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There is Life After Filing For Bankruptcy

Posted by: Admin User

Despite the sinking feeling that your life is totally ruined by declaring bankruptcy, there is opportunity after a bankruptcy.

You have to expect certain consequences when you declare bankruptcy, and one of them is a less than stellar credit rating. But, this is no longer the kiss of death that it once was. Nowadays, it is what it is and it happens to everyone, including stars, politicians and even tycoons. Think about Donald Trump who has filed for bankruptcy protection on numerous occasions.

While most of us are not Donald Trump, we can indeed come back from the crash and burn feeling caused by bankruptcy. It just takes time, perseverance and a plan that you stick to; a plan your Iowa bankruptcy lawyer can help you draft. It is very common for debtors to wonder if they will ever get out of the black hole of debt. Yes, you can and with good planning you can re-establish your credit once again. Bankruptcy is really no longer a death sentence.

Be aware that there are federal laws in place that dictate how long your bankruptcy stays on your credit file, and that it is the same for all states. In other words, your credit report will show a bankruptcy on your record for 10 years. That may sound like a dismal scenario, but consider this – if you buckle down and deliberately make a plan with the help of your Iowa bankruptcy lawyer and pay your bills on time for at least 18 months, you can rebuild your credit rating once again. It takes hard work, but the end results are renewed credit.

Getting even a part-time job will also help your credit score. The goal is to get steady work as soon as you can after declaring bankruptcy and start rebuilding your credit history. You will need to ask for your free credit report from the three main credit bureaus in the U.S. and check to ensure it is accurate. If not, get the mistakes corrected.

Another step to take is to ditch any extra credit cards you may have and just keep one or two. This sends the clear signal that you are going to be more cautious in your spending habits. If you cannot get a regular credit card, then apply for a secure credit card. All these things will help to rebuild your credit rating.

There are a number of other things you can do, and they include getting secured loans, making regular deposits to a savings account, and establishing a rainy day fund. It is hard work, but you did not go bankrupt overnight, so it will take some time to build up your credit rating once again.

Kevin Ahrenholz is an Iowa bankruptcy lawyer and Iowa bankruptcy attorney. To contact him, visit http://www.iowachapter7.com or call 1.877.888.1766.

Posted on Monday, October 31st, 2011 and filed under Bankruptcy | Comments Off on There is Life After Filing For Bankruptcy .
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Credit Concerns When Filing for Bankruptcy

Posted by: Admin User

One of the biggest worries people have when they contemplate filing for bankruptcy is whether their credit rating will tank. It will, but you can recover.

It is virtually inevitable that your credit rating will be affected by filing for bankruptcy protection. But, you have to do what you need to do to face the overwhelming pile of unpaid debts that have driven you to the brink of bankruptcy. You cannot take the stress any longer. Bankruptcy will alleviate that stress and give you a fresh financial start. Just remember, there is more to bankruptcy than just paperwork, and for this reason you need to discuss your situation with an Iowa bankruptcy lawyer.

The biggest benefit people get from filing for bankruptcy is the automatic stay. This prohibits creditors from calling you and sending you letters. Understand, though, that some debts are discharged completely and some are put on hold temporarily. What type of bankruptcy you file also decides what you may pay back or not.

The first thing you will find out when you make an appointment with an Iowa bankruptcy lawyer is that your home will not be placed into foreclosure. Generally speaking, real and personal possessions are exempt from a bankruptcy. There are some exceptions, and you would need to speak to your lawyer about what they are.

Filing for bankruptcy protection does, in theory, halt all creditor harassment. But, not all creditors limit themselves to phone calls. This is when you discover there is a very fine line between being reminded you owe money and being harassed. Abuse calls at home and work are common and you only need to report them to your Iowa bankruptcy lawyer in order to get them to stop. Once your bankruptcy is filed, these annoying, harassing reminders are illegal.

Did you have property repossessed before you declared bankruptcy? You will be able to get repossessed property back so long as the creditor did not sell or auction it off. If you missed past payments, they can be rolled into a Chapter 13 plan. There are other things you need to know and the smartest move on your part is to deal with a competent Iowa bankruptcy lawyer who will guide you through the maze of declaring bankruptcy.

Kevin Ahrenholz is an Iowa bankruptcy lawyer and Iowa bankruptcy attorney. To contact him, visit http://www.iowachapter7.com or call 1.877.888.1766.

Posted on Monday, October 17th, 2011 and filed under Bankruptcy | Comments Off on Credit Concerns When Filing for Bankruptcy .
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Good news, you can still have a life after filing bankruptcy

Posted by: Admin User

Despite the sinking feeling that your life is totally ruined by
declaring bankruptcy, there “is” life afterwards.

You have to expect certain consequences when you declare bankruptcy,
and one of them is a less than stellar credit rating. But, this is no
longer the kiss of death that it once was. Nowadays, it is what it is
and it happens to everyone, including stars, politicians and even
tycoons.

While most of us are not tycoons, we can indeed come back from the
crash and burn feeling engendered by bankruptcy. It just takes time,
perseverance and a plan that you stick to; a plan your Iowa bankruptcy
lawyer can help you draft. It’s very common for debtors to wonder if
they will ever get out of the black hole of debt. Yes, they can, and
with good planning, may re-establish their credit once again. Really,
bankruptcy is no longer a death sentence.

Be aware that there are federal laws in place that dictate how long
your bankruptcy stays on your credit file, and that it is the same for
all states. In other words, your credit report will show a bankruptcy
on your record for ten years. That may sound like a dismal scenario,
but consider this, if you buckle down and deliberately make a plan,
with the help of your Iowa bankruptcy lawyer and pay your bills, on
time, for at least 18 months, you can rebuild your credit rating once
again. It takes hard work, but the end results are renewed credit.

Getting even a part time job will also help your credit score. The
goal is to get steady work as soon as you can after declaring
bankruptcy and start rebuilding your credit history. You will need to
ask for your free credit report from the three main credit bureaus in
the US and check to ensure it is accurate. If not, get the mistakes
corrected.

Another step to take is to ditch any extra credit cards you may have
and just keep one or two. This sends the clear signal that you are
going to be more cautious in your spending habits. If you can’t get a
regular credit card, then apply for a secure credit card. All these
things will help to rebuild your credit rating.

There are a number of other things you can do, and they include
getting loan, making regular deposits to a savings account, etc. Sound
like hard work? It is, but you didn’t go bankrupt over night, and thus
it will take some time to build up your credit rating once again.

Kevin Ahrenholz is an Iowa
bankruptcy lawyer
and Iowa
bankruptcy attorney
. To contact him, visit
http://www.iowachapter7.com or call 1.877.888.1766.

Posted on Wednesday, October 12th, 2011 and filed under Bankruptcy | Comments Off on Good news, you can still have a life after filing bankruptcy .
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