Posts Tagged ‘Credit’

December 6, 2010
 Tips to help you prepare for Bankruptcy

Everyone is overwhelmed with debts and responsibilities, especially in the fast hustle and bustle of Los Angeles. Make it easy with knowing what to expect with your bankruptcy filing. First, make sure you have a well qualified attorney like the Law Offices of Alon Darvish who can better guide you thru this crazy process and help you to fresh start. Here are ways to help you with your bankruptcy filing process:

  1. Have your taxes filed and in proper order with the IRS. If you do not have prior tax papers you can easily receive them by contacting the IRS at (800)829-1040.
  2. Organize all your credit card information and bills including any collection notices and if you have any pending lawsuits regarding that debt.
  3. Have your monthly pay stubs in order for the last six months from your employers.
  4. Stop using any payday loans, any personal lines of credit or any unnecessary credit card usage.
  5. If you have a credit card from your bank and are in debt from it, close your checking account with good standings and open another one with a different bank.
  6. Organize all your monthly expenses including your utilities, mortgages or rent, and car payments.
  7. If you are involved in any lawsuits, ask for advice from your attorney on what you need to do next.
  8. Continue to pay for the items that you wish to keep such as your mortgage payments or your car payments.
  9. Attend Credit Counseling with an agency such as www.PioneerCredit.com.
  10. Keep track of your credit score throughout the whole process and verify that all your credit information is correct and belongs to you.

Having everything in order by creating a folder will keep you better informed and help with the bankruptcy filing process through your difficult times. Having everything ready for your attorney will only speed things up and get you closer to the finishing line.

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Posted in Los Angeles Bankruptcy Attorney and Bankruptcy Lawyer | No Comments »

May 10, 2010
 WILL I EVER GET CREDIT AGAIN?

WILL I EVER GET CREDIT AGAIN AFTER BANKRUPTCY?

Yes!  A number of banks now offer “secured” credit cards where a debtor puts up a certain amount of money (as little as $200) in an account at the bank to guarantee payment.  Usually the credit limit is equal to the security given and is increased as the debtor proves his or her ability to pay the debt. 

Two years after a discharge, debtors are eligible for mortgage loans on terms as good as those of others, with the same financial profile who have not filed Chapter 7.  The size of your down payment and the stability of your income will be much more important than the fact you filed Chapter 7 Bankruptcy in the past.

The fact you filed a Chapter 7 Bankruptcy or Chapter 13 bankruptcy stays on your credit report for 10 years.  It becomes less significant the further in the past the filing is.  The truth is that you are probably a better credit risk after bankruptcy than before.  To learn more about how bankruptcy affects your credit and ways you can repair it after filing for bankruptcy, feel free to contact a Los Angeles bankruptcy attorney at the Law Offices of Alon Darvish.

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Posted in California Attorney, Chapter 7 Bankruptcy / Chapter 13 Bankruptcy, Credit, Credit Cards | No Comments »

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