Jump to Navigation

San Francisco Bankruptcy Law Blog

How can you rebuild credit after bankruptcy?

If you are emerging from bankruptcy, whether it be a Chapter 7 or a Chapter 13, you may feel as if a great weight has been lifted off of your shoulders, and that you have a new lease on life. Of course, debt isn’t a problem right now, and you would be hard pressed to get back into debt again.

However, our economy runs on credit, and you may need to establish it in the event that you want to replace a car or purchase a home. But with a recent bankruptcy on your credit report, it is understandable that you may be ambivalent about your chances of getting credit again. As we have noted in the past, it is possible to have a distinguished credit score after a bankruptcy. This post will highlight three ways to achieve it. 

How can I know when it is time to file bankruptcy?

People who commonly struggle with debt may go through periods where they make headway towards financial recovery, only to have a setback that leaves them deeper in debt. It is not uncommon for people to experience several of these cycles before considering whether they should file for bankruptcy protection. Even after these cycles, many may still question when the right time would be to file bankruptcy.

 The reality is that every situation is different, so there is no standard “right” time for bankruptcy that will fit every situation. Regardless, there are a number of issues that can bring about bankruptcy. This post will identify three of them. 

Post Title

If you are toiling in debt, back-to-school shopping may bring additional stress into your life. After all, kids (especially middle school and high schoolers) may want to keep up with their peers by having the latest fashions, and the tech demands that schools may have may stretch your budget too far than what you have to spend.

The average parent is estimated to spend $669 this year, which is up from last year, and up nearly 25 percent from five years ago. With these increases, parents must be savvy about their spending so that they don’t put themselves in further financial straits.

This post will provide some helpful tips.

How a financial education can benefit you

While the need for people to have a sound financial education may seem cliché, but it is increasingly important as the economy improves and many people get back to work. Part of the reason is that those who have had prolonged stints of unemployment may be saddled with heavy debts, and may have to sacrifice large sums of money to pay back debts.  With that said, this post will identify other benefits that people can enjoy.

Taking control of retirement security – If you are one of the 40 percent of Americans who are not currently saving for retirement, financial education can help you. Keep in mind that it is never too late to start saving for your golden years, especially if you are over 50 years old. 

How to save money after emerging from bankruptcy

After bankruptcy, spending money on large expenditures can be nerve-wracking. After all, getting back into debt is the last thing a person emerging from bankruptcy wants to do. However, there may be things that must be purchased, simply because they have broken down and may need to be replaced. With that said, money can be saved by purchasing some of these items used.

This post will identify them.

What to make of charged off debt

If you have been notified that a debt that you owe is being charged off, you may be under the impression that you are no longer obligated to pay the debt. Unfortunately, this is often not the case. Even more unfortunate, the obligation will continue to be reported to credit bureaus.

Charge offs are not exclusions are exceptions to debt. Instead they are merely accounting measures taken by a creditor in order to balance the books. If a debt is deemed to be uncollectable, it may no longer be considered an asset. Because of this, the debt may be “charged off.” 

Companies claiming to manage student loan debt sued

We despise so called “debt management” companies because more often than not, they don’t manage anything but consumers’ payments into their pocketbooks. We have highlighted the inherent dangers of working with these companies because they often leave consumers in worse shape after dealing with them. While the economy is getting better and consumers have more income to pay down debt, there are still companies who are targeting people who are struggling with student loan debt

Can my homeowner's association foreclose on my property?

Anyone who deals with a homeowner’s association (HOA) on a regular basis knows that they are not the easiest organizations to get along with. The fees and penalties that are assessed are not always fair, and it can be very difficult and tedious to get them addressed. And to add insult to injury, unpaid fees can turn into liens on a property.

 If these liens are not paid, and the condo or home is not sold, the HOA can foreclose on the lien and take the property. 

If you're doing Christmas shopping in July, this post is for you

Some people may scoff at the notion of doing Christmas shopping in July, but for others, it may just be a smart move. In July, there is no external pressure to shop or take part in sales for overvalued items that are simply marked down to get people in the door. Also, there is no cumulative shopping effect that consumers pay for well after the Christmas season. Most of all, consumers may be less likely to get into financial straits after the Fourth of July in the same way they are after the holiday season. 

A mortgage idea that could save homeowners in trouble

The upward progress of the nation’s economy has not been lost on politicians, lenders, realtors and consumers alike. Everyone wants the steady growth of the housing market to continue, but everyone is also cautious about avoiding the next housing “bubble.” In fact, people are concerned about when the next bubble is going to burst, and the what the effect on home prices it will have.

This specter is particularly troubling given the swath of questionable loans given out in the previous decade. Indeed, these high-risk loans are all but extinct now, but as the market grows, so does the potential for greed and short-sightedness, since many loans today require so much scrutiny documentation to ensure that the loan will be repaid. 

Bankruptcy Center of John D. Raymond

Bankruptcy Center of John D. Raymond
2000 Van Ness Ave., Suite 205
San Francisco, CA 94109

San Francisco Law Office

Phone: (415).992.7196
Toll Free: (888).554.1065
Fax: (415).351.1033
E-Mail the Firm

Contact the Firm Toll Free at (888).554.1065.

FindLaw Network
BBB NACBA Call Now for Help Today! | Free Consultation | Weekends and Evenings | Toll Free 888.554.1065 | San Francisco 415.992.7196 Helping People Get a Fresh Financial Start for Over 25 Years. Subscribe To This Blog's Feed Tell Us About Your Case

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.