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Your Rights to Dispute Errors on Your Credit Report
Feb 22, 2023
Like it or not, your credit score has a huge impact on what opportunities you’ll have in life, whether it’s qualifying for a credit card, car loan, or home mortgage. Because of this, it’s essential to keep up to date on what your credit report looks like and be able to spot and dispute any errors you find.
This can often be started by individuals themselves, but there are many situations that become complicated and you’ll want to seek out the help of a professional such as a bankruptcy attorney. If you’re in the Albuquerque, New Mexico, region or Rio Rancho, Santa Fe, Los Lunas, or anywhere throughout the state of New Mexico, call me today at the Law Office of Jason Cline.
Protection of Consumer Credit
The primary law protecting consumers is the Fair Credit Reporting Act (FCRA). This is a federal law passed in 1970 that works by mandating the procedures, reporting guidelines, data collection, and sharing practices that creditors must adhere to. This law also allows consumers to access their credit report for free once a year so they can better assess their scores and find any credit error that could potentially lower their scores or otherwise adversely affect their credit rating. This free report gives you access to all three of the major reporting agencies in the country: Equifax, Experian, and TransUnion.
Which Errors You Can Dispute
There are different errors that can occur on your credit report, and though lenders will often pull reports from all three agencies, they may only pull from one or two, so it’s essential you thoroughly examine all three for accuracy. The error could be as seemingly minor as a misspelled name or an address that’s just one number off. However, even these should be dealt with since they could have real ramifications. For example, if someone with the same name or a similar name as yours has a poor credit history, it could be inadvertently attached to your report.
You’ll also want to look for bigger errors in your credit history such as lines of credit you never opened, payments you know you made on time but they’re posting as late, an account on which you’ve been named as the primary user when you’re really just an authorized user, duplicated debts listed, or balance and credit limit errors. All of these can and should be disputed.
Disputing Errors on Your Credit Report
You must dispute each error with the agency that it’s related to. For instance, if you found two errors, but one was with Equifax and the other with TransUnion, you’ll have to submit two different disputes. In most cases, you’ll have your choice of disputing online, by mail, or over the phone. After your claim has been received, the credit agency should let you know what their response is, whether they will delete the inaccurate information, open the dispute for reinvestigation, or deny your claim.
What to Do if Your Dispute Is Denied
In many cases, you’ll be able to complete this dispute on your own, but if the credit agency isn’t responding to you or denies your claim and you disagree with their reasoning, you may have to enlist the help of an attorney. This is most common for issues regarding bankruptcy, foreclosure, or loan defaults. An experienced lawyer can help you submit a new dispute, file a complaint with the Consumer Financial Protection Bureau (CFPB), or find other ways to help you protect your rights.
Seeking Solutions: The Law Office of Jason Cline
As a savvy and responsible consumer, you need to know what’s going on with your credit report and ensure the information accurately reflects the facts. When it doesn’t, you’ll need to take action, and I can help. Reach out to my firm, the Law Office of Jason Cline, in Albuquerque, New Mexico, today to schedule a consultation.
Creating a Feasible Repayment Plan in Chapter 13 Bankruptcy
Making the decision to file for bankruptcy is never an easy one, but sometimes it is necessary in order to get a fresh start financially. Chapter 7 bankruptcy can provide relief for individuals struggling with overwhelming debt, but how do you know when it's time to take that step? In this blog post, we will discuss some signs that indicate you may need to file for Chapter 7 bankruptcy in New Mexico. One of the most common reasons people file for Chapter 7 bankruptcy is because they are unable to pay their bills on time. If you find yourself constantly falling behind on payments, receiving collection calls, or facing potential lawsuits from creditors, it may be time to consider bankruptcy as an option. Chapter 7 can help eliminate unsecured debts such as credit card balances and medical bills, giving you a chance to start fresh without the burden of overwhelming debt. Another sign that you may need to file for Chapter 7 bankruptcy is if you are considering using retirement funds or other assets to pay off your debts. While it can be tempting to dip into savings or sell valuable assets in order to satisfy creditors, doing so can have long-term consequences on your financial stability. By filing for Chapter 7 bankruptcy, you may be able to protect certain assets while still getting rid of your debts. If you are facing foreclosure on your home or repossession of your vehicle due to missed payments, filing for Chapter 7 bankruptcy may be able to help. When you file for bankruptcy, an automatic stay goes into effect which stops all collection actions against you, including foreclosure and repossession. This can give you the breathing room you need to figure out a plan moving forward and potentially save your home or car from being taken away. Additionally, if you are struggling with mounting medical bills due to an unexpected illness or injury, filing for Chapter 7 bankruptcy may be a way out of financial hardship. Medical debt is considered unsecured debt and can typically be discharged through bankruptcy. By eliminating these debts through Chapter 7, you can focus on recovering your health without the added stress of dealing with insurmountable medical bills. Finally, if your income has decreased significantly due to job loss or other circumstances and you are unable to meet your financial obligations, filing for Chapter 7 bankruptcy may provide the relief you need. The means test used in determining eligibility for Chapter 7 takes into account your income level compared to the median income in New Mexico. If your income falls below a certain threshold, you may qualify for Chapter 7 and be able to eliminate your debts through the process. Deciding whether or not to file for Chapter 7 bankruptcy is a big decision that should not be taken lightly. If any of the signs mentioned in this blog post resonate with your current financial situation, it may be time to consult with a qualified bankruptcy attorney in New Mexico who can assess your individual circumstances and help guide you through the process. Remember that seeking professional advice early on can help ensure that you make informed decisions about your financial future and take steps towards achieving a fresh start free from overwhelming debt.
Dealing with financial problems can be very overwhelming, especially when you don't know what your options are. If you're a resident of New Mexico and considering filing for bankruptcy, you might be wondering how often you can file for Chapter 13 bankruptcy. In this blog post, we'll explore the frequency limits of filing for Chapter 13 bankruptcy in New Mexico, whether or not you can file more than once, and if it's possible to file for Chapter 13 after having filed for Chapter 7 bankruptcy. Chapter 13 bankruptcy is a legal process that allows individuals who are struggling with debt to reorganize their finances and pay off their debts over time. In New Mexico, there is no limit on how many times you can file for Chapter 13 bankruptcy. However, there are specific guidelines on how often you can receive a discharge of your debts under Chapter 13. If you have previously filed for Chapter 7 bankruptcy and received a discharge, you must wait at least four years from the date of your previous filing before being eligible to file again under Chapter 13. This waiting period is necessary because both types of bankruptcies have different requirements and objectives. Filing for Chapter 13 more than once is allowed in New Mexico as long as certain conditions are met. If your previous case was dismissed without prejudice (meaning that it wasn't closed due to fraud or other misconduct), then you may be able to file again immediately after dismissal. However, if your case was dismissed with prejudice (meaning that it was closed due to fraud or other misconduct), then you may need to wait six months before filing again. It's important to note that filing repeatedly for bankruptcy could negatively impact your credit score and make it difficult to obtain credit in the future. Therefore, it's essential to weigh all of your options carefully before deciding whether or not to file for bankruptcy. If you have filed for Chapter 7 bankruptcy in the past, you may still be eligible to file for Chapter 13 bankruptcy. However, there are specific guidelines that must be followed. In general, you must wait at least four years from the date of your previous filing before filing under Chapter 13. Additionally, if you received a discharge in your previous case, you may need to wait six years before filing again under Chapter 13. Filing for bankruptcy can provide relief from financial stress, but it's essential to understand the rules and regulations surrounding the process. In New Mexico, there is no limit on how many times you can file for Chapter 13 bankruptcy. However, there are specific requirements on how often you can receive a discharge of your debts and guidelines on when you can file again after having filed for Chapter 7 bankruptcy. If you're considering filing for bankruptcy in New Mexico, it's crucial to consult with an experienced attorney who can guide you through the process and help determine the best course of action for your unique situation.
Chapter 7 vs Chapter 13 Bankruptcy: Which is Right for You?
If you are considering filing for Chapter 7 bankruptcy in New Mexico, it is important to understand the Means Test. This test determines whether or not you are legally eligible for Chapter 7 bankruptcy. While this may sound overwhelming, it is important to understand the specifics of the Means Test and how it is administered. In this blog post, we will break down the Means Test and help you determine if you are eligible for Chapter 7 bankruptcy in New Mexico. What is the Means Test? The Means Test is a test that evaluates your financial circumstances to determine your eligibility for Chapter 7 bankruptcy. It is designed to ensure that only people who truly cannot pay their debts are allowed to file for Chapter 7 bankruptcy. The Means Test takes into account your income, expenses, and the size of your household to calculate your disposable income. If your disposable income is below a certain threshold, you are likely eligible to file for Chapter 7 bankruptcy. What does the Means Test evaluate? The Means Test evaluates your income and expenses to determine your disposable income. Your income is calculated by taking an average of your monthly income from the past six months. If your monthly income is below the median income for your state and household size, you are automatically eligible to file for Chapter 7 bankruptcy. If your income is above the median income, the test then takes into account your expenses. Some expenses, such as rent or mortgage payments and utility bills, are based on actual costs. Other expenses, such as food and clothing, are determined by national standards. The Means Test then subtracts your allowed expenses from your income to determine your disposable income. What happens if you fail the Means Test? If you fail the Means Test, it does not necessarily mean that you cannot file for bankruptcy. You may still be eligible to file for Chapter 13 bankruptcy. Chapter 13 bankruptcy requires you to pay your creditors over a period of three to five years, rather than having your debts discharged. This option may be beneficial for those who have a steady income but are struggling to keep up with their debt payments. The Means Test can seem daunting, but it is an important tool in determining whether or not you are eligible for Chapter 7 bankruptcy. If you are struggling with overwhelming debt and are considering bankruptcy as an option, it is important to speak with an experienced bankruptcy attorney. They can help guide you through the process and determine if bankruptcy is the right solution for your unique circumstances. Remember, bankruptcy is not the end of the road. It is an opportunity to start fresh and take control of your financial future.
Filing for bankruptcy can provide you with a fresh financial start, but it comes with its own set of challenges. If you filed for Chapter 13 bankruptcy, you might have some questions related to your tax debt. This blog post is for New Mexico residents who need to understand the effect of Chapter 13 bankruptcy on their taxes and whether they need to pay taxes during the process. Chapter 13 Bankruptcy and Tax Debts: What You Need to Know Chapter 13 bankruptcy is a repayment plan in which the debtor agrees to repay a portion of their debt over three to five years. During this time, the debtor is protected from collection activities like wage garnishment, foreclosure, and lawsuits. However, the debtor must pay their tax debts just like any other debt, but they can do so at a reduced rate. Effect of Chapter 13 Bankruptcy on Your Taxes When you file for Chapter 13 bankruptcy, your tax debts are treated as priority debt. It means that they are given a higher priority than other unsecured debts, like credit card debt. Therefore, you have to pay them back in full during the repayment plan. However, the interest and penalties on overdue taxes can be reduced or eliminated in some cases, making it easier for you to repay your debt. Do I Have to Pay Taxes If I Filed for Chapter 13 Bankruptcy? Yes, you have to pay your tax debts even if you filed for Chapter 13 bankruptcy. In fact, failing to pay your taxes during the repayment plan can put your bankruptcy case at risk. The IRS can file a motion to dismiss your case if you fail to pay your taxes, and the bankruptcy court can grant the request. Therefore, it's essential to include your tax debts in your bankruptcy plan and make timely payments. Tax Returns and Chapter 13 Bankruptcy If you owe back taxes, your tax refund can be affected by your Chapter 13 bankruptcy plan. The bankruptcy trustee can take the tax refunds to pay your creditors, including your tax debts. Therefore, you need to be aware of this when you file your taxes and ensure that your withholding matches your actual tax liability. Additionally, it's crucial to inform your bankruptcy attorney of any significant changes in your income or tax liability. Chapter 13 bankruptcy can be an effective way to manage your debts and get a fresh start. However, it's essential to understand the effect of Chapter 13 bankruptcy on your tax debts. Remember that tax debts are priority debt in Chapter 13 bankruptcy, meaning you need to pay them in full during the repayment plan. Also, failing to pay your taxes during the process can put your bankruptcy case at risk. If you have any questions regarding your tax debts and Chapter 13 bankruptcy, don't hesitate to contact a bankruptcy attorney for guidance.
Filing for bankruptcy is never an easy decision to make. However, sometimes it is the only option left for those struggling with overwhelming debt. Chapter 13 bankruptcy is a restructuring plan that allows individuals with regular income to reorganize their debts and pay them off over a three to five-year period. However, to successfully complete a Chapter 13 bankruptcy case, it is essential to have a solid budget and financial management plan in place. In this blog post, we will discuss the importance of budgeting and financial management when filing for Chapter 13 bankruptcy and provide tips on how to prepare for it. Create a Budget Creating a budget is one of the fundamental steps in financial management when filing for Chapter 13 bankruptcy. This will help you get a clear idea of your financial situation and identify areas where you can cut back on expenses. You will need to provide a detailed list of your monthly income and expenses to the bankruptcy court and your trustee, who will review your plan and determine the amount of your repayment plan. Build an Emergency Fund Having an emergency fund is crucial when going through a Chapter 13 bankruptcy. An emergency fund can cover unexpected expenses such as medical bills, car repairs, and home repairs, which could otherwise derail your repayment plan. We advise building an emergency fund of at least six months’ worth of living expenses. Avoid new debt Once you have declared bankruptcy, it is essential to avoid new debts. Adding new liabilities will only complicate your financial situation and make it harder for you to complete your repayment plan. Instead, focus on building your savings and maintaining your current lifestyle within your budget restrictions. Track your Spending Keeping track of your spending will help you stay on track with your budget and prevent overspending. We recommend using a budgeting app or spreadsheet to track your expenses throughout your Chapter 13 bankruptcy plan. By keeping track of your spending, you can make adjustments to your budget as needed and ensure you remain on track with your repayment plan. Chapter 13 bankruptcy may seem like a daunting process, but with proper financial management and budgeting, it is possible to come out stronger on the other side. By creating a budget, building an emergency fund, avoiding new debt, and tracking your spending, you can successfully navigate the Chapter 13 bankruptcy process. Our team at The Law Office of Jason Cline is here to help guide you through the legal aspects of bankruptcy and provide financial advice to help you get back on your feet. Contact us today to schedule your consultation.
Are you struggling under a mountain of debt and constantly dealing with the stress of creditor harassment and collection efforts? If you're a resident of New Mexico, filing for Chapter 7 bankruptcy may be a solution for you. Chapter 7 bankruptcy can help stop creditor harassment, collection efforts, and even discharge many of your debts. This blog post will explore how filing for Chapter 7 bankruptcy can help stop creditor harassment and put an end to collection efforts, giving you the fresh start you need. 1. What is Chapter 7 Bankruptcy? Chapter 7 bankruptcy is a legal process that allows individuals who are unable to pay their debts to get a fresh start. Under Chapter 7, a bankruptcy trustee collects and sells your non-exempt assets to repay your creditors, and most unsecured debts are discharged at the end of the process. This means that you are no longer legally obligated to pay these debts, and creditors are not allowed to take action against you to collect on them. 2. How Does Chapter 7 Bankruptcy Stop Creditor Harassment? One of the most significant benefits of Chapter 7 bankruptcy is the automatic stay. The automatic stay is a legal order that goes into effect as soon as you file for bankruptcy. It immediately stops most creditors and collection agencies from contacting you or taking any action to collect on your debts. This means that they can no longer call you, send you collection letters, garnish your wages, or file lawsuits against you. 3. Will Creditors and Collectors Continue to Call Me After I File for Bankruptcy? While the automatic stay is a powerful tool for stopping creditor harassment and collection efforts, there are some exceptions. Some types of debts, such as child support, alimony, and taxes, are not discharged in Chapter 7 bankruptcy and may still be collected by the creditor. Creditors can also file a motion with the court to lift the automatic stay in certain situations, although they must have a valid reason for doing so. 4. How Can I Protect Myself from Creditor Harassment After Filing for Bankruptcy? If you are still receiving calls or letters from creditors after filing for bankruptcy, it's important to take action to protect yourself. You can notify them that you have filed for bankruptcy and provide them with your case number and the name and address of your bankruptcy attorney. If they continue to harass you after being informed of the bankruptcy, you may be able to take legal action against them. 5. What Happens After My Chapter 7 Bankruptcy Case is Complete? After your Chapter 7 bankruptcy case is complete, most of your debts will be discharged, and you'll be free from the burden of excessive debt. However, it's important to note that bankruptcy can have a long-term impact on your credit score, and some creditors may be hesitant to lend to you in the future. It's crucial to work with an experienced bankruptcy attorney who can help you understand the long-term implications of filing for bankruptcy and help you develop a plan to rebuild your credit. If you're struggling with debt and constant creditor harassment, filing for Chapter 7 bankruptcy may be the solution you need. Chapter 7 bankruptcy can stop creditor harassment and collection efforts, giving you the fresh start you need to take control of your finances. To ensure that your bankruptcy case goes smoothly and that you're able to achieve the best possible outcome, be sure to work with an experienced bankruptcy attorney who can guide you through the process.
Dealing with overwhelming debts can be a daunting experience, but there is hope. If you are a resident of New Mexico and cannot manage your debts, you can seek relief by filing for Chapter 13 bankruptcy. Chapter 13 bankruptcy allows you to create a payment plan and pay off your debts over a period of three to five years. However, before you file, it is crucial to understand the process, qualifications, and benefits of Chapter 13 bankruptcy. In this blog post, we discuss everything that you need to know about Chapter 13 bankruptcy in New Mexico. 1. Requirements for filing Chapter 13 Bankruptcy in New Mexico To be eligible for Chapter 13 bankruptcy in New Mexico, you must have a regular income and debts that fall within certain limits. Debt limits for secured debts are $1,257,850, while debt limits for unsecured debts are $419,275. During your filing, you will also have to undergo credit counseling from an approved agency. 2. What Happens During a Chapter 13 Bankruptcy Filing After filing for Chapter 13 bankruptcy, you will go through a confirmation process, where your creditors review your proposed payment plan to determine its feasibility. Typically, you will have to make payments over three to five years, and any unpaid debts will be discharged at the end of the payment period. Throughout the payment period, you may be required to make regular payments to a bankruptcy trustee, who will then distribute the funds to your creditors. 3. Benefits of Filing for Chapter 13 Bankruptcy in New Mexico One of the main advantages of Chapter 13 bankruptcy in New Mexico is that it allows you to keep your property, including your house, car, and other assets. Additionally, filing for Chapter 13 bankruptcy may also help you stop foreclosure, wage garnishment, and collection calls from your creditors. Moreover, Chapter 13 bankruptcy allows you to repay your debts in a manageable way and solve your financial woes without ruining your credit history. 4. Hiring an Experienced Attorney to Help You Through the Process Navigating Chapter 13 bankruptcy in New Mexico can be complicated and time-consuming. Therefore, it is recommended that you hire an experienced bankruptcy attorney who understands the nuances of the law and can guide you through the process. Your attorney will help you with filing the necessary paperwork, crafting a repayment plan that suits your needs, and representing you during creditor meetings. 5. Conclusion Filing for Chapter 13 bankruptcy can be a lifeline for New Mexico residents struggling with overwhelming debts. Not only does it offer a fresh start for debtors, but it also allows them to keep their assets and avoid harassment from creditors. If you are a New Mexico resident considering filing for Chapter 13 bankruptcy, it’s crucial to understand the requirements and find an experienced attorney to guide you through the process. With the right legal counsel, you can find a way to regain your financial stability and move towards a debt-free future. If you are experiencing financial challenges, it's essential to explore all options. Chapter 13 bankruptcy may be an excellent solution, especially if you reside in New Mexico. Through a structured payment plan, Chapter 13 bankruptcy can help you repay your debts and get a fresh start. However, before you file for bankruptcy, it's crucial to understand the process, requirements, and benefits, and to seek the guidance of an experienced bankruptcy attorney. At the law office of [insert law office name], we understand the complexities of Chapter 13 bankruptcy and can help you navigate the process. Contact us today to schedule a consultation with one of our knowledgeable attorneys.
Filing for bankruptcy is always a difficult choice to make, but it’s often the only right choice to get debt relief. If you are married, you have another difficult choice to make: to file for bankruptcy individually or jointly. Deciding whether you should file with or without your spouse can add to the stress you may feel when exploring your debt relief options. If you are considering filing for bankruptcy but want to know how your bankruptcy filing can affect your spouse, you might want to seek legal counsel. As a bankruptcy attorney at The Law Office of Jason Cline, I can review your situation and explain the implications of filing separately vs. jointly. From my office in Albuquerque, New Mexico , I provide legal counsel to clients throughout the state of New Mexico, including Los Lunas, Rio Rancho, and Santa Fe. Separate Property vs. Community Property in New Mexico New Mexico has community property laws, which means any earnings, assets, and debts acquired before the marriage are considered separate property, while everything acquired during the marriage is considered community property and is subject to equal distribution (50/50) in a divorce. The only exceptions to the community property rule are inheritances and gifts received from someone other than your spouse during the marriage. Filing for Bankruptcy Separately vs. Jointly: Pros and Cons When one spouse files for bankruptcy, it does not necessarily mean the other spouse has to do the same. Thus, you can decide between filing for bankruptcy separately or jointly. When deciding whether to file for bankruptcy separately or jointly, it is important to carefully consider the pros and cons of each option. The pros of filing for bankruptcy separately include: Protect the non-filing spouse’s credit . If a married couple files for bankruptcy jointly, both spouses will see a drop in their credit scores, even if only one spouse has significant debt. Filing separately can help protect the non-filing spouse’s credit. Separate property protection . If one spouse owns a significant amount of property or assets in their name only, filing separately can help protect that property from being included in bankruptcy proceedings. Reduce household expenses . If one spouse has significant debt and the other has little or no debt, filing separately can allow the couple to continue paying essential household expenses without being adversely affected by a bankruptcy filing. The cons of filing for bankruptcy separately include: Joint debts . If a married couple has joint debts, filing separately may not be an option. Each spouse will be responsible for their own debts, but joint debts will still need to be addressed in some way. The filing spouse’s income . When a married couple files separately, the income of the filing spouse is the only income considered for the bankruptcy calculation. This can make it more difficult to qualify for Chapter 7 bankruptcy, which requires a lower income. Potential loss of joint property . If a couple files separately, there is a risk that joint property may be included in the bankruptcy proceedings. Additionally, one spouse’s decision to file separately could lead to the other spouse being solely responsible for joint debts. The pros of filing for bankruptcy jointly include: Cost-efficient . Filing for bankruptcy jointly is often more cost-efficient than filing individually as there is only one set of fees and legal costs. Dispose of all debts at once . Filing jointly allows both spouses to address all debts at the same time and create a clean slate for their financial future. Maximize exemptions . When filing jointly, the couple can often maximize exemptions, which can protect more of their property and assets from being included in bankruptcy proceedings. The cons of filing for bankruptcy jointly include: Potential eligibility issues . To qualify for Chapter 7 bankruptcy jointly, both spouses must meet certain eligibility requirements, which may not be possible if both spouses have significant income or high levels of assets. Both spouses’ credit scores will take a hit . Filing jointly will result in a significant drop in both spouses’ credit scores, potentially making it more difficult to obtain credit in the future. Potential loss of joint property . Filing jointly puts the joint property at risk of being included in the bankruptcy proceedings. There are a number of factors to consider when it comes to deciding between a separate or joint filing. Consider consulting an attorney for a personalized case evaluation. Don’t Wait Any Longer. Call Now. If you are overwhelmed by debt, you need to find a way to eliminate that debt. One option may be filing for bankruptcy. If you are married, you might want to speak with an attorney to determine whether you should file with or without your spouse. Reach out to my office, The Law Office of Jason Cline , to request a free consultation.
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Phone: 505-305-0232
Email: jason@attorneyjasoncline.com
2601 Wyoming Blvd. NE
Suite 108
Albuquerque, NM 87112
We are a debt relief agency. We are attorneys who help people file for bankruptcy relief under the bankruptcy code.
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