Tag Archives: bankruptcy
Filing for bankruptcy can be the first step to restoring your credit
So, a Fresno bankruptcy can actually start you on the way to good credit? This is a critical question to ask your Fresno Bankruptcy Attorney. First of all, you need to understand that the old adage: “the bigger they are – the harder they fall.” Comes into play here.
If your credit is in the 700’s or higher. It is true that your credit is going to take a significant drop after filing for bankruptcy. However, most people that file bankruptcy have been struggling to keep up their payments for a long time. So their credit is already in the 500’s or so.
The way credit companies rate your credit has to do with the high balances you carry on your credit cards and how many slow pays that show up on your credit report. Once you file for bankruptcy, the balances are wiped to zero and the credit companies can no longer report any late payments.
So your credit slate has been wiped clean. Typically a person will see a big drop in their credit for a short time, but as you start to make smart financial decisions your credit will begin to grow. Your late payments no longer appear and you don’t show high balances.
People often receive an offer for a credit card within 6 to 9 months of filing for bankruptcy. Of course the rates are very high. If you choose to to accept a credit card, be careful! Only use the credit card for gas and incidentals and pay it off every month.
After a year or so, you’ll be able to purchase a car on credit. But don’t run out and purchase the car of your dreams. Look at that car as a credit tool. Buy a car that represents very affordable monthly payments that you can pay off in three years. Remember, this car is not your dream car. It’s a car to get you back into the American Dream. It will help you re-establish credit.
In conclusion, people often ask if bankruptcy will ruin their credit. The true fact is, most people already have bad credit and the quickest way to start a new credit life is through a thoughtful bankruptcy.
Obviously, each person needs to make the decision to declare bankruptcy with caution and with sound legal advise. We suggest you contact a Bankruptcy Attorney in Fresno to explore all of your options.
You can contact the Winter Law Group at
You Can Now Legally Eliminate Debt
The question we want to ask is it possible to legally eliminate debt. Yes, there are many options available today to get relief. There are many reputable sources that can provide the know-how to legally eliminate your debt or at least dramatically reduce your financial obligation. You need to work with a professional that uses only ethical practices in their field of expertise. It is important to spend the extra time to find someone who is good at what they do, but the time you spend will be well worth the effort in the end.
A few options that you can choose from are, negotiation, reducing or consolidation your debt. All of these are very useful tools when trying to eliminate your debt. Sometimes even using bankruptcy is a good solution to relieve some of your financial obligations, you must check with your state laws. Just remember that bankruptcy should be used only as a last resort. The laws have changed recently and criterias in certain states can be more strict than before.
You are always better off to try to legally eliminate your debt quickly, rather than waiting until the threat of bankruptcy or collection suits become your only answer. Check out most financial services that are BBB members, they usually have more credibility to advise you about your debt. A great financial option is to negotiate a settlement to relief you of harassing phone calls and unwanted letters in the mail. Negotiating a debt is a legal way to eliminate your debt that is legal because these settlements are renegotiated with the original creditor and every party is in agreement.
The consequences of negotiation to eliminate this debt has some repercussions. The law says that the agreed upon reduction percentage of the settlement must be disclosed to the IRS. The ower can be taxed on that saved amount. Also the settlement does not help with your credit in the short term, but will get the debtor off your back.
Just remember that you need to check all business licences and credentials to check the legitimacy of the people you are working with.