Bankruptcy – 3 Secrets to Rebuild Credit the Day After Discharge

Rebuilding credit your day following discharge from Bankruptcy or Consumer Proposal. Secured credit cards plus unsecured financing to receive we back about the feet financi…

How to Rebuild The Credit After Bankruptcy

Many individuals worry which when they file, they can receive credit again. Luckily, which is far within the truth. Watch Attorney Chris Frye explain what a …
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Queens Bankruptcy Lawyer Bruce Feinstein, Esq. Warns Clients About Credit Score Errors


Queens, NY (PRWEB) August 26, 2013

When clients come to Bruce Feinstein, Esq., a bankruptcy attorney in Queens, NY, they are looking for debt relief. This may mean stopping a foreclosure, removing a lien, or going through a Chapter 7 or Chapter 11 bankruptcy. Mr. Feinsteins clients often want to improve their credit, but there may be more factors affecting their credit scores than missed loan payments.

Mr. Feinstein cites a recent study by the FTC (Federal Trade Commission) from December 2012, which states that one in four credit reports have errors. So along with the other best practices Mr. Feinstein gives his clients to ensure fiscal health and responsibility, he also supports keeping a close watch on the information used by credit agencies to make their scores.

The validity of credit scores has recently come under fire after a woman in Oregon was awarded over $ 18 million in punitive damages from Equifax, one of the three U.S. credit reporting agencies. The case, number 3:11-cv-01231 in the District Court for the District of Oregon, Portland Division, once again put the spotlight on credit agencies and their ability to cause serious harm with errors and misinformation. The FTC study further supports this claim; one in 4 American consumers have errors on their credit reports, while around one out of 20 had mistakes egregious enough to negatively affect their ability to get fair loans, and insurance. This can cause permanent, severe damage to a persons finances.

The implications of these errors are serious; people need to know to check not only their credit scores, but also the facts and figures used to create them, says Mr. Feinstein. Mistakes on these reports are common, and are not so simple to fix. [A New York Times article published August 2, 2013, explains that consumer reporting agencies (CRAs) often handle credit report disputes using automation. But errors are often a case of mistaken identity; for example, two people with the same name may end up having mixed files that affect their scores. But automation wont fix these errors, causing more stress and hassle to consumers.

One options is to contact the Consumer Financial Protection Bureau (CFPB) with issues of credit report errors. The CFPB oversees the nations CRAs and can provide guidelines and rules that they must follow. Reporting to the CFPB increases the voice of consumers and the collective power they can have when it comes to governing large agencies.

Credit scores are just one part of the bankruptcy process in Queens, and Mr. Feinstein believes that consumers should keep their fingers on the pulse of their three major scores just like they would other parts of their financial profile.

Bruce Feinstein, Esq. and his team, located in Queens, New York, help clients who are filing for bankruptcy in Queens, Kings, and Nassau counties. Visit the Law Offices of Bruce Feinstein, Esq. at bfeinsteinesq.com or call (718) 514-9770 to reach his New York office.

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What does a credit report look like after bankruptcy?

Question by Whitney: What does a credit report look like after bankruptcy?
I wanted to get information on what your credit report looks like after filing ch 7 bk. Does it still list all your accounts with the balances just with discharged on each, or is your credit report blank with just the bk on it?

Best answer:

Answer by Sparkles
Believe me, it is not blank.A Chapter 7 bankrutpcy may display on your credit for 10 years from the date of file. Chapter 13 may stay for 10 yeas also, but it is customary for those to be removed after 7 years.Seven to ten years from the date of completed. All discharged bankruptcies whether a state or federal filing remain on a CR for 10 years. A dismissed chapter 13 remains for 7 years, a dismissed chapter 7 remains for 10 years. Chapt.7-11-12 will remain for ten years. A chapter 13 will remain for seven years if successfully completed, for 10 years if dismissed. Ten (10) years for a discharged chapter 7 or 13. Seven (7) years for a dismissed chapter 13, ten (10) years for a dismissed chapter 7. Although it is truthful that the federal Fair Credit Reporting Act does provide that bankruptcy entries will remain for 10 years, there are some creditors that will only leave a chapter 13 bankruptcy on your record for 7, rather than 10 years. They do this to advance people to pay part of their debts rather than discharge it all under a chapter 7. More importantly, the effect of bankruptcy on one’s ability to get assigned is vastly overstated. The key to getting the credit you need has far more to do with the amount of present income you have rather than any negatives on your credit report. In short, if you have good present income, the creditors will look past your credit report to your wallet in the sense that it is possible, even with a bankruptcy on one’s record, to get credit for cars and new credit cards as soon as you are discharged in a chapter 7 (about four months after you file), and after a year or so, you can even get a mortgage on a house. They may not give you the best rate, but if you have good present income, even a person with a bankruptcy on their record can get the credit they want in almost all cases. You will not qualify for a FHA until a chapter 7 has be discharged for 2 years. A chapter 13, you will only have to wait a minimum of 1 year from filing date.

Know better? Leave your own answer in the comments!

Bankruptcy Attorneys Launch a New Wiki Style Page for the Residents of Long Beach to Get Access to Important Data and Links


Long Beach California (PRWEB) May 14, 2013

The popular bankruptcy attorneys in Long Beach Zhou & Chini have recently designed and launched a very useful Wikipedia style page for the residents of this city. The page is designed so that residents can learn about the complicated process of bankruptcy without having to consult other sources. The page serves to be an all-in-one resource for getting important government links and useful information compiled by seasoned and highly qualified lawyers. If a person is facing financial troubles in life, one option to get out of this mess is to file for bankruptcy. However, not many people are aware of all the legal matters involved in this complicated process and therefore they hesitate to jump into it. Its true that such an important decision should not be made before consulting an experienced attorney, but it is also equally important to first obtain as much information on the topic as possible to avoid problems later on. The well-known bankruptcy lawyers in Long Beach recently launched a very useful page designed like a Wikipedia information portal to give out important information regarding bankruptcy to the residents. The page not only delivers useful links in a very effective way but also lists various federal laws that are imposed in the bankruptcy courts. The purpose of this step is to let people know that the process of bankruptcy should not be taken lightly. There are so many options available to the filer as well as a number of precautions to observe in order to get out of this mess and avoid getting in trouble in the future. Remember that a person who files bankruptcy often manages to have almost of his debts discharged, but this information remains on his or her credit report for many years. Moreover, they are unable to file bankruptcy for a period of eight years following the first petition no matter what the courts decision was. So, before deciding to go for it, it is advisable to learn about the other options available. These include contacting the creditors through a third party to give more time for the payment of debts or coming up with a mortgage or fundraising program that would allow the debtor to avoid filing personal bankruptcy. To learn more about how to file for bankruptcy, or to speak with a Long Beach lawyer visit, http://www.californiabankruptcyinformation.com/wiki/long-beach.

The new Califonria bankruptcy information Wiki style page is a complete resource for all those living in Long Beach California who are currently facing financial troubles and wish to get out of them as soon as possible. Remember that filing bankruptcy doesn’t mean the filer would have to leave his home or live without the basic necessities of life for the rest of his life. This legal process has actually been designed to let honest and hard-working individuals to pay off their debts, and start a new life with a clean and fresh credit report. However, before approaching a bankruptcy court, it is important to fist talk to an experienced bankruptcy lawyer. The Long Beach bankruptcy lawyers use a local SEO company to assist in law firm marketing to promote the message about the importance of speaking with a bankruptcy lawyer in Los Angeles CA, if someone is considering filing. The firm continues its online presence by offering zero cost bankruptcy information on bankruptcy firms blog and social media pages. This information along with free consultations the firm hopes to attract more Long Beach residents looking for financial relief. To view the bankruptcy lawyers latest video visit, http://www.youtube.com/watch?v=Ubh_CCNaqao

About the Firm: The Law Office of Zhou & Chini servicing the cities and counties of California. Mr. Zhou is a graduate of UCLA and has been practicing law since 1999. Mr. Zhou has a wealth of experience in bankruptcy, civil litigation, family law, criminal law and unlawful detainer. Zhou and Chini Law Offices provide bankruptcy assistance to Orange County, Los Angeles, and San Diego residents.

Contact: Ron Chini
Website: info(at)bankruptcyattorneyorangecounty(dot)org
Phone: 888-901-3440