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Category: Life After Bankruptcy

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Know Your Lenders: Interviews and Lender Calls

Before you even start filling out an application for credit, find out if a bankruptcy will result in an automatic denial of credit. Every lender has standard underwriting guidelines. If you find out the guidelines prior to submitting your application, you’re able to avoid unnecessary inquiries. This takes you closer to your credit score goal […]

Avoid the Potholes on Your Road to Recovery

Potholes to Avoid: You’ve Got Credit, But You’re Not USING it! You should use the accounts each month and pay them off in full. Finance Companies: Finance accounts are the only type of credit that will hurt your credit score. Cosigning: It may seem like a good idea, but the additional risk cosigning ALWAYS represents […]

Securing Good Credit After Bankruptcy: What Not To Do

Don’t Carry a Balance: Use the card and pay it off in full every month (or within a few months). This improves your credit score sooner and shows lenders that you have re-established good credit behavior. Don’t Assume Lenders Will Stay On Top Of Your Credit Report: Open credit is the best thing you can […]

Securing Good Credit After Bankruptcy: Secured v. Unsecured

When attempting to obtain your initial credit right after receiving your bankruptcy discharge, it is important to understand the difference between secured and unsecured debt. Secured Credit Cards: The accountholder provides the lending institution with funds equaling the amount of “credit” offered. The funds are held in reserve as “security” on the account. Watch out […]

Taking On Your Credit Report: Step Six

The last thing you have to do when it’s time to restore your credit after bankruptcy is to consider any information that has been reported post-bankruptcy. Do you have any new accounts that have been opened/active since you received your discharge of debt? Make sure that any new accounts and/or new collection accounts that appear […]

The Four C’s: Analyzing a Credit Application

There are four major elements of a general underwriter’s guidelines in reviewing and analyzing a credit application. We Call it The Four C’s: Credit – You’ll have a low credit score and a “bankruptcy” notation on your credit report. Be persistent in determining eligibility requirements before applying for credit. Capacity – Your current income and […]

What Makes Up Your Credit Score?

Do you know what makes up your credit score? Payment History (35%) Outstanding Debt (30%) Age of Your Credit (15%) Type of Credit (10%) Credit Inquiries (10%) Payment History: Every six months you complete of positive payments will move your score upward. Make an on time payment every month. Outstanding Debt: You don’t need to […]

Tell Your Bankruptcy Story: Your Very Own Sound Bite

According research, over 80% of bankruptcy petitioners have dealt with: illness, divorce, or unemployment. What’s your bankruptcy story? Prepare your very own 30-40 second sound bite explaining why you filed for bankruptcy protection. This is important because as you begin your quest towards a credit score of 720, you are going to be talking to […]

The Five Stages of Bankruptcy Recovery…I Mean, Grief

It’s called bankruptcy recovery for a reason. It’s an overhaul of your entire LIFE! Allow some time to recover and don’t be surprised if you recognize some familiar coping stages most would associate with grief. Denial & Isolation: More than one million people file bankruptcy every year. Remember this when you feel alone. Anger: It’s […]

You Filed for Bankruptcy: How Do You Feel Now?

When you filed bankruptcy you knew exactly how you were going to feel when you got your bankruptcy discharge: completely elated. And you do feel that way – part of the time. But there are also moments of doubt and insecurity. This is a completely human response. Don’t let it throw you off. Set the […]

Does Filing for Bankruptcy Keep Broken Leases Off Your Credit Report?

When you file for bankruptcy, you receive an automatic stay, which requires that any and all creditors stop contacting you in order to seek payment on debts. When you receive your bankruptcy discharge, all eligible debts included in the bankruptcy filing are no longer your liability. These are two of the most common benefits of […]

Obtaining Financial Aid & Student Loans After Bankruptcy

If you are a student considering bankruptcy, odds are you have wondered about how filing bankruptcy could affect your future eligibility for student financial aid and student loans. Will a successful bankruptcy affect your ability to obtain future assistance to pay school tuition, purchase books, and cover the costs of living while in school? Does […]

Life After Bankruptcy: When Creditors Forgive, But Don’t Forget

Have you ever loaned a friend or family member money? Maybe it was way back when you were 12 and your 16 year old sister really wanted your babysitting cash because she was headed to California with a friend and REALLY wanted to go shopping at the outlets on the way. Maybe it was last […]

Wage Garnishment After Filing for Bankruptcy

No one likes his or her wages to be garnished and everyone wants money that was garnished to be returned. Those are just the facts. But depending on when your wages were garnished, what stage of the transfer process the funds were at when they filed, and whether or not certain motions are filed, you […]

A Mixup with the Ex, an Unpaid Debt and a Lien on the House

Sometimes people come to bankruptcy attorneys with particularly sticky situations. One of the most common types of “sticky” situation following divorce comes when unpaid debt of one party affects the other party negatively. In fact, in some cases, the ex’s unpaid debt can result in a lawsuit that can cause a lien to be placed […]

Having Your Wages Garnished for a Debt Discharged Through Bankruptcy

The purpose of filing for bankruptcy is to get out from under an impossible amount of debt. In fact, when filing Chapter 7 bankruptcy, a successful ending will find the bankruptcy petitioner holding a discharge of debt that does just that. It discharges all eligible debt associated with the bankruptcy. When a debt is discharged […]

My Ex Filed Bankruptcy and Left Me Holding an Unpaid Medical Bill

Throughout the normal course of life, many of us end up having major medical emergencies, chronic conditions, etc. These situations can leave behind heartache, pain, and…financial disaster in the form of massive medical bills. Sometimes this can lead to bankruptcy. In fact, major medical bills are one of the commonly cited reasons for filing bankruptcy. […]

Know Your Lenders: Interviews and Lender Calls

Earlier when we discussed secured v. unsecured credit cards and their part in securing good credit after bankruptcy, we mentioned that its always best to find out if you have a chance of getting approved prior to actually applying in order to avoid unnecessary “inquiries” reflecting on your credit report. You may still be wondering […]

Avoid the Potholes on Your Road to Recovery

You’re on the road to recovery. You’ve declared bankruptcy. You’ve received your discharge of debt. You’re starting with a clean slate. You’re considering your options for new credit accounts post-bankruptcy. You’ve picked a few, and you’ve been approved and have your account information. What should you do now? Believe it or not, you’ve already done […]

Securing Good Credit After Bankruptcy: What Not To Do

Now that we’ve discussed a few of the “to do’s” associated with getting good credit after bankruptcy, we need to run through a few of the “don’ts.” What NOT To Do After Bankruptcy: Carry a Balance: Hopefully, this time around, you can avoid carrying a balance on your credit cards and other lines of credit. […]