How the Changes in Credit Reporting Will Affect You

More than 200 million Americans have a credit score. A poor credit score can limit your ability to borrow money, obtain a credit card, or even acquire a job in some industries. Your credit score and report have the power to make your life easier or much more challenging.

Credit reports are known for containing many errors, and these errors can be challenging to remove. Credit reporting agencies have avoided spending the necessary time and resources to resolve consumer disputes.

Unpaid medical bills are a significant component of many credit reports. Fifty-three percent of the debt listed on credit reports is related to medical bills.

To address these issues, the major credit bureaus, Equifax, Experian, and TransUnion, have agreed to alter the manner in which they report credit information. The major changes involve unpaid medical bills and errors.

 Some of these changes are: 

 1.  Consumer-reported errors...

Hello all,

I am attorney Margaret L. Webb of Legacy Legal & Business Services PLC. It is hard to believe that I just began working on my 16th year of practice. One of my main areas of practice is estate planning and I have seen my fair share of Estate Planning Fraud and Trust Mills. When thinking back over my experience, I have compiled some tips that I thought you would find helpful:

1) Do not be pressured into a trust on an in-home sales pitch; Now if you are or your loved one is not able to get out of the house it is certainly appropriate to invite an attorney to your house, but when the attorney or sales agent invites their self to your home then that should be a red flag.

2) The situation is suspect for trust scams if the person is selling annuities as well as trust packages as they are making money on both; Early in my career, I had an elderly woman fall for one of these type scenarios and we had to go to court to have an irrevocable trust revoked. This is no easy feat as...

 One of the most painful parts of your divorce may be facing the possibility of losing custody of your kids. If you are in a custody battle, it is crucial to avoid any actions – both in and outside of court – that may turn the tables against you.

 Be careful to avoid these mistakes that can sabotage your case:

1. Ignoring your visitations. The court system pays attention to parent behavior during the custody case.

• If you are not using your visitations, then the courts may question your dedication to the children. They may ask questions about why you want custody if you are not spending any time with the kids.

2. Threatening your ex. The court system takes threats seriously, and you may not be aware that your ex is recording every conversation.

• During a custody battle, it’s important to act civilized and avoid threatening your previous partner. These types of threats may range from physical to emotional harm. The courts won’t give...

All estates must go through the probate process. Probate is the legal process of determining if a will is valid, paying any qualifying debt and estate taxes, and distributing whatever assets remain.

It is potentially a very complicated legal process, and an attorney should be involved in any estate planning activities.

Using these strategies will help you design your estate to avoid some common challenges of the probate process and save you money:

1. Have a valid will. Probate can last up to a year in many cases; typically this is due to a protracted process of validating the will. Probate is a legal process, so the longer it takes, the more money the attorneys make. Be sure to draw up your will with an attorney and review it annually for anything that needs to be addressed.
2. Avoid having your assets pass through probate.
   
   

• Create one or more trusts. Assets and property within a properly drafted trust avoid the probate process. They are simply transferred to the...

Bankruptcy is a very scary term to most people. Many who are considering filing for it are already in a highly stressful situation.

Bankruptcy is a tool that exists in order to give people a second chance when there doesn’t appear to be any viable alternatives. Just be certain it is the right tool for your situation.

Consider these points:

1. There are two main types of bankruptcy for individuals.

• Chapter 7. This eliminates essentially all of your debts (excluding student loans). The process is very straightforward, quick, and simple in most cases. There are certain requirements that must be met. Contact an attorney or do some research online.
• Chapter 13. This is like a bankruptcy payment plan. If you don’t qualify for Chapter 7, Chapter 13 is the alternative. You would make payments to a trustee, and the money would be dispersed to your creditors. This usually lasts from 3 to 5 years.

2. Consider an alternative. Sometimes bankruptcy is...

8 Tax-Saving Tips for Small Businesses

Personal taxes can be complicated. Business taxes can be even more difficult. If you

own a small business, tax time can be challenging. The livelihood of any company is at least partially dependent on its ability to minimize its tax liability, while meeting the requirements of the IRS.

While taxes are rarely enjoyable or an interesting topic, they’re a part of any business

owner’s life. Getting a handle your business taxes can increase your income and help

you avoid legal issues.

Check out these tax tips that are helpful for any small business:

1. Keep your tax and financial documents for at least 7 years. If you’re ever audited, you’ll need those records. Any claims made at tax time require supporting documentation. Keeping good records is an excellent idea for any small business because it encourages organization. It is very difficult to reconstruct records at a later date.

2. Know your deadlines. It...

As a family law lawyer, I have been involved in some pretty catastrophic cases as well as some cases that went pretty seamlessly.  Today, I wanted to take this opportunity to share with you my knowledge and experience from my law practice on the topic of co-parenting after divorce.

Co-parenting after a divorce can provide children with the stability, consistency, and the understanding that children need to cope with divorce.  Many children commonly describe divorce as the most traumatic experience that they have ever lived through.  But co-parenting is not easy, in fact, it is very difficult, even in the best of circumstances.

People are complicated individuals.  Part of what makes people so complicated are our emotions, but  it is also the part that makes people great, and the part that makes people not so great.  To complicate matters further, there are a lot of emotions that people can experience especially when going through a divorce.  These...