Rebuilding Your Credit After Bankruptcy: Secured Credit Card

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After your credit report is accurate you are ready to look for a secured credit card. A secured credit card is a credit card where a balance of money has already been posted. For example, most secured credit cards will require you to put up anywhere between $300 and $500. After doing this, you have a credit limit of the amount that you put up. I know, its not what you are used to in your pre-bankruptcy days but that’s okay. We are in a rebuilding period now.

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What is a Reaffirmation Agreement?

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A reaffirmation agreement is a legally binding document filed with the bankruptcy court in which you agree to keep making payments on a debt. For example, you are required to sign a reaffirmation agreement if you would like to retain personal property, such as an automobile, and keep making payments after filing your bankruptcy.

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Rebuilding Your Credit After Bankruptcy in 6 Steps (Step #1)

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Anyone who tells you that bankruptcy won’t hurt your credit is lying to you. Bankruptcy will hurt your credit initially. However, if you are interested in filing bankruptcy your credit is probably already damaged quite a bit or is well on its way to being damaged. One of the nice things about bankruptcy is it allows you to hit the “refresh” button to start over. The question on whether a bankruptcy will hurt my credit is an easy one to answer. Yes. The more important question we should really be asking is: Can you rebuild your credit after filing bankruptcy and, if so, how? Yes, you can rebuild your credit after filing bankruptcy.

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Confessions of Former Debt Collectors via CNN

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Today CNN is running an eye opening article about the tactics and strategies used by debt collectors or creditors.  The article covers 10 different people who used to call and harass people for a living.  They unveil some of the extreme tactics that creditors use to get money from debtors.  A common theme that is seen throughout the ten different stories is the fact that these people make their money by collecting money.

Many of these creditors are on commission and the more money they bring in the more money they make for a living. Is this the best way to ethically collect debt? We too often see that creditors will bend or even break consumer protection laws simply to make a little more money.  If they aren’t being commissioned then maybe there would be more civility in the debt collection profession.  Regardless, this is a great article by CNN – check it out. The article is called Confessions of Former Debt Collectors.

Can I Buy a Car While I'm in a Chapter 13 Bankruptcy?

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Due to unforeseen circumstances, sometimes a person in a Chapter 13 bankruptcy will need to take out a new loan to get a car. This can happen if, for example, the car that you were driving when you filed the bankruptcy is in an accident or breaks down beyond repair.

You can buy a car while you’re in a Chapter 13 Bankruptcy. However, you must obtain approval from your Chapter 13 Trustee in order to finance a car while you’re bankruptcy. The Chapter 13 Trustee can generally approve a credit request for up to $15,000.00.

It’s important that you contact your attorney so he or she can advise you how to proceed. You will need to find a car you want to purchase and obtain the terms of the loan from the lender/dealership. It will be necessary for your attorney to update your monthly income and expenses prior to submitting the request for credit authorization to the Trustee. You need to be able to show the Trustee that you can afford your Chapter 13 plan payment and a new car payment.

Your attorney will submit a credit authorization request form to the Trustee, with the terms of the loan, including the amount of the loan, the interest rate and the monthly payment. It can take up to ten (10) days for the Trustee to approve the request. Once you have final approval from the Trustee, the car can be purchased.

Happy Independence Day

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Have a Wonderful and Safe Independence Day from All of Us at Duncan Law!Independence Day

Why Do I Have to Take a Credit Counseling Course?

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The courts require that you take a credit counseling course from an approved agency prior to your bankruptcy being filed. This is not a requirement from just our law firm, this is a requirement by the Court.

When the bankruptcy laws were changed in 2005, one of the changes included two course requirements. The first is that you take a credit counseling course prior to filing bankruptcy. You must take the course within 6 months prior to your bankruptcy filing. Another court requirement is that you take the course at least 24 hours prior to your bankruptcy being filed. The course is simple, and there are even approved agencies that allow you to watch a video online to complete the course.

The second change in the 2005 bankruptcy laws was the requirement of a financial management course. This is a different course than the credit counseling. Financial management must be taken prior to the discharge of your bankruptcy. You can also take this course online from an approved agency.

At your free initial consultation, we will explain both of these course requirements in more detail.

To find out more about how Duncan Law can help you, visit our website.

Duncan Law, PLLC

Charlotte Office:
4801 E. Independence Blvd.
Suite 1100
Charlotte, NC 28212
704-563-1224

Greensboro Office:
628 Green Valley Road
Suite 304
Greensboro, NC 27408
336-856-1234

Common Types of Nursing Home Abuse

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Most nursing home neglect and abuse cases go unreported. If you have a suspicion that there is abuse and neglect, you are probably right. Common signs are the patient complaining of hurting, lack of care by the staff, taking a long time to answer the call button, allowing patients to lie for many hours without turning the patients, the staff refusing an authorized relative to view medical records, and a general don’t care attitude by the staff.

How Much Time Do I Have to File a Nursing Home Abuse Lawsuit?

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Nursing home abuse and neglect is a terrible act against our elderly loved ones. If a loved one has been injured by the abuse or neglect of a nursing home facility then they have three years to file a lawsuit against the facility. If the neglect or abuse has resulted in death then a lawsuit would need to be filed within two years to meet the Statute of Limitations.

Common Signs of Nursing Home Abuse

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Most nursing home neglect and abuse cases go unreported. If you have a suspicion that there is abuse and neglect, you are probably right. Common signs are the patient complaining of hurting, lack of care by the staff, taking a long time to answer the call button, allowing patients to lie for many hours without turning the patients, the staff refusing an authorized relative to view medical records, and a general don’t care attitude by the staff.