In part 1 of our series we discussed the importance of organization. But of course, keeping files organized does not pay off your creditors. What can you do to erase your debt? This is a touchy subject and you really do have to be careful. Debt Consolidation is a popular and tempting choice for many consumers. If you can combine all your debts into one lump sum with one company, maybe things will ...
You Always Have Options… What if you feel that your debt has gotten too out of control? What are your options for debt relief? Part 3 of our series will go into details of the bankruptcy process. This is also where our bankruptcy attorneys can assist. Sometimes calling a creditor can help. If you have extenuating circumstances, some companies will work with you. Although this is a good place to ...
A call from a creditor can be a stressful thing, especially if they are coming from numerous companies. This aggravation can be compounded if the debt has been sold from company to company and you start losing track. How can you get your finances under control? What are your rights in terms of creditor harassment? Below are some tips to gain the footing you need to get your credit back under your ...
Avoid Using Credit Cards for Christmas Purchases Avoid Using Credit Cards for Christmas Purchases It’s that time of year again… the most joyful time yet also the most stressful time of year for folks who struggle financially. Christmas keeps getting bigger and bigger each year as expectations from your kids or family far exceed your income level which keeps getting smaller and smaller each year. ...
Top Three Reasons for Bankruptcy Filings – Bankruptcy Does not Only Happen to Bad People Bankruptcy comes with a certain stigma. No one wants anything to do with that word. They avoid it like the plague. It’s an ugly word. It’s an ugly place to be. I agree. BUT it doesn’t necessarily mean that people who are in this predicament are bad people . Contrary to what you may think, the people that we ...
Tips on stopping creditor harassment and debt collector harassment When you have stacks of bills piling up, one of the most frustrating things can be calls from creditors and debt collectors. In order to stop the harassment, your best defense is to know how to handle the situation and know your rights. This blog will quickly go through the steps that may help you stop the calls. Who Are You ...
Reestablishing your credit After Bankruptcy Part 4 – Keeping on Track So you have your budget, you have a nice new secured credit card, and you have made sure that your credit report is accurate. What now? Now you have to continue to make good financial decisions. For an example, make sure that you pay all of your bills on time. Each person has their own way of keeping track. Here are some ...
Reestablishing Credit Part 3 – Type of Credit for Those Who Have Filed Bankruptcy Secured Credit Cards Secured credit cards are a popular way for those who have filed bankruptcy to start establishing credit after a discharge. These are sometimes called pre-paid credit cards. They act more like debit cards since you are required have money deposited on the card in order to use it. However, most ...
Reestablishing Credit Part 2 – Another important part of a sound financial future is saving and Reestablishing Credit. This may sound impossible, especially in a Chapter 13, but if you work on your budget (as discussed in Part1 ) it is possible to put away a little bit of money so that you are more prepared for emergencies. A good rule is to try and establish savings that equal 3 to 6 months of ...
Part 1 – Before you Reestablish Credit For many, bankruptcy is seen as a new lease on life–a fresh start. If you find yourself in the situation of having to file, there are so many worries about the future. What about your credit report? How do you rebuild? How can you be active in your financial future? The key is to start rebuilding as soon as possible. In both a Chapter 7 and 13 bankruptcies, ...
What is Paid Back in a Chapter 13 Plan? In a Chapter 13 plan, you are looking at paying back a percentage of your unsecured debt to your creditors. This percentage will be determined by how much you can afford to pay back. Like I tell my clients, this percentage is different for each and every debtor because no one financial situation is the same. If my client A and Client B have the same amount ...
Means Test and Bankruptcy Are you in debt and looking to file Bankruptcy? Well, first you must pass the test…the means test that is. In 2005, the United States Bankruptcy court made several changes to the law, the most noteworthy for this blog being the addition of a means test that is used to prevent wealthy debtors from filing a Chapter 7 Bankruptcy. This test was put into effect as a means to ...
Deciding to enter into bankruptcy is a painstaking process where you will want to carefully consider all your options. One important decision that will need to be made is choosing the type of bankruptcy, typically between either a Chapter 7 or Chapter 13. In this article, the bankruptcy attorneys at the Lam Law Firm go into the details of why a Chapter 13 Bankruptcy may be the best option for your ...
Can I Keep My Car And Home When I File for Bankruptcy? This is probably one of the most pressing and common questions I get from folks that call or come in to consult with our Myrtle Beach bankruptcy attorneys. Whether you know bankruptcy is in the looming future or is something more eminent, it is definitely a legitimate concern that you should have. Bankruptcy comes with many negative ...
When you begin to consider bankruptcy as a possible solution, you will be faced with many decisions. One of those being, “is Chapter 7 bankruptcy right for me?” To best answer that question the Myrtle Beach bankruptcy attorneys at the Lam Law Firm have gone into detail about what a Chapter 7 bankruptcy is and how it may be the right decision for your unique situation. Who May File for Chapter 7 ...
