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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 […]

How is Past Due Rent Treated During a Bankruptcy Case?

If you are a landlord and your past due tenant is not only moving out, but is also rumored to be considering bankruptcy, is there any benefit to suing for past due rent? How is past due rent treated in a bankruptcy filing? When it comes to a landlord/tenant relationship, bankruptcy is mostly going to […]

Will Filing Bankruptcy Harm My Career?

For many people, a career is a major priority. Even for those who don’t love their jobs, the thought of not advancing is very distressing. Everyone wants to succeed at work even if only to maximize their earning potential. So many worry that when they file for bankruptcy it will disrupt their career advancement or […]

Bankruptcy Alternatives: Can I Transfer the Liability of an Auto Loan?

People will do a lot to avoid filing for bankruptcy. And as an experienced southern California bankruptcy attorney, I am in full agreement. It’s always best to do everything you can to take care of your debt and financial liabilities without filing for bankruptcy. Filing for bankruptcy is a legal protection for those who simply […]

Does a Quit Claim Deed Provide Release from a Mortgage Note?

Being an adult is hard sometimes. And one of those times occurs when there’s a shortage of money, relationships have ended, property has been divided (theoretically) and someone is filing bankruptcy. In some cases, it can seem like you’re being pressured from all sides to do something that you don’t even understand. One such situation […]

Can a Bench Warrant be Issued for Failing to Show up for a Debtor Exam?

At times, consumers just like you get in touch with very specific cases that they are sure no one else has ever had to deal with. In almost every instance, it is not the first time the question has been posed. For instance, can a bench warrant be issued for failing to show up for […]

Hanging Onto Your House When Filing Chapter 7 Bankruptcy

The main concern of many bankruptcy petitioners is their home. They know that bankruptcy is their best (or only) means of solving their financial situation, but they don’t want to lose their house. Many are willing to go to extreme measures not to lose their home. Consider this real life example: Jane McCadden is considering […]

HOA’s and Bankruptcy: Past Due HOA Dues

The Homeowners’ Association: some love them, some hate them, some put up with them as a necessary evil. Regardless of how or why you ended up in a community that charges homeowners’ association dues or fees, they aren’t something to dismiss out of hand. In fact, ignoring the payment of regularly due homeowners’ association fees […]

Bankruptcy Means Test: Can I Deduct My Boat Payment?

A big part of determining eligibility for bankruptcy protection is the means test. So when a bankruptcy petitioner has questions about the means test, we take them seriously. Not only is it vital that all the information is accurate, but it also has to be extremely thorough. When it comes to bankruptcy, a lie of […]

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 […]