, you can rest assured that you will never be locked in to a long term contract or agreement. Our services can be cancelled, or put on hold, at any point in time.
UNLIMITED PERSONALIZED DISPUTES
Our programs provide clients unlimited personalized disputing to both the credit bureaus and also to your creditors. We'll write customized dispute letters and send them to each major credit bureau. In many cases, we will process your disputes through our innovative electronic system that can yield results in as little as three weeks.
|Posted on September 16, 2015 at 10:20 PM||comments (0)|
I meet with a lot of people who believe that bankruptcy is going to be their best option. And truthfully, for most of the people I meet with bankruptcy is not only the best option but something they should have done a long time ago. However, when I meet with families, there are those that should not file for bankruptcy for one reason or another. I have put together a list of seven (7) reasons why you should not file for bankruptcy.
#1 You Can Afford to Pay Your Debts
This one seems simple, and is truly rare among most people I meet with, but every now and again someone comes in and simply wants to walk away from it all. The debt is relatively minimal compared to income. A good way to determine if you fall into this category is to take your monthly income, minus all of your monthly expenses, including your credit card payments, and if there is a significant amount of money left over, you are likely going to be better off in the long term just making arrangements to pay the debt.
That being said, I have had clients come in who have very little debt. Very little debt in my world is something in the range of $10,000. However, for some clients his might as well be $10 million. They have no job or very limited income and no serious prospects for improving their income situation in the near future. I also see many seniors who are living on a very fixed income fall into this category. For some, even when the debt is relatively small, if the ability to pay is not there, bankruptcy can be a good option.
#2 Your Debt is Mostly Tax Debt
Not all debts are created equal. Certain debts, even in bankruptcy, are not discharged or eliminated through the bankruptcy process. Most taxes fall into this category. Certain taxes like payroll taxes a business owner owes will never go away. The typical income tax will not be eliminated in your bankruptcy unless it meets certain criteria. Specifically, it must be at least three years old and must not have been assessed to you at anytime in the last 240 days. If the majority of your debt is taxes and relatively recent, bankruptcy is likely not going to be a good option because you will not obtain the benefit of discharging those debts.
However, if your debt is income tax, and it is at least three years old, you should meet with a bankruptcy attorney to see if it can be eliminated through bankruptcy filing.
#3 Your Debt is Mostly Student Loan Debt
The only thing more difficult to eliminate through bankruptcy other than taxes is student loan debt. Back in 2005 the Bankruptcy Code was amended to include a provision that made all debt obtained for educational purposes presumed to be non-dischargeable. You can overcome this by showing hardship, however the bar has been set very high. I witnessed a trial once where an attorney who had significant student loan debt sought to eliminate these debts through bankruptcy after an auto accident left her a quadriplegic. The court ruled that she could still work and only reduced her loans by half.
If student loan debt is the main debt problem you have a better option than bankruptcy would be to seek out the many organizations that help with student loan borrowers going through financial hardship.
#4 Filing Bankruptcy Will Hurt Your Credit Score
It is pretty much common knowledge that filing for bankruptcy is going to damage your credit score. How much it will lower your score is hard to say; I have noticed that for those bankruptcy clients who have low scores when we file their case (550 or lower) that the bankruptcy doesn’t lower the score that much more – typically another 30-50 points. However, for those clients who have decent credit (700 or higher) they usually take a hit in the range of 100 – 150 points. I don’t know why this is or what the formula is for calculating this, but this is what I have observed in the hundreds of bankruptcy cases I have filed.
While bankruptcy will absolutely lower your credit score, most of my clients are surprised to see that their score will actually increase within 12 months of their bankruptcy case being discharged. Most who look to file for bankruptcy are behind on their bills. When you fall behind on your credit card payments each month the credit card company lets the credit bureaus know that you are late. This lowers your score and continues to hit you month after month.
The filing of a bankruptcy stops the bleeding. You are no long getting hit each month with a “late”. You will get hit with a bankruptcy on your credit report, but that is a one time thing; it is not re-reported each month. The further you get away from your filing date the better you will be.
#5 You Can Lose Assets in Bankruptcy
Another reason you may not want to file for bankruptcy, particularly Chapter 7 bankruptcy, is that you can be at risk of losing assets. A Chapter 7 bankruptcy is a liquidating bankruptcy, meaning that if you have assets that are not protected under the various exemption laws, then a bankruptcy trustee can seize the asset, sell it, and give the money to your creditors. If you have assets that are not protected you will likely lose them. For some, this is a big reason not to file. There may be land that is not protected that has been in the family for generations, or other property that is simply not worth the risk of losing.
That being said, most people that go through the bankruptcy process do not lose assets. Here in Arizona the last statistic I heard was that 94% of Chapter 7 bankruptcy filers did not lose any assets through the process. This is largely due to the exemption laws here in Arizona. Most people have heard of the homestead exemption that protects your home, however Arizona also has exemption laws that protect cars, wedding rings, retirement accounts, household items and even livestock. If you are thinking of filing bankruptcy but are worried about losing assets it is a good idea to meet with a bankruptcy lawyer to determine what you would be at risk of losing. Often this fear is unfounded.
#6 You Have Recently Become Entitled to an Inheritance
This one seems kind of random, but I have surprisingly had it come up enough times that it is worth mentioning. If you have received an inheritance, or the more relevant situation is that you have become entitled to receive an inheritance but have not yet received it, filing bankruptcy may not be a good option for you. For example, say you were the beneficiary under a will or trust of a person that had died. You became entitled to a certain asset or cash upon their death. It is likely that it will take some time to process everything and you may not actually receive the inheritance for some time. If you file for bankruptcy and then receive the inheritance, your bankruptcy trustee can take that asset and use that for the benefit of your creditors.
Similarly, if you become entitled to an inheritance within 180 after you file your bankruptcy case the bankruptcy trustee can go after those funds to pay your creditors. In situations where the inheritance is large, your creditors end up receiving 100% payment but you still have to deal with a bankruptcy on your credit report.
If you have become entitled to an inheritance or expect to become entitled to an inheritance in the near future, you should consult with a bankruptcy attorney about this situation prior to jumping into a bankruptcy case.
#7 You Have Business Debts that are Not Personally Guaranteed
Many small business owners file for bankruptcy. In fact, if you think about it, without the bankruptcy laws how many people would be willing to lay it all on the line and start their own business? Bankruptcy allows entrepreneurs to take the risk knowing that if necessary they have bankruptcy as a fallback position. If most of your debt is business debt AND you do not have personal guarantees on that debt, bankruptcy may not be necessary. If you have properly set up a corporation or limited liability company (LLC), you will have some protection against creditors of the business. Without a personal guarantee the creditors are left to the assets of the business but cannot come after you personally.
However, in most small businesses the owners of the business have personally guaranteed nearly all of the debts of the business. If this is the case, then a personal bankruptcy filing can be very helpful at eliminating all personal liability on those business debts.
Bankruptcy is not for every person or every situation. There are absolutely draw backs for filing a bankruptcy case. However, for many suffering through debt problems the benefits obtained from filing a bankruptcy case outweigh the drawbacks the come with filing.
|Posted on September 3, 2015 at 11:15 AM||comments (0)|
(HOW TO REPAIR YOUR CREDIT)
We all know that good credit is important, but most people struggle from time to time with too much debt, loss of income, or other financial emergencies. Collection agencies start entering the picture when payments are late or incomplete. People often file bankruptcy hoping for a new start, only to find their future credit is negatively affected for seven or more years. Understanding how to repair your credit is a far better alternative emotionally and financially.
IMPORTANCE ON PAYING YOUR BILLS ON TIME (SET UP AUTOMATIC PAYMENT REMINDERS)
Set up automatic payment reminders. Paying your bills on time is the most important factor in figuring up your credit score. Setting automatic deductions from your banking account for house and automobile payments, utilities, and credit cards will help you make timely payments. If auto payments aren't possible, set payment reminders on your calendar or budgeting software.
Make sure to coordinate your future income deposit dates with your automatic withdraws before you set up auto payments. For example, if you are paid on the 1st and 15th of each month, set the automatic payments to be disbursed on the 4th, 5th, 6th, 17th, 18th, and 19th of each month.
LASTLY TAKING CARE OF YOUR DEBT ITS YOUR MONEY GET TO KNOW THE FACTS IN HOW TO USE IT WISELY
stop using credit cards. This is usually the most expensive of debt type, the easiest to use without thinking, and the source of aggressive collection efforts. Keeping zero or low balances on your credit cards will save money and increase your peace of mind. Use cash or your checking account debit card for irregular purchases, keeping your credit cards locked up securely at home.
Don't cancel your credit cards. The debts are not canceled, and your credit report will suffer because there's less available credit as you pay off the debt. If you decide that some credit cards must be canceled, choose the ones with the shortest history.
HOW TO HANDLE DEBTS AND CONSOLIDATION
Consolidate your high-expense debts. Credit card and short term debt can be very expensive. If your problems come from credit card or trade debt and you have a home or a whole life insurance policy, you might consider borrowing money on the policy or a second mortgage on your home. Then, pay off the more expensive short-term debts.
The risk in debt consolidation strategies is that you don't change your old buying habits and you build new credit balances, multiplying overall debt. If you consolidate your debts, you must change your old habits to avoid a repetition of your recent situation.