What You Need To Know About Improving Your Credit Score After Bankruptcy

Improving Credit Score After Bankruptcy Attorney

Filing for bankruptcy can impact your credit score but there are easy ways improve your credit score after bankruptcy.

When you apply for a credit card, a car loan or a mortgage, the lender is going to look at your credit history to determine if you are a good risk.

A bankruptcy will remain on your credit report for 10 years, but remember your credit was already trashed before you filed for bankruptcy. Filing for bankruptcy is the path to a fresh financial start.

Lenders will use a FICO score to make those determinations. If your FICO score is in the mid 700’s or above, that means you have good credit and you’ll get favorable interest rates and terms.

Part of the fresh financial start is rebuilding your credit so your score is in the mid 700’s or above. It won’t happen overnight but you should do the following:

Review your credit report.

After you’ve received your discharge for bankruptcy get a copy of your credit report and make sure there are no inconsistencies. You can request one free copy of your credit report once a year from Equifax, Experian and TransUnion without raising flags.

If there is an error on your credit report, you’ll want to get that error fixed as quickly as possible.

Apply for a secured credit card.

A secured credit card requires that you place a fixed amount of money with the issuer. Once you get the card you should pay the bill off in full each month. Don’t carry a balance!

Pay your bills on time.

Did you know that 35% of the FICO credit score is based on your payment history? One of the easiest ways to increase your credit score is to pay your bills on time.

1-2 years post-bankruptcy consider getting a car loan or line of credit.

While you may receive a higher interest rate to begin with, adding a loan and making payments on time and in full is a quick way to raise your credit score. In fact, the next time you take out a loan, the interest rate will probably be lower.

Don’t close a line of credit.

Closing accounts reduces the amount of credit you have available to you which, in turn, leads to a lower credit score. Keep your credit cards! Just be sure that if you use the card that you are making the payment!

Taking these steps will improve your credit score and will help you find your way to a fresh financial start.

What You Should Do If You Have Questions About Filing For Bankruptcy And Your Credit Score

Contact Sunshine State Bankruptcy Law Firm for a complimentary 30-minute consultation. Get your questions answered today. Call today at 727-258-4999.

What Every Bankruptcy Filer Needs To Know About Schedule E and F: Creditors Who Have Unsecured Claims

Creditors Who Have Unsecured Claims Bankruptcy Attorney Tampa

Completing the bankruptcy forms can be time consuming and confusing. You should hire a qualified attorney who can give you advice about bankruptcy, prepare your bankruptcy forms and represent you in your bankruptcy case.

You’ll have to provide information so that your attorney can prepare the forms. One of the most important bankruptcy forms is Scheduled E/F: Creditors Who Have Unsecured Claims.

Who Is A Creditor Who Has An Unsecured Claim?

People or organizations who you owe money to are called creditors and they have the right to file a claim asking to be paid. When you file for bankruptcy, the bankruptcy court needs to know all of your creditors and the types of claims they have.

You may have creditors who have unsecured claims or who have secured claims.

A secured creditor has a property interest in the collateral of the debt. For example, you may have purchased a home, the home is collateral for your debt.

However, not all debt is secured. For example, credit card debt is unsecured as the credit card company doesn’t have any right against any specific property.

When you file a bankruptcy petition you want to make sure that you haven’t left out any unsecured creditors!

What Unsecured Creditors Should I List In My Bankruptcy Petition?

You want to list unsecured creditors including:

· Your relatives or friends to whom you owe money;

· Any ex-spouses if you are still obligated under a divorce decree or settlement agreement to pay joint debts;

· Credit card company and lenders, even if the loan is co-signed;

· Anyone who has loan or promissory note that you have co-signed for someone else;

· Anyone who has sued you or will be suing you because of an accident; or

· Anyone who is trying to collect a debt from you like a bill collector.

What Should I Do?

Filing for bankruptcy is difficult, time consuming and requires a lot of information.

It’s easy to make a mistake. You can jeopardize getting a fresh financial start by failing to properly fill out your bankruptcy petitions and leaving out secured creditors. It’s time for you to contact Sunshine State Bankruptcy at (727) 258-4999 who can explain to you your options, prepare your bankruptcy petition and attend your 341 Hearing.

We are with you from the beginning to the end. Making a difficult decision to file for bankruptcy is easy when you call (727) 258-4999.

What Secured Creditors Do I List On My Bankruptcy Petition Schedule D

 

Secured Creditors Bankruptcy Petition Schedule D

Many forms need to be filled out when filing for bankruptcy. These forms are called schedules. One of the most important schedule is Scheduled D, Creditors Who Have Claims Secured By Property.

What Is A Creditor?

People or organizations that you owe money to are called creditors. Your creditor has the right to file a claim for payment. As a result, the bankruptcy court needs to know who all of your creditors are and the types of claims that they have. Creditors can have secured or unsecured claims.

What’s The Difference Between A Secured and Un-Secured Claim?

You may have purchased a house and your home is collateral for your debt. If your debts aren’t paid a creditor with a secured claim might be paid from the proceeds from the sale of your home. You are required to list claims of all your creditors on your schedule, even if you are disputing the claim.

What Secured Creditors Should I List On My Bankruptcy Petition?

You should list –

· Relatives and friends who have a lien or security interest in your property;

· Car vendors, stores, banks, credit unions and any other entity who has given you a loan that let’s you finance the purchase of property and has a lien on that property;

· Anyone who has a mortgage or trust on real estate that you own;

· Contractors or mechanics who have liens on the property that you own because you didn’t pay them for work done on your property;

· Someone who has won a lawsuit against you and has a judgment lien;

· Another parent or governmental agency that has a lien for any unpaid child support;

· Doctors or attorneys who have liens based on the outcome of a lawsuit;

· Federal, state or local government agencies like the IRS that may have tax liens on your property for unpaid tax; and

· Anyone who is trying to collect a debt from you, like a collection agency or attorney.

This Sounds Confusing What Should I Do?

Filing for bankruptcy is difficult, time-consuming and requires a lot of information.

It’s easy to make a mistake and you can jeopardize getting a fresh financial start by failing to properly fill out your bankruptcy petitions and leaving out secured creditors.

It’s time for you to contact Sunshine State Bankruptcy at (727) 258-4999 . We can explain to you your options, prepare your bankruptcy petition and attend your 341 Hearing. We are with you from the beginning to the end. Call today at (727 )258-4999 to learn more about filing for bankruptcy and getting your fresh financial start!

What Every Bankruptcy Filer Needs To Know About Schedule A/B: Property of the Bankruptcy Petition

 Schedule A/B: Property of the Bankruptcy Petition

When you file for Bankruptcy, you have under a legal obligation to disclose everything you own or have a legal or equitable interest in on Schedule A/B.

Legal or equitable interest are broad terms.  It can include personal property and real property, regardless whether anyone has an interest in the property.

Not only do you have to disclose property in which you have a legal or equitable interest, the Bankruptcy Court will ask you to report the current value of the property that you own.

How Do You Value Of The Property On Schedule A/B?

“Current value” is the fair market value as of the date of the filing of your Bankruptcy Petition.

It’s how much the property is worth.  That number  can be more or less.

Property you own includes property that you purchased, even if you owe money on it.  You will have to list the home with a mortgage or a car with a lien.

Valuing your personal property is easy.  The current value is really “yard sale value.”

You can use Zillow to value your real property or use Kelly Blue Book to value your car.  Visit Zillow.com or KBB.com today.

What You Should Do If You Are Thinking Of Filing For Bankruptcy

It’s time for you to hire Bankruptcy Attorney, Nancy L. Cavey, of Sunshine State Bankruptcy, who can help explain your options, the financial and legal consequences of filing for bankruptcy.

You’ll want someone by your side helping you every step of the way! Call today at (727) 258-4999 for a complimentary consultation.

What Are The Four Types Of Bankruptcies Available To Individuals

You may be entitled to file for bankruptcy under one of the four chapters of the Bankruptcy Code:

· Chapter 7 – Liquidation
· Chapter 11 – Reorganization
· Chapter 12 – Voluntary Repayment Plan for family, farmers or fishermen
· Chapter 13 – Voluntary Repayment for individuals with regular income

What Is A Chapter 7 Liquidation?

Chapter 7 is for individuals who have difficulty paying their debts and are willing to let their non-exempt property be used to pay their creditors. The purposes of filing under Chapter 7 is to have your debts discharged. You won’t have to pay four types of bankruptcy for individuals many of your pre-bankruptcy debts.

However, there are exceptions for certain debts and liens on properties that still can be enforced even after a Bankruptcy discharge.

There are some debts that aren’t discharged under a Chapter 7 bankruptcy. These include:

· Most taxes;
· Most student loans;
· Domestic support and property settlement obligations;
· Most fines, penalties, criminal restitution obligations; and
· Certain debts that are not listed in your bankruptcy petition.

You must meet a math test to be eligible for Chapter 7 which is based on your current monthly income. Your income is compared to the median income that applies to your state. If your income is not above the median you will be able to file a Chapter 7 bankruptcy. Otherwise, you must file a Chapter 13 bankruptcy.

What Is A Chapter 11 Reorganization?

Chapter 11 is often used in reorganizing a business, but it is also available to individuals.

What Is A Chapter 12 Repayment Plan For Family, Farm Or Fishermen?

Chapter 12 bankruptcy allows family farmers and fishermen to repay their debts over a period of time using future earnings, you may even be able to discharge some debts.

What Is The Chapter 13 Repayment Plan For Individuals With Regular Income?

If you have regular income and want to pay all or part of your debts in installments over a period of time and discharge some debts, Chapter 13 may be right for you.

Typically a Chapter 13 Repayment Plan will repay a portion of your debt over 3 to 5 years.

This plan can allow you to stay in your home and force your creditors to accept a partial payment as full payment for mortgage arrearage.

How Do I Know Which Bankruptcy Plan Is Right For Me?

Making a decision to file for bankruptcy can be tough.

You may be drowning in debt and getting harassing phone calls all hours of the day and night. Pick up the phone and make a call to Sunshine State Bankruptcy. Learn whether bankruptcy is for you and what bankruptcy chapter can provide you with a fresh financial start.

Call today at (727) 258-4999 for a complimentary consultation today!

Why You Should Hire A Bankruptcy Attorney To Prepare Your Bankruptcy Petition

Preparing My Own Bankruptcy Petition Without an Attorney

Making a decision to file for bankruptcy isn’t easy. There are 3 ways that you can file a bankruptcy petition. You can;

1. Represent yourself.

2. Hire a bankruptcy petition preparer, who is a person or a business other than a lawyer that charges a fee to prepare bankruptcy documents. The bankruptcy preparer will generate bankruptcy forms for you to file. They can’t give you legal advice or represent you in bankruptcy court.

3. You can hire an attorney. Only an attorney can give you legal advice about your options, what can happen as a result of filing for bankruptcy, and the long term financial and legal consequences of filing for bankruptcy.

What You Should Know About Trying To Represent Yourself

The bankruptcy law lets you represent yourself in bankruptcy court. The reality is that it is difficult for you to represent yourself successfully. The bankruptcy rules are technical and a mistake can result in financial disaster. If you chose to file without an attorney you are responsible for knowing and following the legal requirements of bankruptcy.

What Are Some Of The Mistakes I Can Make Preparing My Own Bankruptcy Petition?

When you file for bankruptcy, the law lets you keep some property or may even let you keep partial proceeds if the property is sold after your bankruptcy case is filed. Property that you are allowed to keep is called exempt property.

You may be able to keep your home, your car, clothing and even household items.

However, exemptions are not automatic. You have to list the property on the Schedule C: The Property You Claim As Exempt. If you don’t list all the property, the trustee can sell it and pay all of the proceeds to your creditors.

As a result, you can lose property if you don’t claim exemptions to which you are entitled. That’s just one of the devastating mistakes you can make trying to represent yourself.

What Should I Do If I Decide To File For Bankruptcy?

It’s time for you to hire Bankruptcy Attorney, Nancy L. Cavey of Sunshine State Bankruptcy, who can help explain your options, the financial and legal consequences, prepare your bankruptcy petition and be with you at the trustees meeting.

You’ll want someone by your side helping you every step of the way! Call today at (727) 258-4999 for a complimentary consultation.

Using the Fair Credit Reporting Act to Correct Errors in Your Credit Report after Getting Your Bankruptcy Discharge

Making the decision to file for bankruptcy can be tough but one of the advantages is that you get a fresh financial start.

A bankruptcy discharge wipes your debt clean and several months after you get your discharge you should check your credit report. You have the right to a free copy of your credit report every year from the three major credit reporting agencies, Experian, Equifax and TransUnion.

If you find a mistake, you can use the Fair Credit Reporting Act to correct those errors!

Dispute Resolution and the Fair Credit Reporting Act

Once you get your credit report you should review it line by line looking for any mistakes and make notes of about the mistakes you find in preparation for contacting the credit reporting agency.

Don’t panic if you find a mistake! It’s time for you to contact the credit reporting agency by sending them a letter certified mail return receipt requested. You want to prove the credit reporting agency got your letter so don’t forget to keep a copy of the green certified mail receipt you’ll get documenting the credit agency received your letter.

What Should Be In My Letter to the Credit Reporting Agency?

The letter should have:

  • A detailed explanation of the error you found on the credit report and the reason why the information is incorrect,
  • A copy of any documents that support your argument there is an error on the credit report. Do NOT send original documents;
  • Your name, address, date of birth, Social Security number and a copy of your driver’s license.

Be sure to keep a copy of your letter and all the enclosures you send to the credit reporting agency.

What Does the Credit Rating Agency Have to Do In Response to My Letter?

The credit reporting agency is required to investigate your complaint and forward your complaint to the company that provided the credit reporting agency with the incorrect information. That company is required to review your complaint, perform an investigation and report back to the credit rating agency. If the information is inaccurate, the company who provided the incorrect information must notify all three credit reporting agencies so they can correct the information in your file.

If the company doesn’t timely respond to the credit reporting agency, the agency will remove the item from your credit report.

What Should I Do If My Credit Report Isn’t Corrected?

Under the Fair Credit Reporting Act, you have the right to sue the company who provided the incorrect information and any credit reporting agency which continues to report this inaccurate information. But, before you can sue, you must complete the dispute resolution process.

The good news is that if you sue and win, your credit report will be fixed and the company and/or credit reporting agency may have to pay you damages and your attorney fees and costs.

It Is Time To Take Action Now!

Your goal is to restore your credit as quickly as possible so don’t delay! If there is an error on your credit report, it’s time to take action. Call Attorney Nancy L. Cavey today for help in restoring your credit. Call Sunshine State Bankruptcy at 727-258-4999.

Is My Social Security Income Considered In My Chapter 7 Bankruptcy Case

No!  Under the totality of circumstances used in determining your financial situation under Bankruptcy Code Sec. 707 (b)(3)(B), a court cannot consider the debtor’s social security disability income.  In re: Moriarty, 530 B.R. 637 (Bankr. W.D. Va. May 18, 2015) (Case No.: 5:13-BK-51437).

What Should I Do If I Can’t Pay My Bills?

It is time for you to contact bankruptcy attorney, Nancy Cavey at Sunshine State Bankruptcy to learn more about how Chapter 7 bankruptcy may be right for you.  Call today at (727) 258-4999 for a complimentary consultation.

How Long Do Creditors Have To File A Proof Of Claim In My Chapter 13 Bankruptcy Plan?

In a Chapter 13 bankruptcy case, a secured creditor must file a proof of claim by the 90 day deadline specified in Bankruptcy Rule 302 (C) in order to receive a distribution under your plan. If they blow the 90 day deadline, their not entitled to receive a distribution.

What Should I Do If I Can’t Pay My Bills?

It is time for you to contact bankruptcy attorney Nancy Cavey at Sunshine State Bankruptcy to learn more about how Chapter 13 bankruptcy may be right for you. Call today at (727) 258-4999 for a complimentary consultation.

What State Is No. 1 In Mortgage Fraud?

Florida! Did you know that Florida, for the fifth straight year, Florida is the mortgage fraud capital of the country? According to Jeff Harrington, Times Staff Writer of the Tampa Bay Times, Florida is the worst. Right behind Florida is Nevada, New Jersey, Arizona and Illinois.

mortgage fraud bankruptcy tampa

What Should I do if I am the Victim of Mortgage Fraud?

If you’ve been the victim of mortgage fraud, contact Bankruptcy attorney Nancy Cavey who will help you deal with debt associated with mortgage fraud.

Of course, if you’re the person who has made a misrepresentation on your loan application, then Sunshine State Bankruptcy isn’t the right place for you. We only provide bankruptcy services to those who have been the victim of mortgage fraud and misrepresentation. Contact us today to learn more about your rights and to find out if bankruptcy is right for you by calling 727-258-4999. Request our FREE guide to bankruptcy, “The Essential Guide to Bankruptcy for Consumers in Florida.” as well!

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