Author Archive
Most often, prior to bankruptcy, many people don’t give too much thought to their credit score, particularly as they are falling into the pit of the real estate and credit card crunch.
Once the bankruptcy has been discharged, however, folks really need to give some thought and develop a plan on how to rebuild their credit and credit score.
With a clean slate, concentration and maneuvering to rebuild ones credit is paramount, especially after a bankruptcy. People often believe that after a bankruptcy they will never qualify or become eligible for credit again. This is not true,
This video covers the basics of bankruptcy, the process, and the relief it provides.
This video discusses the various types of bankruptcies.
Video discussing bankruptcy limitations.
Video from the Honorable Eileen W. Hollowell, District of Arizona. She discusses reaffirmation agreements
Often, chapter 7 bankruptcy clients have a strange preconception that they can keep certain credit cards, or credit cards with no ($0) balance. For example, a few days a go a potential client came into the office to obtain an intake packet. She mentioned to my paralegal that she planned on keeping a $300.00 credit card she had for “emergencies”, apparently it had a $0 balance. Read the rest of this entry »
I have said this before, and I will say it again, and again…, preparation for a chapter 7 bankruptcy is the key to a smooth litigation free experience in the bankruptcy court. A good way to think is in terms of at least 90 days. Ninety days (or more) before you plan to file the initial bankruptcy petition, speak with a bankruptcy attorney. Most likely, he/she will tell you to STOP PAYING ON YOUR CREDIT CARDS. Read the rest of this entry »
In summary, filing the bankruptcy petition under any chapter of the bankruptcy code creates an automatic stay (unless you previously filed within the past year – talk with an attorney).
In other words, creditors cannot take any collection actions against you, such as repossessing a car, starting or continuing a law suit, foreclosing a home, garnishments or Read the rest of this entry »
When it comes to filing bankruptcy, so many laws, rules and regulations have to be considered that many individuals simply become overwhelmed.
Adding to the stress is the battle of warding off creditor phone calls, threats, lawsuits, and insults that making sound intelligent financial decisions suddenly becomes fraught with overwhelming emotion, and a gloomy or angry frustration quickly sets in, after all, enough is enough. Wouldn’t you agree?
Fortunately, there is a provision within the Bankruptcy law, that helps immensely, termed the “Automatic Stay”. Read the rest of this entry »