Archive for May, 2008
admin on May 12th, 2008
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While to many people it may seem that life is pretty much over after filing for bankruptcy, there are things a person can do to still appear financially attractive to financial establishments. Everyone makes mistakes and bankruptcy can count as a mistake. The important thing for people to remember after filing for bankruptcy is to keep moving in a forward manner and not dwell on the past, which cannot be changed. By taking the appropriate steps, even people who file for bankruptcy can become financially responsible. You will not get satisfaction right away. Improving your credit will take time and it is important to remain patient throughout the procedure.
Getting a secured credit card is advisable for the individual immediately following their filing for bankruptcy. Collateral is used for the card to set the limit so the individuals who have this type of card will not be spending more than they can afford. This will help build up credit and help you stick to a budget.
Track your credit and remember to pay everything on time. To improve your standing even more, pay over the minimum payment as much as you can. This will make you appear responsible, while at the same time your debt will decrease faster than if you were just paying the minimum amount due. If you want to take complete control of your finances you should pay off your debt in full each month. If you are using more credit each month than you can pay off, you probably need to look at how you are spending money.
Identity fraud is a growing concern and individuals can be forced to file for bankruptcy if someone steals their identity and racks up debt. It is often scary when you have a lot of debt, but ordering your credit report at least once a year can save your credit if you find any issues during the checkup.
In general, it will take time to build your credit back up. This does not mean there is nothing to be done about the situation. By continuing to be positive and work in the right direction, you can still appear as the financially responsible, dependable individual you would like to be.
admin on May 8th, 2008
Bankruptcy will not ruin your life. It is not an option that should be considered immediately, but there are certain situations in which people cannot move forward in their lives without clearing their credit and financial debt. Filing for bankruptcy allows individuals this chance. Filing for bankruptcy will not make your life exponentially better, although it will help from a strictly financial/debt standpoint, but it also will not completely ruin your life.
Debt ruins your credit. Odds are that if you are considering filing for bankruptcy, your credit is already in poor shape. Filing for bankruptcy will not hurt your credit any more than it already is. If you are able to stay on top of any debts that you incur after you declare bankruptcy, you may actually stand a great chance of improving your credit score. Prior to filing for bankruptcy, you will have to discuss their options with a credit counselor. Credit counselors will educate you as to how you can stay financially responsible going forward. In many instances, people will not ask for help or education regarding credit until they absolutely have to. This education will assist you in the future.
Many people also worry that after filing for bankruptcy, they will not be able to make any large purchases, including a car, a home and other items of substantial cost. It is not true that you will not be able to get these things. After filing for bankruptcy, it will take time for you to build your credit back up, but this does not mean you will have trouble getting these basic living items. This may necessitate that you pay higher interest rates and things like that, but you will not be completely denied the basic necessities of life. Filing for bankruptcy allows a second chance at financial independency and responsibility; it does not ruin lives.
admin on May 6th, 2008
Declaring bankruptcy is usually a last resort for people, but sometimes it does need to happen. There are certain key aspects that individuals may be able to identify in their finances that would tip them off that their finances may be sending them to file for bankruptcy. There is no easy answer when it comes to a person asking if they specifically should file. It can be very difficult, without seeing that person’s finances, to determine whether or not they are prime candidates to file. Instead, individuals need to identify that on their own after looking at some of the warning signs for irresponsible finances.
Individuals need to keep track of the money that they spend. Having a debt to income ratio that is too high is one of the fastest ways a person could allow themselves to file for bankruptcy. Debt needs to be kept under control. Individuals should not be using their credit cards for standard monthly purchases, such as groceries. Items like groceries should be budgeted in monthly expenses. If a person has no clear cut budget, this is not a positive aspect either. Having a budget will help individuals stay on top of their debt in order to improve credit as quickly as possible.
If someone is threatening you to garnish your wages or take other such actions against you, you probably are not as on top of your finances as you could be. Credit gets worse the longer a person maintains debt, misses payments and acts in other financially irresponsible manners. Declaring bankruptcy actually allows an individual to start over. Their credit score could improve and the individual(s) threatening to subtract from your wages may not be able to do so if you choose to file for bankruptcy.
admin on May 4th, 2008
If you’ve already filed bankruptcy, you have probably been inundated with credit card offers. You aren’t alone. Households with a recent bankruptcy filing receive 3 times as many credit solicitationas as households where there has been no bankruptcy filing. It’s not a mistake, the credit industry wants your business again, and some even refer to your bankruptcy in the credit offer.
Katherine Porter’s Bankrupt Profits: The Credit Industry’s Business Model for PostBankruptcy Lending is quite eye opening.
Wondering why credit companies would want to target people that have a history of late payments, or no payments? Especially when the credit companies lobbied for bankruptcy reform on the notion that people who file bankruptcy are simply people who choose not to pay their bills and use the bankruptcy system to their advantage?
It’s quite simple actually. Now that past debt has been wiped out, the credit companies will have less competitors vying for payments from the debtors, as well as almost 8 years where the debtor will be unable to file bankruptcy again. These consumers are also more likely to incur late fees and other high fees that put more money in the creditors pocket.
admin on May 4th, 2008
The short answer is, no, Federal Bankruptcy law forbids employers from using bankruptcy as a reason for dismissal or not promoting employees.
The long answer is, yes. Most states have at will employment laws, meaning an employer or employee can end an employment relationship for no reason, or frankly, any madeup reason they want to use. If an employer wants to get rid of you they can sabotage the relationship in a number of ways, so it’s best to keep your personal information to yourself if at all possible.
What can you do if you are fired? Your options are pretty limited, and can be quite expensive and drawn out. You can sue your employer of course, but since you have filed bankruptcy you probably don’t have the financial resources to do so. If someone else told your boss you could sue them on the basis of causing harm to a business relationship in some states, but again it could be quite expensive and drawn out.
Bankruptcy filings are public information, so it may not be possible to stop your boss from finding out, but most people simply don’t spend time looking for this information. Friends and coworkers are usually the culprits when a boss finds out, so you need to guard this information even from people you trust if you are concerned with potential job issues when contemplating filing bankruptcy.
