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Ask Our Readers: Tell us how Hurricane Sandy affected you in a credit-related way

October 31st, 2012 by Jason Bushey

First off, we would be remiss if we didn't send our condolences and best wishes to those affected by Hurricane Sandy.

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Responsibility of Security

Creditnet provides hyperlinks to applications and third-party web sites which are not physically located on our servers. When you click on a credit card directive, you are automatically transferred to the issuer's web site. The information you subsequently transmit and the security employed during that transmission are the sole responsibility of the credit issuer. Creditnet can only secure transmissions between your browser and Creditnet servers. Creditnet cannot secure data transmissions between your browser and third-party servers.

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Creditnet is committed to respecting your privacy and recognizes your need for appropriate protection and management of personally identifiable information you share with us (any information by which you can be identified, such as name, address, and telephone number). That is why Creditnet has established this privacy policy, so that you can understand the care with which we intend to treat your information.

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Creditnet, a pioneer in the online credit card marketplace, continues to provide its customers with a vast network of people and resources essential to building or repairing credit. Since our site provides a central marketplace for a variety of products, services, and information, Creditnet.com appeals to a diverse consumer audience interested in a wide array of personal financial information.

Who is Consumer Credit Counseling Service?

CCCS is a non-profit service which negotiates with your creditors to reduce your monthly payments. You will end up paying more, because the lower payments are the result of stretching out your interest over a longer period of time. The advantage of such an arrangement is that it can provide you with some immediate relief on your monthly bills. If you are currently having difficulty making your monthly payments, you will be best served by seeking help from CCCS first before retaining a law firm.

CCCS can be reached toll-free at 1-800-783-5018.

Am I responsible for my (ex)spouse's debts?

That varies from state to state. Some states are "community property" states where any debt held by one spouse is considered a debt of the other spouse or ex-spouse. The latter only applies if the debt was incurred while still legally married. Check with your attorney to determine whether or not your state falls into this category.

Are there criminal charges for not paying debts?

No, you cannot be put in jail for defaulting on your debts. However, there are civil (i.e., monetary) avenues creditors may pursue to recover their money. This is not to say that any misdeed involving money is clear from criminal prosecution. Fraud and theft will still send you to prison.

One noteworthy exception to this rule is tax evasion. As illustrated in the case of Al Capone, you can certainly end up in prison for not paying your taxes.

Should I file bankruptcy without a lawyer?

Only your attorney can give you advice as to whether you should represent yourself in a bankruptcy. Filing one's own bankruptcy is possible and is done every day. There are many pitfalls and obstacles which make this a perilous journey. If you are discharging any considerable amount of money, or if your case is complicated in any way you would be money ahead by investing in a good attorney.

Can I file bankruptcy after missing payments?

Generally speaking, if you have not made a car or house payment in over three months, the lien holder (lender) will initiate the repossession or foreclose process. In a secured arrangement, the lien holder can take the property back whenever you break the terms of your agreement.

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