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    Archive for May, 2013

    Signs of Bankruptcy Mills and Reasons to Avoid Them

    Posted on: May 27th, 2013 by WebAdmin
    Bankruptcy mills are firms that offer very low rates but that also entrust your important financial matters to non-attorney staff who can botch your case.

    Bankruptcy mills are firms that offer very low rates but that also entrust your important financial matters to non-attorney staff who can botch your case.

    Bankruptcy mills refer to legal organizations that heavily rely on non-attorney employees to process a large number of bankruptcy cases in as quickly as possible. While bankruptcy mills advertise heavily and typically promise consumers very low costs for processing their bankruptcy case, these companies can ultimately do far more harm than good, as:

    • Uninformed or inexperienced staff handle your important financial matters.
    • Excessive caseloads for such staff increase the chances that they will not file court documents on time, not be prepared to show up to court for your case, will fail to contact your creditors or will otherwise botch an element of your case.
    • With little oversight from licensed bankruptcy lawyers, it’s far more likely that staff will handle bankruptcy cases unethically just to try to close them quickly.
    • Such practices ultimately increase the chances that your case will be denied by bankruptcy courts and that, in the process, you will spiral even further into debt.

    Some common indicators that a firm may be a bankruptcy mill that you should avoid include the following:

    • A bankruptcy lawyer is not present in your first meeting about your case.
    • The firm has a history of being admonished by the court.
    • Paperwork for your case has not been completed properly and/or has not been filed with the courts by the necessary deadlines.
    • The firm’s rates are excessively lower than rates of other bankruptcy firms (With bankruptcy, the old adage – you get what you pay for – rings true, and looking to cut corners or save a quick buck can ultimately cost debtors far more in the long run).

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

    Tips on Repairing Your Credit after Bankruptcy (Part 2)

    Posted on: May 23rd, 2013 by WebAdmin
    Borrowers who are focused on repairing their credit after bankruptcy can do so by following these tips that will help them slowly rebuild their credit rating.

    Borrowers who are focused on repairing their credit after bankruptcy can do so by following these tips that will help them slowly rebuild their credit rating.

    As a continuation of Tips on Repairing Your Credit after Bankruptcy (Part 1), the following are some additional tips that can help borrowers who have recently filed for bankruptcy slowly repair their credit and get back on their feet financially.

    • Consider taking out one credit card – Although this can be a risky tip (especially if credit card debt was the primary factor that got a borrower into financial trouble in the first place), having a single line of credit that is regularly and diligently paid off can do wonders to helping improve borrowers’ credit ratings after bankruptcy.

      For these lines of credit, borrowers will generally have to pay a deposit and to put up with particularly high interest rates, as creditors are weary of offering deals to those who have a recent bankruptcy on their record. However, once borrowers secure such a credit card, they can slowly start to improve their credit rating (and, within months, become eligible for better credit deals) if they can prove that they are able to consistently make payments on this line of credit. Because it’s important that borrowers are able to pay off the charges on these cards in full each month (i.e., avoid carrying a balance across months), they should dedicate these cards to only paying for a discrete amount of purchases (such as weekly groceries).

    • Regularly review your credit report – At least once a year, and preferably once every six months, borrowers who have filed for bankruptcy should carefully look over their credit report to make sure there are no debts on it that should have been discharged by bankruptcy or that the borrower did not, in fact, create himself. By reviewing one’s credit report for possible discrepancies, borrowers can quickly resolve such problems, which can be critical to improving their credit after bankruptcy.

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

    Tips on Repairing Your Credit after Bankruptcy (Part 1)

    Posted on: May 20th, 2013 by WebAdmin
    Borrowers looking to repair their credit after bankruptcy should create a strict monthly budget and focus on paying down their remaining debt.

    Borrowers looking to repair their credit after bankruptcy should create a strict monthly budget and focus on paying down their remaining debt.

    Filing for bankruptcy is a sound financial solution for those who are buried in debt and who are in need of a financial fresh start. While borrowers who want to get their bankruptcy case approved by the courts will have to do some work to prepare their bankruptcy estate, once their case has been processed, they will still need to be diligent about working on their finances in order to slowly rebuild their credit and to get back into a favorable financial standing.

    The following are some tips on what borrowers can do after bankruptcy to rebuild their credit:

    • Create a monthly budget and stick to it – One of the first things that borrowers should after bankruptcy is to figure out how much they pay per month on necessities (like housing, electricity and food) versus how much income they have. Once these numbers have been crunched, borrowers will know how much additional income they have. While it may be enticing to spend such income on luxury or non-essential items, it’s important that borrowers use this money wisely by, for example, building up their savings accounts.

      Additionally, it’s important to note that, once borrowers have a set budget in place, they should do their best to stick to this budget. Although there may be items that borrowers desperately want to purchase, they should refrain from doing so if they cannot do so in cash, outright to avoid sliding back into a pit of debt.

    • Focus on paying down existing debt – Because bankruptcy does not discharge all of a borrower’s debt, he will still be on the hook for certain debts, such as student loan debt, child support payments or other court-ordered payments. Borrowers who still owe on such debts should focus on paying down these debts; by proving that they can make such monthly debt payments on time each month, borrowers will slowly begin to build their credit back up.

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

    
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