Staying in business as a small business,  nonprofit enterprise or agricultural co-op can be incredibly challenging. A lot of the time, these ventures live and die on cash flow and even seemingly minor disruptions to the amount of cash available can have dire consequences. In those cases, Economic Injury Disaster Loans (EIDL) are designed to bridge the gap. These are federally administered by the SBA and are often a lifeline to small businesses.  But if your business doesn’t have the money to make EIDL payments, the stress can be overwhelming. That’s when you might start asking, “Am I ..read more

Dealing with outstanding debts can be an all-consuming experience. Most U.S. adults have some type of debt, whether it’s a car loan, mortgage, or credit card bill. They manage it well by making regular payments. But, sometimes, things go awry. Administrative errors or blatant misrepresentations could mean you are wrongfully asked to pay a debt that isn’t yours. That’s when you need to put together a strategy for how to dispute a debt and win. Disputing a debt can seem daunting at first, but it doesn’t have to be. If you’re currently facing a debt dispute, here’s what you need to know to put to ..read more

Having your wages garnished can be incredibly stressful. When this happens, it means there’s a court order to have a portion of your earnings withheld to pay a debt. So if you owe a creditor and they’ve begun garnishing your wages, you’re probably wondering how to stop a wage garnishment immediately. Here’s what you need to know. Understanding the Implications of Wage Garnishment It’s important to know how garnishment impacts you, as well as the rights you have. The Impact on Your Income Having your wages garnished can jeopardize your financial security. However, there are limitation ..read more

It’s normal to feel overwhelmed and anxious if you’ve been ordered to pay a judgment. But know that you do have options. Understanding how to stop a judgment from being renewed could be the first step on your path to financial wellness. Here’s what steps to take if you’re trying to avoid paying a judgment against you. Understanding Judgments in Debt Collection Lawsuits Understanding the basics of debt collection law is crucial to feeling more in control over your situation. Let’s get started by reviewing some common terminology. What is a judgment? A judgment is a decision issued by ..read more

If you’re in over your head with a merchant cash advance (MCA), you may be looking for ways to stop paying your MCA. There are a few ways to get out of an MCA, including filing for bankruptcy in certain cases. Whether or not you can file bankruptcy on a merchant cash advance is a complex issue. So read on to learn more about how the bankruptcy process works and how your MCA fits in. Can You File Bankruptcy on a Merchant Cash Advance? A merchant cash advance is an alternative form of financing where a business receives a lump sum of money in exchange for a portion of its future sales. Unlike tr ..read more

Creditors who’ve won a lawsuit against you for an unpaid debt have greater access to debt collection tools. One of these tools is wage garnishment. This debt collection method automatically withholds a portion of your paycheck to repay the delinquent debt.  Even though a won judgment gives creditors the legal basis to request wage garnishment, it likely won’t happen immediately after the judgment is filed. There are federal and state regulations that define how long after a judgment wages can be garnished, garnishment limitations, and your consumer rights as a judgment debtor. Understandi ..read more

If you’re currently facing a debt collection lawsuit or recently had a judgment entered against you, one question on your mind may be: “Can my business bank account be garnished for a personal judgment?” As a business owner, keeping your personal and business finances is key, as is protecting your assets. So if you’re concerned about how a personal judgment might impact your business bank account, here’s what you should know. Is My Business Liable for My Personal Debt? Generally, your business is not liable for your personal debts, but this can depend on the structure of your business and othe ..read more

Factor rates are a critical element in the world of business financing. That’s particularly true for businesses seeking alternative funding like a merchant cash advance (MCA). Understanding these rates is essential for making informed decisions about borrowing money for your business. So if you’re not sure how a merchant cash advance factor rate works compared to a traditional loan interest rate, read on to find out. What Is a Factor Rate? A factor rate calculates the total amount a borrower must pay back on a short-term business loan or merchant cash advance. It’s usually represented as ..read more

A judgment is a court’s final decision regarding a lawsuit. It details the rights and responsibilities of each party. Civil judgments are then entered into the public record. If a judgment is entered against you, you are now legally obligated to pay the creditor the amount of the judgment. Leaving a judgment unsatisfied can negatively affect your financial situation further, and can limit your ability to get new credit. Effect of Judgments on Your Credit Report In the past, national consumer reporting agencies (NCRAs) — Equifax, Experian, and TransUnion — included public records on your c ..read more

Leaving school with student loan debt isn’t getting any cheaper. Currently, the average federal student loan debt is more than $37,000 per borrower. And that amount can depend on where you went to school. Not paying your student loans when you leave school means your loans could enter default. Defaulting on your student loans means the outstanding loan balance is immediately due, and your credit score could tank. This hurts your chances of borrowing in the future and can impact your ability to qualify for other important matters. Normally, federal student loans go into default if you haven’t m ..read more