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1. Introduction Our Contact Information Vulcan Legal Group 111 19th Street North Birmingham, AL 35203 Phone: 205.202.5190 Fax: 1.877.383.6053 Email: contact@vulcanlegalgroup.com Website: www.vulcanlegalgroup.com

3. Why Your Credit Score Is So Important Credit Score 675 Credit Score 674 Let’s take a look at an example of what a one point difference can make Marva Keisha

4. Why Your Credit Score Is So Important Mortgage Payment $500,000 Credit Score 674 Keisha $1,900/month Credit Score 675 $1,500/month Marva

5. Why Your Credit Score Is So Important Credit Score 675 Credit Score 674 Marva Keisha SAVED $150,000!

7. Title Loans

8. 401K Loans

9. Debt Consolidation Companies

10. Credit Repair

11. Credit Cards

13. Title Loans $4000 How Title Loans Generally Work: 1. You take your car to a Title Loan Shop and they give you a check for half of the cars value. $2000 2.They get the title to your car, and even though you are still driving it, they own it. If you miss even one payment, the title loan company can and will repossess your car.

15. Your payments will likely be $250/month

16. Of that, only $50 is going towards the original $1000 that you borrowed. The rest is interest and fees

17. At that rate it will take you 20 months to repay your loan.

19. PAYDAY LOANS Myth: “Consumers appreciate this service and oppose any limits on payday lending” Fact: Consumers want (and deserve) non-predatory small consumer loans, not "business as usual."

20. PAYDAY LOANS Myth: "Payday loans provide needed credit to consumers for emergency needs" Getting a payday loan usually causes MORE financial problems for a consumer, not fewer.

21. PAYDAY LOANS Myth: "Payday loans are cheaper than bounced check charges and other alternatives" The typical payday loan is more than twice as expensive as a credit card late fee, and much more costly than paying bills late. Payday lenders routinely collect bounced checked fees and late fees as well.

24. Hold on to as much cash as you can for things like groceries, gas etc. Negotiate with creditors Ask for an extended grace period Offer to pay a penalty Pay your bills late Even a late charge won’t add up to 400% PAYDAY LOANS

25. 401(k) Loans DON’T DO IT!

26. Credit Repair Companies

27. Credit RepairCompanies You are entitled to a free – No Strings Attached – credit report every year. Visit www.annualcreditreport.com Here you can get reports from all three credit agencies.

29. Credit RepairCompanies

30. Credit Repair Companies

31. Foreclosure Separating the myths from the facts

32. The bank started this process. They can't expect me to pay legal fees. They do and you will if you want to keep the house. The amount will vary depending on what is contained in your mortgage agreement. ForeclosureMyths

33. They get to keep all my stuff once they take the house. The rule of thumb here is if you can carry it away it's yours. You keep your personal property, but permanent attachments to the house should stay. Don't turn it into an issue by taking everything from floor to ceiling. That will just insure trouble. ForeclosureMyths

34. Foreclosure

35. Foreclosure Every homeowner’s situation is different. What is most important is that you present all of the facts to a qualified professional and come up with a strategy to save your home

36. ForeclosuresIf you decide to go it alone…

37. Bankruptcy Again let’s separate the Myths from the Facts

38. Bankruptcy MYTH You can only file for bankruptcy once FACT The truth is, you can only file for Chapter 7 bankruptcy once every six years. For Chapter 13 reorganization, you can file more often than that, but you can't have more than one case open at the same time.

39. Bankruptcy MYTH I can max out all my credit cards, file for bankruptcy, and never pay for the things I bought. FACT That's called fraud, and bankruptcy judges can get really cranky about it. The trustee in your case will review all your purchases right before your filing. He knows what to look for.

40. Bankruptcy MYTH FACT Even If I File For Bankruptcy Creditors Will Still Harass Me and My Family. This is absolutely false. Bankruptcy law provides for an automatic stay. Simply, as soon as you file for bankruptcy, a hold is put on all your outstanding debts and any creditor attempting to collect those debts. The law prohibits a debtor to attempt to collect, possess, or even contact the debtor in regard to the debt. If a creditor does not follow the rules, the debtor may have an action in the form of punitivedamages. Basically, punitive damages are meant to punish a creditor for not following the procedures set out in the bankruptcy code. Whether a debtor has a cause of action against a creditor should be left to an attorney to answer. However what you need to know is this: once you file for bankruptcy, creditors must leave you alone or suffer the consequences.

41. Bankruptcy MYTH Medical bills can't be discharged in bankruptcy FACT A variation on this myth is that "you can't discharge credit card debt in bankruptcy." This has the sound of the law-as-described-by-bill-collectors. Almost all unsecured contract debt, like credit cards, personal loans, and medical bills, remain dischargeable in bankruptcy.

42. Bankruptcy MYTH Chapter 13 plans require repayment in full of debt FACT Chapter 13 plans range from plans that pay general unsecured creditors nothing to plans that pay 100%, with every variation calculable in between. How much you must pay in 13 is driven by the interplay between your disposable income, the value of your non exempt assets, and the total of priority debts you have.

43. Bankruptcy MYTH There is a minimum amount of debt required to file bankruptcy FACT Bankruptcy law does not set any minimum amount of debt necessary to file. If the debt appears to be beyond your ability to pay, you can elect to file bankruptcy if it represents a smart choice in your personal and financial situation.

44. Bankruptcy MYTH I'll never be able to buy a home if I file bankruptcy FACT Wrong. Can you buy one now? Probably not. Bankruptcy will give you the ability to save for a down payment. Also, you will have the income to qualify for a mortgage, something you probably can't do now because your debts take up all of your disposable income. Most people can qualify for a mortgage within about 2 years after their bankruptcy

45. Bankruptcy A quick word about houses and bankruptcy…

46. Bankruptcy MYTH MYTH: Everyone will know I've filed for bankruptcy FACT Unless you're a prominent person or a major corporation and the filing is picked up by the media, the chances are very good that the only people who will know about a filing are your creditors. While it's true that bankruptcy is a public legal proceeding, the numbers of people filing are so massive, very few publications have the space, the manpower or the inclination to run all of them.

47. Bankruptcy MYTH I'll lose everything I have. FACT This is the misconception that keeps people who really should file for bankruptcy from doing it

48. Bankruptcy MYTH I'll never get credit again FACT Quite the contrary. It won't be long before you're getting credit card offers again. They'll just be from subprime lenders that will charge very high interest rates.

49. Bankruptcy MYTH If you're married, both spouses have to file for bankruptcy FACT Not necessarily. "It's not uncommon for one spouse to have a significant amount of debt in their name only. However, if spouses have debts they want to discharge that they're both liable for, they should file together. Otherwise, the creditor will simply demand payment for the entire amount from the spouse who didn't file.

50. Bankruptcy MYTH Only deadbeats file for bankruptcy FACT Most people file for bankruptcy after a life-changing experience, such as a divorce, the loss of a job or a serious illness. They've struggled to pay their bills for months and just keep falling further behind.

51. Bankruptcy MYTH You can't get rid of back taxes through bankruptcy. FACT Generally speaking, this is true. However, there is such a thing as tax bankruptcy. To get a shot at it, you have to file all your returns and the taxes owed need to be at least three years old.