Filing for bankruptcy can be a confusing process, which is why so many people turn to a bankruptcy attorney for assistance.
In this video, we take a closer look at how to make your initial meeting with a bankruptcy lawyer as productive as possible. There are certain things you’ll want to discuss with your attorney, such as which kinds of debt you currently have, how much money you are bringing in annually, and whether or not you want to liquidate or reorganize your debts. Learn more in this full clip.
The Trammel Law Firm is your number-one resource for bankruptcy law in the Nashville, Tennessee area. Learn more about Chapter 7 bankruptcy, Chapter 13 bankruptcy, and how you can stop foreclosure by calling us at (877) 834-5209.
While filing for bankruptcy does stay on your credit report for a period of ten years, it is still possible to rebuild your credit after you have filed. Your credit score is actually affected by a number of factors, including your payment history, outstanding debts, how long you’ve been using credit, and the types of credit that you use. This means that, while bankruptcy does affect your credit, it may not actually impact your score in the way you would expect. Learn how your credit is affected by bankruptcy and what you can do to boost your score with these tips.
It is important to realize that late payments and unpaid debts remain on your credit rating for approximately 7 years, which means that if you’re considering filing for bankruptcy—your credit score probably wasn’t that great to begin with. Rather than completely demolishing your credit score, filing for bankruptcy can actually provide you with a fresh start from the debts that are dragging your score down.
Another aspect to consider when it comes to bankruptcy and your credit report is the number of accounts being included in the filing. For example, an individual filing for bankruptcy with a large number of accounts will usually see a more significant decrease in his credit score than someone filing for bankruptcy with fewer debts. However, there are several ways to rebuild your credit score following bankruptcy, regardless of the number of accounts.
Working to rebuild your credit is an important part of the post-bankruptcy process, and it is often easier than it seems. Some great ways to rebuild your credit include paying bills on time, creating a realistic budget, and opening a new line of credit with a secured or prepaid credit card.
The best way to ensure that you are ready to file for bankruptcy is by consulting with your Nashville bankruptcy lawyer. Let the Trammell Law Firm help you understand your options and learn how to rebuild your credit after filing for bankruptcy. Visit us online or call our office at (877) 834-5209 to set up a consultation.
There are countless ways to get into debt—getting out again is the hard part. If you’ve accumulated insurmountable debts, your best option may be to file for bankruptcy. For more information, check out these additional links.
To learn how to reestablish credit and recover your wealth after a bankruptcy, take a look at this MSN Money article.
Staying out of debt is a lot easier than it seems. Learn how to stay in the black with this page from CNN Money.
All credit card debt is considered unsecured debt. Learn more at this page from Investopedia.com.
For more information about filing for bankruptcy, call Trammel Law Firm at (615) 338-7500. Adrienne Trammell wants to help you make the decision that fits best for you and your family.
Disclaimer:
The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
Not all of us have the finances necessary to pay for college, homes, and life’s many luxuries—that’s why we have a system of secured and unsecured loans that allow us to fund our endeavors, provided that we eventually pay them back. Unfortunately, these loans can turn sour if you’re not careful, leaving you with no choice but to file for bankruptcy. Here’s a brief overview of secured debts and unsecured debts and how they factor into bankruptcy.
Secured debt
Secured debt refers to all loans that are attached to some sort of collateral. For example, a mortgage loan for a house is considered a kind of secured debt, because the lender can take possession of the home if the debtor defaults on his payments. This arrangement provides less risk for lenders.
Unsecured debt
Unlike secured debts, unsecured debts do not come with any form of collateral attached. All credit card debt is unsecured, as are medical bills and certain unsecured loans. The abuse of credit cards and other unsecured loans often cause debtors to file for bankruptcy, since there’s essentially no limit to how much debt you can accrue.
Bankruptcy
If you’re stuck with a tremendous amount of secured or unsecured debt, bankruptcy can help. Chapter 7 is especially helpful for getting rid most unsecured debts, though you will have to forfeit some of your personal property in exchange. Chapter 13 bankruptcy, on the other hand, is great for getting rid of unsecured debt and making up for missed payments on secured debts. It does, however, require the filer to devise a three to five year repayment plan.
If you need help dealing with your secured or unsecured debt, contact Trammell Law Firm in Nashville. Attorney Adrienne Trammell has years of experience helping people through bankruptcy. Call (615) 338-7500 for more information.
Disclaimer:
The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
