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    Archive for June, 2013

    After Bankruptcy: Tips on Financially Recovering

    Posted on: June 18th, 2013 by WebAdmin
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    After bankruptcy, borrowers can start slowly recovering financially by focusing on paying down their remaining debts and boosting their credit ratings.

    While bankruptcy is a good option for many borrowers who find themselves overwhelmed by debt, it’s important that individuals who file for bankruptcy understand that they will still have some work to do after their bankruptcy case has been approved in order to get their finances back on track. In fact, with some diligent effort and consistent work, individuals who have filed for bankruptcy can begin to rebuild their credit and may be eligible to open up new lines of credit in as little as a year from their bankruptcy filing.

    Here are some tips on what borrowers can do to start financially recovering after filing for bankruptcy:

    • Pay down (or off) any debt not discharged by bankruptcy – While Chapter 7 bankruptcy will discharge many of a borrower’s debts, some debt – like student loans – will not be discharged by bankruptcy. For borrowers who still have debt remaining after bankruptcy, it’s important to focus on paying down this debt so that it doesn’t come back to haunt them with huge interest rates in the future.
    • Develop and stick to a budget – After bankruptcy, borrowers should have a clear understanding of what they earn versus what they spend on a monthly basis; using this information, they can create a budget that helps them live within their means and prevents them from accumulating additional debt that may necessitate a future bankruptcy filing.
    • Focus on raising your credit score – The best way to do this is to have one (or maybe two) credit cards that do not carry a balance on them month to month (or, in other words, that borrowers are paying off on a monthly basis). Although getting a new credit card after bankruptcy will likely involve high interest rates or having to front some collateral to secure the line of credit, borrowers who prove that they can pay off their credit card balances every month will soon be eligible for better offers on cheaper lines of credit.

    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.

    Debtors’ Rights and the FDCPA (Part 2)

    Posted on: June 12th, 2013 by WebAdmin
    According to the FDCPA, creditors are not legally allowed to use profane language or call borrowers before 8am when trying to collect a debt from a borrower.

    According to the FDCPA, creditors are not legally allowed to use profane language or call borrowers before 8am when trying to collect a debt from a borrower.

    As a continuation of Debtors’ Rights and the FDCPA (Part 1), the following is some additional information regarding debtors’ rights that are laid out in the Fair Debt Collections Practices Act. While Part 1 of this blog outlined the legally required practices that creditors must abide by when interacting with borrowers regarding a debt, Part 2 will lay out what creditors are legally not permitted to do in an effort to collect debt. Should creditors violate the FDCPA in any way, they can be sued by a borrower and ultimately be ordered to pay a borrower up to $1,000 in restitution (along with any reasonable attorney fees the borrower has accumulated as a result of the lawsuit).

    Legally Prohibited Practices for Creditors

    Among the legally prohibited practices that creditors are forbidden from performing when trying to collect a debt include (but are not limited to):

    • Calling borrowers before 8am or after 9pm in the borrowers’ local time zone
    • Repeatedly or incessantly calling borrowers with the intention of trying to harass or bother them
    • Continuing to try to contact borrowers after borrowers have notified creditors in writing that they are refusing to pay the debt in question
    • Contacting borrowers at work after borrowers have informed creditors that this should not be done
    • Continuing to try to directly contact borrowers when creditors have been informed that borrowers have an attorney representing them (as all communications should go through the attorney)
    • Lying in any way about the nature of the debt or the creditor’s identify (for example, by stating that more is owed on the debt than is actually owed or by misrepresenting a creditor as a lawyer or a law enforcement official) 

    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.

    Debtors’ Rights and the FDCPA (Part 1)

    Posted on: June 6th, 2013 by WebAdmin
    The debtors’ rights laid out in the Fair Debt Collections Practices Act are intended to protect borrowers from potentially abusive creditors.

    The debtors’ rights laid out in the Fair Debt Collections Practices Act are intended to protect borrowers from potentially abusive creditors.

    Borrowers who may find themselves drowning in debt and fending off their creditors should know that Fair Debt Collections Practices Act (FDCPA) gives them specific rights in order to prevent them from being the targets of potentially abusive behaviors at the hands of creditors. In fact, while the FDCPA was first enacted in 1977 to foster fair debt collection practices, it has been updated a number of times over the years in order to establish debtors’ rights and give them recourse for keeping creditors in line. It’s important to note that the FDCPA only covers personal debt (i.e., debt related to an individual’s, family’s or household’s financial transactions) and not business-related debt.

    By taking the time to get familiar with the debtors’ rights laid out by the FDCPA, borrowers can make sure that they are not being abused by creditors and that, if creditors are acting illegally, they can report these creditors to the proper authorities.

    Required Practices for Creditors

    Part of the FDCPA stipulates what creditors are legally obligated to do when they are interacting with borrowers regarding a particular debt. Specific required practices for creditors, according to the FDCPA, include (but are not limited to):

    • Clearly establishing that they are in every communication they have with a borrower
    • Providing their exact name and address (or the name and address of the creditor if a third-party debt collection agency is contacting the borrower on behalf of the creditor)
    • Clearly explain to the borrower that he has the right to dispute the debt in question
    • Send the borrower verification of the debt within 30 days of receiving a written request from the borrower (A creditor’s failure to send this verification means that the company must cease and desist from its debt collection efforts going forward.)

    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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