Steve Answers Your Questions About Debt Collection Companies and Credit Repair

by Steven on April 4, 2012

Q. I file bankruptcy 3 years ago can I file again?

A. I’m not a lawyer but from my research if you’ve filed Chapter 13 Bankruptcy you can convert that to a Chapter 7, but if you’ve already filed a Chapter 7 you’re out of luck.

Q. My credit score is 490 what can I do about that?

A. Your credit score is very important when it comes to borrowing money. If you have a low credit score you’ll pay more for auto loans, mortgages and credit cards. You should focus on cleaning up your credit report.


Get a copy of your report and start working deals with your creditors. If you have accounts that have been sold to collection agencies you should be able to settle those accounts for pennies on the dollar.

Q. My husband wants me to pay all the bills and manage our household, but I don’t like doing it all by myself. What should I do about this?

A. Managing your household and finances should be done as a team. One of you might be in charge of writing the checks and paying the bills but both of you need to know exactly what’s going on with the finances.

Your marriage could be in trouble if you don’t work this out. Your husband might think that your financial situation is better than it really is and he might blame you for miss-managing the money.


Q. How much money should my wife and I be saving for retirement and how can we do it?

A. I would only tell you what my wife and I are doing. You should save at least 20 years worth of retirement funds. So if you earn $100,000 a year you need $2,000,000 if you want to live the same lifestyle. If you earn $20,000 you need to save $200,000.

How should you start to save money…you should start saving a little at a time. Find investments that you feel comfortable with. Mutual funds are a great way to save if you want other people to invest your money.


If you are not comfortable with the stock market you can find other opportunities such as online businesses, storefront businesses or real estate investing. The worse thing you could do is NOTHING!

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