Five Factors that Determine your Credit Score

You’re often reminded of how extremely important your credit (aka FICO) score is. Nowadays, your credit score can determine whether or not you purchase a home for your family, insure your vehicle or take a new job. Yes! That’s correct. Employers are checking the credit scores of potential employees as part of the hiring process. Today, it is more imperative than ever to maintain a competitive credit score. Despite the importance of having good credit, we’ve found that most people fail to understand exactly how their credit score is formulated. They don’t understand the method or formula that determines if …

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Five Common Chapter 13 Bankruptcy Myths

Although Chapter 13 bankruptcy is not the most widely used bankruptcy option, it is preferred by many homeowners that are on the verge of losing their homes. Under a chapter 13 bankruptcy, single or married consumers are allowed to propose a three to five year repayment plan, during which time they can bring their past due mortgages current and keep their homes. As more people learn about the benefits of bankruptcy, the filings increase nationwide…but unfortunately, the misconceptions and myths increase too. Below we’re going to take time to clear up 5 common myths that are circulating about the chapter …

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Bankruptcy and Your S Corporation: What are your options?

An S Corporation is a designation you can seek for your corporation primarily for United States federal income tax purposes. To form an S Corporation, you must first file Form 2553 with the IRS. According to Wikipedia.com: “In general, S Corporations do not pay any income taxes. Instead, the corporation’s income or losses are divided among and passed through to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns.” What does this mean for you? In a nutshell, the major advantage of forming an S Corporation is that it allows the …

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