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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 Business Debt Transfer with the Sale of the Company?

I recently spoke with a young man who had built a business from scratch, experienced a downturn in the industry that left the company overwhelmed by debt and unable to move forward with production expecting to make a profit. He felt his only recourse was to file bankruptcy on the small business. As the sole […]

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 […]

Chapter 7 Bankruptcy: Can it Save a Home from Foreclosure?

There are a lot of Americans who have, at one point or another, fallen behind on their mortgage payments. In some cases, the lender or mortgage company may consider working with the homeowner to work out a deal to catch up or get out of an upside down mortgage (i.e. short sale or loan modification). […]

Getting Divorced in the Midst of Chapter 13 Bankruptcy

Recently, I sat down in a consultation with a woman who was concerned about the status of her Chapter 13 bankruptcy in connection with a pending divorce. She wasn’t even sure how to ask the question, but after a bit of discussion we decided that what she really wanted to know was how do you […]

That Old Debt in That Old Bankruptcy Filing

When you file bankruptcy, you are seeking the bankruptcy protection that has helped so many climb out of the deep pit debt can create due to the economy, industry changes, job loss, health complications, family emergencies, etc. Regardless of the reason or reasons behind your bankruptcy filing, you listed all your debts in your paperwork, […]

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 […]

Divorce Decree v. Bankruptcy: Which Determines Final Debt Liability?

Meet Dawn and Jared. Dawn and Jared were high school sweethearts. They got married during college. Dawn eventually became a lawyer and Jared eventually became a doctor. By the time they got divorced, they hardly saw each other because they were both so busy and had such different priorities and schedules. They didn’t hate each […]

Chapter 7 Bankruptcy Questions: Can I Keep My Car When I File?

One of the common reasons that people have for putting off filing for Chapter 7 bankruptcy even though it is their only choice in their given financial situation, is that they want to keep their car. Most even go so far as to say that they NEED to keep their car. Some would argue this […]

What Happens When You Miss a Chapter 13 Bankruptcy Payment?

A Chapter 13 bankruptcy is often referred to as a reorganization bankruptcy. It allows people who see a regular income to create a plan to repay all or a designated part of their debt through the bankruptcy court and the assistance of a bankruptcy trustee. Under the Chapter 13 bankruptcy, the debtor can propose a […]